Troubled edtech giant Byju’s is unlikely to renew its endorsement deal with Shah Rukh Khan when it expires in September, amid cost-cutting measures and difficulties in raising funds, The Economic Times reported.
End of an Era
Byju’s had signed Shah Rukh Khan in 2017 for an annual fee of close to ₹4 crore, and he has been the most visible face of the edtech platform since then. However, with Byju’s facing financial challenges, Khan’s team is also reportedly hesitant to continue the association with the brand.
This is not the first time Byju’s association with Khan has faced difficulties. In April, a district consumer disputes redressal commission in Madhya Pradesh fined Byju’s and Khan ₹50,000 each for not meeting teaching standards and false ads. In 2021, Byju’s had paused its advertisements with Khan during a controversy involving his son, Aryan.
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Byju’s Financial Struggles
Byju’s has cut thousands of jobs in the past year to reduce costs amid a slowdown in the online education market. Recently, online gaming company Dream11 replaced Byju’s as the lead sponsor for the India cricket team, and representatives of three key investors in Byju’s resigned from the company’s board.
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