The giant ed-tech company Byjus is set to end its ties with major cricket boards like BCCI and ICC and with FIFA. However, they will be continuing their ties with ISL’s team Kerela Blasters till 2024.
Speaking on this topic, Byjus co-founder Gokulnath said that the ed-tech giant is one of the most valuable technology firms in India. Byjus delivers online classes to students all over India in various subjects. All over, there are a total of 150 million students out of which 25% belong out of India.
“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,” a note read by BCCI on this matter
The brand has been sponsoring India’s jersey since 2019 after OPPO. They signed a contract of USD 35 million and renewed their partnership in last July. After experiencing hypergrowth for two years, they are planning to moderate the services. Byjus is paying 10% more than what Oppo used to pay per match. Recently, they have laid off a lot of their employees just to cut additional expenses. They reduced up to 5% of their employees which is about 50000.
The company has an evaluation of $22 billion and the company was supposed to get public but the situation didn’t favour them. Their stocks were shaken up and the U.S Federal Reserve and central banks have raised their rates rapidly.
The CEO of Byjus Raveendran confirmed that the company will exit the big brands as a sponsor but will be continuing its journey with Kerela Blasters. They have been their principle sponsor since 2020. In the last six months, BCCI lost the major three companies that include PayTM and MPL.
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