Indian education technology start-up, Byju’s is looking to pull out of its Indian cricket team jersey sponsorship deal with the BCCI. In June, Byju’s extended its jersey sponsorship deal with the board till November 2023 for an estimated $35 million.
“We are doing really well… The last 12 months have been really great for us, in terms of the number of products that we have added, in terms of the different formats that we have launched and in terms of geography and themes,” the Byju’s co-founder Divya Gokulnath told CNBC that we have increased it.
The co-founder said the company is expected to turn profitable by the end of its fiscal year, which ends in March 2024. The company now wanted to look at long-term goals.
The company’s losses swelled in its fiscal year ending March 2021, its latest public figures showed. Gokulnath attributes this to the change in revenue recognition. Instead of calculating revenue when an individual pays for a course, it is calculated when the specific course begins.
A statement has come out from the BCCI on this matter, in which it has been said that Byju’s now wants to end its agreement with the BCCI. However, the board had asked the company to stay on at least till March 2023.
“The BCCI received an email from BYJU’S on November 4, 2022, requesting it to terminate the association after the recently concluded T20 World Cup. As per our discussion with Byju’s, we have asked them to continue with the current arrangement and continue the partnership at least till March 31, 2023.”
Bangalore-based Byju’s offers online classes to students in various subjects. It has 150 million students worldwide, of which 25% are from outside India.
