BYJU’S endorsement deal with Shah Rukh Khan in doubt amid edtech firm’s challenges
Shah Rukh Khan’s team is also uncertain about continuing its brand association due to the issues faced by the edtech firm, said a report.
Amidst its ongoing challenges, edtech major is unlikely to extend its endorsement agreement with Bollywood actor Shah Rukh Khan beyond its scheduled expiration in September, according to a report.
The Economic Times has reported that due to the issues faced by the edtech firm, Khan’s team is also uncertain about continuing its association with the brand.
YourStory has reached out to BYJU’S for a comment.
Since 2017, BYJU’S has enlisted the Bollywood actor for an annual fee of approximately Rs 4 crore, making him the prominent face of the edtech platform.
However, the edtech company has been facing a string of challenges, including the departure of Deloitte as its auditor, the resignation of key board members, conflicts with creditors regarding a $1.2-billion term loan B, and delays in filing financial statements.
In April, BYJU’S and Khan were both fined Rs 50,000 each by a district consumer disputes redressal commission in Madhya Pradesh for failing to meet teaching standards and engaging in false advertising.
Meanwhile, on Saturday, it was reported that fantasy gaming platform Dream11 is poised to take over as the principal jersey sponsor of the Indian cricket team, replacing BYJU'S, which decided not to renew its sponsorship after the previous financial cycle.
Meanwhile, the edtech firm has implemented job cuts as part of its ongoing cost-cutting measures that have been in effect since last year. A few weeks ago, it initiated another round of job cuts that will impact more than 1,000 people.
Edited by Megha Reddy