MUMBAI: Edtech giant BYJU’s, shirt sponsor of the Indian cricket team since 2019, is reportedly seeking an exit after March 2023.
According to Economic Times, with the current development, BYJU’S is looking to rationalise its media expenditure.
“Yes, they have written to us they want to exit jersey sponsorship. The matter will be discussed at an apex council meeting. They need to comply with all contractual obligations and exit can be taken,” an senior BCCI official has been quoted as having said.
BYJU’S has been under increased market scrutiny over mounting losses. The Byju Raveendran-led edtech unicorn recorded a 20X jump in losses at Rs 4,588 crore in FY21 from Rs 231.69 cr in FY20.
The company has faced increasing flak over its marketing and promotional expenses wherein celebrities and athletes have been roped in for brand endorsements whilst staff are being furloughed. The most recent being Lionel Messi who became the global ambassador for the edtech giant. BYJU’S is also one of the sponsors at the ongoing FIFA World Cup in Qatar.
