Indian Cricket Jersey Sponsor: Troubles for BCCI, as official confirms, ‘Byju’s want to exit Jersey Sponsorship’: Follow LIVE Updates

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Indian Cricket Jersey Sponsor – Byju Indian Cricket Sponsor: As reported earlier, Byju’s is seeking to exit its jersey sponsorship deal with…

Indian Cricket Jersey Sponsor – Byju Indian Cricket Sponsor: As reported earlier, Byju’s is seeking to exit its jersey sponsorship deal with the Board of Control for Cricket in India (BCCI). A top BCCI official has confirmed to InsideSport that Byju’s has written to the board that ‘they want to exit Jersey Sponsorship’. The board is likely to give them permission to exit provided all contactual obligations are taken care-off: Follow Sports Business NEWS & Indian Cricket LIVE updates with InsideSport.IN

“Yes, they have written to us they want to exit Jersey Sponsorship. The matter will be discussed at Apex Council Meeting. They need to comply with all contractual obligations and exit can be taken”, a top BCCI official told InsideSport.

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Indian Cricket Jersey Sponsor: BCCI official confirms, with troubles brewing ‘Byju’s want to exit Jersey Sponsorship’

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.

ET quoting sources had recently reported that edtech company is working toward rationalizing its media expenditure.

The company might continue as a sponsor until March 2023. “Byju’s wants to walk out of the sponsorship deal with BCCI since it is optimizing its media spends in India.”, a source close to development told ET.

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Trouble in Byju’s WATERS? 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.

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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.

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

Follow Indian Cricket LIVE Updates, Sports Business Updates with InsideSport.IN

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