The Board of Control for Cricket in India (BCCI) has announced that Byju, which is right now India’s 4th most valuable startup will be Indian cricket team’s official sponsor for next 3 years.
This way, Made in India startup Byju have replaced Oppo for the big league.
Byju Is The Official Sponsor For Indian Cricket Team
Starting September 5th, 2019, Byju, owned by Think and Learn Private Limited will be the official sponsor of Indian cricket team.
Byju has replaced Oppo to snatch this coveted title. Since last two years, Oppo, a Chinese company, was the official sponsors of the Indian cricket team, but now, all Indian players will wear jerseys with Byju’s name implanted.
This official sponsorship tag for Byju will be valid till March 31st, 2022.
Mr. Rahul Johri, CEO, BCCI, said, “On behalf of the BCCI, we would like to thank OPPO for its partnership with Indian Cricket. I congratulate BYJU’S on becoming the new Team India sponsor. BCCI and BYJU’S share a common vision and together we will take Indian Cricket forward.”
On the occasion, Byju Raveendran, Founder & CEO of BYJU’S said, “Just as cricket inspires a billion budding dreams across India, we too as a learning company hope to inspire the love of learning in every child’s heart.”
Byju’s Victory & Oppo’s Loss?
Interestingly, Oppo and BCCI had inked a 5-year sponsorship deal in 2017, for which, Oppo paid Rs 1079 crore to BCCI. Vivo had big Rs 768 crore for the same, which was outbid by Oppo.
Besides, Oppo also paid Rs 4.61 crore per bilateral match and Rs 1.56 crore to BCCI.
But it seems that the deal was called off in the middle, after just 2 years.
Most probably, Byju and Oppo made an outside settlement, and somehow Byju convinced Oppo to give up the sponsorship deal.
Maybe, since World Cup is over, Oppo couldn’t find any reason to stay with the Cricket team, whereas Byju, whose last valuation was $5 billion in March this year, is in an aggresive mode.
In March, Byju raised Rs 240 crore from General Atlantic and Chinese conglomerate Tencent, thereby making their valuation as $5 billion.
In December last year, Byju raised $400 million from Canada’s CPP Investment Board, Naspers Ventures, General Atlantic and became India’s 4th most valuation startup.
Byju’s official sponsorship period will start with India’s South Africa tour in September, and will end just before 2013 World Cup.
Also Read:
Byju’s Valued At $4 Billion, Becomes India’s 4th Most Valuable Startup – What Is Their Secret?
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