New Delhi: Baijus is regarding to pull out of jersey sponsorship with BCCI. BCCI officials stated that Baijus has officially announced that he is withdrawing from the contract. It is reported that the withdrawal is due to financial crisis. The company plans to withdraw from the contract by March 2023.
The agreement between Baijus and BCCI is till the end of next year. But the BCCI has informed the company that it can withdraw from the contract subject to the conditions. The deal is worth $55 million. Byjus is paying 10 percent more than the contract with BCCI.
During the financial year, the company, which was heavily burdened, had taken many measures as part of cost reduction. There were earlier reports that the loss-making company is planning to lay off around 2,500 employees. In the last financial year, the loss of Byjus rose to Rs 4,588 crore. After this, Byjus stated that the cost will be reduced.
The company’s and promotion expenditure rose 150 percent to Rs 2,251 crore from Rs 899 crore. Apart from this, Argentina superstar Lionel Messi has also been signed as the first global ambassador of Byjus. Messi has been appointed as the ambassador of Byjus’ social initiative Education for All.
Story highlights: Byju’s mulls pulling out of BCCI jersey sponsorship deal
