Regarding the BCCI contract, BYJU has taken an important decision

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Indian education technology start-up, Byjus wants out of Indian cricket team’s jersey sponsorship deal with BCCI.

In June, Byjus extended its jersey sponsorship deal with the board until November 2023, for an estimated USD $35 million.

Hopefully we’ll be profitable: Baiju’s co-founder hints at future goals

“We’re doing really well … the last 12 months have been really good for us in terms of the number of products we’ve added, in terms of the different formats we’ve launched and in terms of geographies and topics. That we scaled,” Baiju co-founder Divya Gokulnath, told CNBC.

The co-founder said the company hopes to become profitable by the end of its financial year, which ends in March 2024. The company now wants to look at long-term goals.

The company’s losses widened in the financial year ending March 2021, its latest public figures showed. Gokulnath attributed this to changes in revenue recognition. Instead of calculating revenue when a person pays for a course, it is calculated when the particular course starts.

This has been stated in a statement on behalf of BCCI Baijus now wants to cancel the contract with BCCI. However, the board asked the company to continue till at least March 2023.

“BCCI received an email from Baiju on November 4, 2022 requesting to terminate the association after the recently concluded T20 World Cup. As per our discussions with Baiju, we have agreed to continue their current arrangement and partnership till at least March 31. Said to go, 2023,” read a BCCI note on the matter.

Bangalore-based Byjus offers online classes to students on various subjects. It has 150 million students worldwide, of whom 25% are from outside India.

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