Byju's set to replace Oppo on Indian jerseys from September
Byju’s, the Bangalore-based educational technology and online tutoring firm, will replace Chinese mobile-maker Oppo with the commencement of South Africa’s tour of India in September. Oppo will exit the space as it finds the value at which it acquired the rights “extremely high” and “unsustainable.”
Oppo, which had made a winning bid of about Rs 1,079 crore for the jersey rights in March 2017 for a period of five years, will make way for Byju's. Under the original deal, Oppo paid the BCCI Rs 4.6 crores per bilateral match, and Rs 1.56 crores for ICC/Asia Cup matches. However, the mobile makers have now decided to cut their losses by reallocating the rights to Byju’s.
"Basically, what Oppo has done is cut its losses. They've reassigned the rights to Byju's. They will pay Byju's a 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," sources said, reported TOI.
The BCCI will incur no loss, as it will continue to receive the same amount from Byju's for the entire duration of the deal, which runs up to March 31, 2022, a BCCI source said.
Oppo will be seen on the jerseys till the end of India’s tour of the West Indies. Once South Africa's tour of India in September commences, Byju's will take over the jersey. According to sources, "work is already in progress" on that front.
Byju's, founded by Kerala-based entrepreneur Byju Ravindran, is valued at around Rs 38,000 crore. Think & Learn Pvt Ltd - Byju's parent company - had received seed funding in 2013 to get started. As of the present financial year, it is learnt to have secured funding in excess of $750 million from investors.
"They (Think & Learn Pvt Ltd) have been looking for branding exercises of this volume and it's (Team India jersey rights) is just the kind of space they wanted to get into. At the moment they fit absolutely well here," sources added.Â
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