According to Inc42, citing sources, around ₹1,079 crore has been spent by Oppo for the right to be on the jersey in 2017. However, Oppo stated that the reason for withdrawing the rights is its obnoxious and unsustainable price. Hence, the company is allocating the rights to BYJU’s.
Interestingly, BYJU’S sponsorship deal comes at a time when the company is looking to expand overseas.
Founded in 2008 by Divya Gokulnath and Byju Raveendran, BYJU’S offers a learning app. The app was launched in 2015 and has learning programmes for students in classes IV-XII along with courses to help students prepare for competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT.
While, BYJU’S would hold the rights for the sponsorship till March 2022. OPPO would also pay BYJU’S, a small fee to cover for the expenses of being the sponsor, while the Board for Control of Cricket in India (BCCI) would continue to receive the same amount that OPPO had bid.
Notably, the unicorn turned startup BYJU’s has tripled its revenue to INR 1,430 crore in FY18-19 which has helped the company turn profitable on a full-year basis.