From September, Byju’s will be on Team India’s jersey replacing Chinese smartphone company, Oppo. Byju is a Bangalore-based educational technology company and online tutoring firm.
Times of India’s sources confirmed the news today morning that the current sponsor has decided to put an end to their association with Team India.
The development took place around two weeks ago and Oppo will make the formal departure after West Indies series. With South Arica’s tour of India, Byju’s will enter the arena of cricket officially. According to the individuals with information on the matter, the taking-over process has already started.
BCCI will continue to receive the same amount from Byju’s and technically will be at no loss for the entire duration of the deal, which runs up to March 31, 2022 said a BCCI source.
Sources commented, “Basically, what Oppo has done is cut its losses. They have reassigned the rights to Byju’s. They will pay Byju’s minor amount to help make the full payment while Byju’s will pay BCCI. The board will continue to get what is due to it.”
The educational company is founded by Kerala-based Byju Ravindran, and is valued at around Rs. 38,000 crore after its latest funding concluded recently. It is being seen as ‘just the right kind of player to enter this space.’
Oppo’s winning bid in 2017 worked out to Rs. 4.6 core per bilateral match and Rs. 1.56 core per ICC or Asian Cup Match. This was a massive increase from what previous rights holders Star India Pvt Ltd had been paying the BCCI.
Disclaimer:
The information contained in this article is for educational and informational purposes only and is not intended as a health advice. We would ask you to consult a qualified professional or medical expert to gain additional knowledge before you choose to consume any product or perform any exercise.
