BYJU’S not to renew partnership with BCCI, ICC & FIFA, Founder & CEO says:
Byju is the startup with the highest market value in the country. Last year was very bad for the company. However, now the company is trying to recover. As part of these efforts, the company has decided to no longer have brand partnerships with the Board of Control for Cricket in India (BCCI), International Cricket Council (ICC) and FIFA (Fédération Internationale de Football Association). The company has a special strategy behind this decision of Byju.
Byju’s, the country’s most expensive startup, will not renew its branding partnership with BCCI, ICC and FIFA. Byju Ravindran, co-founder and CEO of Byju has given this information. This decision has been taken to bring the company back to profitability in the next financial year. In the financial year 2020-21, the company suffered a loss of Rs 4500 crore. The decision not to renew the brand partnership will save the company billions of dollars as the company has spent around 325 crores on FIFA sponsorship
and 446 crores on BCCI sponsorship.
Had a bad year last year due to controversies ranging from mis-selling of content to confusion in books. At the same time, the company’s financial results presented for fiscal year 2021 surprised everyone with a drop in revenue.
The company’s big decision to cut costs last
Year turned out to be very bad for Byju. The co-founders of the company have set a target to make the company profitable by 2024. For this the company has decided not to renew its brand partnership with the three major sports bodies namely Board of Control for Cricket in India (BCCI), International Cricket Council (ICC) and FIFA (Fédération Internationale de Football Association).
Also, the company has been aggressively taking steps to reduce costs since last year. In October 2022, the company laid off more than 2500 employees. The company has decided to cut back to make a profit in the current financial year itself.