Byju's to terminate Indian cricket team jersey sponsorship to focus on profitability for 2024

The Indian education technology start-up, Byju's wants to exit from its Indian cricket team jersey sponsorship agreement with the BCCI.

In June, Byju's had extended its jersey sponsorship agreement with the Board until November 2023, for an estimated USD $35 Million.

Hopefully we'll be profitable: Byju's co-founder hints at future goal

“We are doing really well … the last 12 months have been really good for us in terms of the number of products that we’ve added, in terms of the different formats that we’ve launched and in terms of the geography and the subjects that we’ve scaled into,” Byju's co-founder Divya Gokulnath, told CNBC.

The co-founder stated that the company will hopefully become profitable by the end of the next financial year, which concludes in March 2024. The company now wanted to look at long-term goals.

The company’s losses rose in the financial year that ended in March 2021, as per its most recent public figures. Gokulnath credited this to the manner in which revenue is recognised. It is now calculated when the specific course begins rather than when a person pays for it.

From the BCCI, a statement has emerged on the matter stating that Byju's now wants to terminate its agreement with the BCCI. Albeit, the board had asked the company to continue at least until March 2023.

"BCCI received an email from Byju's on November 4, 2022 requesting terminating the association post the recently concluded T20 World Cup. As per our discussions with Byju's, we have asked them to continue the current arrangement and continue the partnership at least until March 31, 2023," read a BCCI note on the matter.

The Bangalore-based Byju’s delivers online classes to students in various subjects. It has 150 million students across the world, of whom 25% are from outside of India.

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