SUMMARY
The recently concluded South Africa tour of India has marked the beginning of BYJU’S new term with the Indian cricket team
BYJU’S sponsorship right was ended in March this year and consequently, it reapplied to extend the term with BCCI
Its partnership with the International Cricket Council (ICC) will continue till 2023
Edtech giant BYJU’S will continue to stay on the Indian cricket team’s jersey after renewing its sponsorship with BCCI for the next 18 months at a deal price of roughly $55 Mn.
According to an ANI report, BYJU’S new term has begun with India’s recently concluded South Africa tour.
Inc42 has reached out to BYJU’S founders, seeking confirmation and the story will be updated with their responses.
In March this year, BYJU’S sponsorship right was ended and consequently, it reapplied to extend the term with the BCCI. The edtech giant had earlier taken over the sponsorship rights from OPPO in 2019, when the smartphone manufacturer ended its sponsorship and sold the remaining term.
In the past few months, many Indian startups followed BYJU’S footsteps and sponsored cricket teams in the Indian Premier League (IPL) 2022. Some of the prime names that backed IPL teams included Paytm, Unacademy, Swiggy, CRED, and Cars24. Besides, Indian conglomerate Tata was the title sponsor for IPL 2022.
In the Indian business ecosystem, the cricket fever has not come down yet as recently four companies – DisneyStar, Sony Pictures Networks India, Zee Entertainment Enterprises and Viacom18 were contesting for the IPL’s media rights.
Of this, Disney Star and Viacom18 came out as the highest bidders for TV and digital rights in Indian Subcontinent respectively.
At present, BYJU’S has an ongoing partnership with the International Cricket Council (ICC) will continue till 2023. The edtech startup is also an official sponsor of the FIFA World Cup Qatar 2022, which will be happening late this year.
In March, BYJU’S joined hands with Qatar Investment Authority to launch a novel edtech business and research and development centre in Qatar.
In May, it was said to be raising $1 Bn from Morgan Stanley, and JP Morgan Chase & Co to acquire companies in a bid to widen its business. It was also preparing for SPAC listing at a $44 Bn valuation.
With the receding effect of the pandemic coupled with the opening of schools and colleges, many edtech startups including BYJU’S witnessed a sharp decline in the students’ enrollment. As a result, the edtech unicorn has recently forayed into the offline space by launching its offline learning centre called BYJU’S Tuition Centre (BTC).
By launching a slew of offline learning centres, BYJU’S has diverged from the current business model that advocated online learning and pivoted into a hybrid model.
