- The amount of winning bid by Oppo in 2017 was Rs. 4.6 crore per bilateral match and Rs. 1.56 crore in ICC or continental tournaments such as Asia Cup.
- Kerala Based Entrepreneur BYJU Ravindran started Think & Learn Pvt. Ltd.- the parent company of BYJU’s.
As the World Cup ends, There will be a new brand name on Team India’s jersey. Old sponsors Oppo who won the bid of about Rs. 1,079 crore for jersey rights in March 2017 for a time period of 5 years will make way for BYJU’s now, A Bangalore-based Edu-tech startup.
TOI reported early that Oppo has decided to exit the space and sell the rights to BYJU’s because of the extremely high and unsustainable values.
Sources in the know told TOI that Oppo has decided to exit the space and reallocate the rights to Byju’s because it now finds the value at which it acquired the rights in 2017 to be “extremely high” and “unsustainable”.
This development started two weeks back and Oppo will be seen in India’s jersey only till the upcoming series against West Indies. India’s jersey to South Africa will see new sponsors BYJU’s over the jersey.
Although BCCI will receive the same amount from BYJU’s and technically will be in no loss for the whole time period of the deal which ends on March 31, 2022.
The board will continue to get what it is getting from Oppo. Oppo has to cut its losses and that is why they have reassigned the rights to BYJU’s which means they will pay a minor amount to help BYJU’s make full payment to BCCI.
Kerala Based Entrepreneur BYJU Ravindran started Think & Learn Pvt. Ltd.- the parent company of BYJU’s. They received seed fun in 2013 to start and their investors include Chan-Zuckerberg Initiative.
The amount of winning bid by Oppo in 2017 was Rs. 4.6 crore per bilateral match and Rs. 1.56 crore in ICC or continental tournaments such as Asia Cup. It was a huge surge from the previous deal of Star which less than the amount Oppo paid.
Before Oppo, Star India had paid BCCI Rs. 1.92 crore per bilateral and Rs. 61 lakh per ICC and Asia Cup game. Star India cited uncertainty around the Indian Cricket and lack of consensual leadership in game’s administration as reasons of not bidding again for the sponsorship.
When Oppo bid in 2017 and replaced Star with its winning bid, its own sister company Vivo (Owned by Chinese Corporate BBK Electronics) came up with 2nd highest bid of around Rs. 750 crore. Vivo is also the holder IPL title rights.