Education technology firm BYJU’S will be ending its sponsorship agreement with the Board of Control for Cricket in India (BCCI). BYJU’S has been the Main Sponsor of the India national cricket teams’ jersey since 2019.
Along with its BCCI partnership, BYJU’S has also announced that it will not renew its partnership with the International Cricket Council (ICC) and Fédération Internationale De Football Association (FIFA) as it looks to become profitable in FY23. The Bangalore-based firm most recently had renewed its partnership with the BCCI in June 2022 for a reported fee of US$55 million. The current deal runs until the end of 2023.
Byju Raveendran, BYJU’S Co-Founder and CEO, commented:
“The biggest optimisation that you will see over the next few months is that you will see us significantly cutting down branding because we think we have achieved the kind of brand awareness which is required for the segment as well as for the company. So you will see us exiting some of those branding contracts. We won’t renew some of the partnerships. We have multiple partnerships with BCCI, ICC, and Fifa and by taking out these branding initiatives by not renewing them, that’s where you will see a lot of improvement.“