The Board of Control for Cricket in India (BCCI) has announced the extension of its association with an Indian multinational educational technology company, BYJU’S. According to SportsMint sources, the new deal will keep BYJU’S as the Indian cricket team’s sponsor until the ICC ODI’s Men’s Cricket World Cup 2023.
Following this extension, BYJU’S logo will continue to be seen on India’s men’s, women’s and U-19 cricket kits for all bilateral and ICC-backed tournament fixtures. The original agreement expired in March 2022.
South Africa’s tour of India, which begins today i.e. June 9 in Delhi, is the first bilateral series following the Indian Premier League (IPL) 2022. The extension will begin with today’s first T20I when the team will be seen wearing the BYJU’S logo on the front of the jersey. In the last three years, BYJU’S has attracted substantial exposure in both India and the worldwide cricket viewing markets. It is not surprising that the corporation has decided to continue its commercial relationship with the governing body of Indian cricket.
The sponsorship agreement between the BCCI and BYJU’S is one of the most lucrative deals in the sports industry. BYJU’S is one of the world’s richest and leading edutech companies. BCCI Sponsorship, ICC Global Sponsorship, and FIFA Qatar World Cup Global Sponsorship are all part of BYJU’S sponsorship portfolio. With a valuation of 22 billion, BYJU’S intends to launch 500 tuition centres this year. Along with this, the company is transitioning to a hybrid approach of offline and online education.
The BYJU’S group includes brands such as Akash BYJU’S, Great Learning, Whitehat Jr, EPIC, OSMO, Tynker, and others.
Great learning’s acquisition of Northwest Education was the portfolio’s most recent addition. According to reports, BYJUS is interested in acquiring Nasdaq-listed Chegg, which has a market cap of $2 billion USD. If everything goes as planned, this will be the leading edutech company’s biggest acquisition to date. BYJU’S has stated in numerous interviews that they believe in relying on major sporting events for sponsorship, and this strategy is expected to continue in the future.
Furthermore, according to reports, BYJU’S is paying a 10% increase from the previous price of INR 4.61 crore to around INR 5 crore per match in this esteemed sponsorship deal.
Men in Blue are expected to play approximately 139 matches from June 2022 to December 2023. As per the association, the BCCI will receive INR 5 crore per match for bilateral series and INR 1.7 crore per match for the ICC events. By the end of the agreement, the BCCI will approximately receive over INR 630 crore.