Indian Cricket Jersey Sponsor – Byju Indian Cricket Sponsor: BCCI Apex Council Meeting – As reported earlier, BCCI has permitted Byju’s to exit 6 months before the contract ends. Byju’s will exit in March as India Cricket teams’ title sponsor with BCCI floating new tender in the meantime. With legal and financial trouble, Byju’s requested BCCI to end the contract early. But BCCI has agreed to it only in march. A decision on the new Title sponsor will be taken in the next Apex Council Meeting. Not just Byju’s, MPL also wants out, handing over rights to KKCL. A decision on that will be taken soon. Follow Sports Business NEWS & Indian Cricket LIVE updates with InsideSport.IN
“BCCI received an email from Byju’s on 4.11.2022 requesting terminating the association post the recently concluded T20 World Cup. As per our discussions with Byju’s, we have asked them to continue the current arrangement and continue the partnership at least until 31.3.2023,” read a BCCI note on the matter.
India Cricket Overhaul: BCCI approaches Hardik Pandya to take over India T20 Captaincy, all-rounder asks for time to consider decision: Follow LIVE Updates
Indian Cricket Jersey Sponsor: BCCI permits TROUBLED Byju’s to exit in March, call on new TITLE sponsor in next Apex Council Meeting: Follow LIVE Updates
Why Byju’s want to exit? It is worth noting that Byju’s had surprsingly extended its deal with the BCCI until 2023-end for $55 million. Now the troubled edtech compnay wants to exit by March 2023.
Its original deal term with the BCCI expired in March 2022. As per the new between the BCCI and Byju’s, the edtech major is roughly paying 10% more than what Oppo was paying on a per-match basis.
The Byju Raveendran-led unicorn is looking to aggressively cut costs with demand for edtech services moderating after two consecutive years of hypergrowth.
Indian Cricket Jersey Sponsor: BCCI permits TROUBLED Byju’s to exit in March, call on new TITLE sponsor in next Apex Council Meeting: Follow LIVE Updates
Trouble in Byju’s WATERS? – With financial crisis, Byju’s has also been hit with accusations by the National Commission for Protection of Child Rights (NCPCR) that the company is allegedly buying children’s and their parents’ phone numbers. The company’s sales rep are allegedly threatening their parents that if they don’t buy their course, they will ruin their future. The ed-tech company has although denied the claims.
“We came to know how Byju’s buying phone numbers of children and their parents, rigorously following them and threatening them that their future will be ruined. They are targeting first-generation learners. We will initiate action and if need be will make a report and write to the government,” NCPCR chairperson Priyank Kanoongo told ANI.
Official statement from BYJU’S pic.twitter.com/iOPqW5FoM7
— BYJU’S (@BYJUS) December 21, 2022
Earlier, Byju’s had recorded a 17-fold jump in losses at ₹4,588 crore in FY21. Revenue was up 4% to ₹2280 crore. The company’s advertising and promotional expenses had jumped 150% to ₹2,251 crore from ₹899 crore. In June and October this year, Byju’s laid off over 2,500 employees from Toppr, WhiteHat Jr and other functions with in Byju’s.
In October, tech startup Byju officially announced the layoff of 5 per cent of its 50,000 employees across departments.
The unicorn Tech startup is planning to lay off 2,500 employees in the coming six months under its plan of optimizing the spending cost and operational cost of the company across departments including product, content, media and technology. Byju’s has already started the process of lay off and has even asked employees who are being laid off to serve a notice period of 15 days.
Following the decision, Byju’s founder and CEO Byju Raveendran sent an email to all the employees and apologized to all the employees who were fired.
Indian Cricket Jersey Sponsor: BCCI permits TROUBLED Byju’s to exit in March, call on new TITLE sponsor in next Apex Council Meeting: Follow LIVE Updates
It is worth noting that in last couple of years Byju’s has emerged as one of the biggest cricket sponsors.
- Indian Team Jersey Sponsor: The company this year had extended their partnership with BCCI to sponsor Indian team Jersey. They are paying $55MN to BCCI for partnership till 2023 World Cup in India.
- ICC Global Partner: The edtech company is also the Global sponsor of ICC. According to information with InsideSport, deal is worth 120-130 Crores and will continue till 2023 World Cup in India.
- FIFA Sponsorship 2022: Edtech giant also has sponsorship tie-up with the ongoing FIFA World Cup Qatar 2022. The company is reportedly paying $40MN for the deal
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