India’s most valuable edtech company Byju’s, on Friday announced that it has appointed football icon Lionel Messi as the global brand ambassador of its social impact arm, Education For All.
Messi’s signing comes ahead of the much-anticipated FIFA World Cup 2022, which counts Byju’s as the official sponsor. The star footballer also runs his own non-profit, the Leo Messi Foundation, which invests in areas like healthcare, education and sports.
“More than 5.5 million little hearts today have 10 reasons to smile brighter. Yes, Lionel Messi is the first Global Partner of Byju's Education For All,” Byju’s co-founder Divya Gokulnath said in a LinkedIn post.
Byju’s Education For All is an attempt to make education equitable, accessible, and free for millions of underserved kids in India, Gokulnath said. “Byju’s Education For All is touching 5.5 million lives so far. It is now all set to provide free education to at least 10 million children by 2025. Perhaps we will reach there much sooner.”
“It is not surprising that the greatest player of all time is also the greatest learner of all time. I am sure this partnership will inspire millions of people around the world to dream bigger and learn better. As football fans know, with Messi on your side anything is possible,” Gokulnath said.
Byju's declined to comment on the endorsement fee paid to Messi.
Byju’s is currently taking tough measures to cut down its costs. The measures include laying off 2500 employees, shutting down its physical offices in multiple cities and shifting its sales machinery from on-field sales to inside sales.
However, Byju’s appears to be continuing with its spending on promotions. For instance, the company spent close to $30-40 million to become the first Indian company to sponsor a FIFA world cup.
In June, the company also renewed its deal with the Board of Control for Cricket in India to continue sponsoring the Indian cricket team's jersey for the next 18 months till 2023. It is also one of the sponsors of the ongoing 2022 ICC Men's T20 World Cup.
The Tiger Global-backed company posted a loss of Rs 4,588 crore in FY21, up from Rs 231.69 crore in FY20. Its total expenses ballooned to Rs 7,027.47 crore in FY21, against Rs 2,873.34 crore in FY20. The company is yet to release its financials for the financial year 2022.
Meanwhile, Byju's is currently also in talks with bankers to publicly list its offline coaching unit Aakash Educational Services at the beginning of 2023. It is looking to raise $800 million to $1 billion via Aakash's initial public offering (IPO) at a valuation of over $3.5 billion.
