Ed-Tech Giant Byju’s Owes Rs 86.21 Crore To BCCI Despite Raising $800 Million This Year
Earlier this year in April, Byju’s extended the contract till the upcoming 2023 ODI World Cup.
Byju’s, the ed-tech giant based out of Bengaluru, currently owes a hefty sum of Rs 86.21 Crore to the Board of Control for Cricket in India (BCCI) for its jersey sponsorship deal. Earlier this year in April, Byju’s extended the contract till the upcoming 2023 ODI World Cup.
“As of today, Byju’s owes dues of Rs 86.21 crore to the Board,” a BCCI source told PTI. They came on board three years ago, in 2019, after OPPO, then the current sponsor, backed off amidst rising backlash against the Chinese brands in India.
The BCCI didn’t lose any money as the Byju’s paid exactly the same amount for the remaining period as OPPO vowed to before forfeiting the deal. The ed-tech firm paid Rs 4.61 crore per bilateral match till April 2022, which increased by 10% after the contract extension this year.
However, Byju’s spokesperson denied the reports, stating that they will clear the amount once they get the signed paper. “We have extended the contract with the BCCI but it is not yet signed. After the contract signing is done, the payments will happen as per the contractual payment terms. So there are no dues pending from our side.”
The pandemic-induced lockdown proved to be a blessing for this organisation, during which they underwent a bludgeoning growth. But the bubble burst once the world started returning to normalcy.
In March, Byju’s had raised $800 million in funding from Sumeru Ventures, Vitruvian Partners, and BlackRock, but as per recent reports, they haven’t got the full amount yet. Last month, the company laid off more than 500 employees.
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In another development, Paytm has requested the BCCI to transfer the cricket series title rights for home matches to Mastercard. “Paytm has requested the BCCI for reassignment and the board is considering it,” a source said.
They still have a year left in the contract, and are paying close to Rs 4 crore per game. Although Paytm missed the deadline for reassignment, the board will still hear their request considering their “longstanding” relationship.
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