According to reports, ed-tech platform Byju's is unlikely to renew its endorsement arrangement with Bollywood actor Shah Rukh Khan due to the company's financial difficulties.
There are reports stating that Bollywood superstar Shah Rukh Khan and edtech company BYJU may discontinue the endorsement contract, which began in 2017 when the Indian edtech start-up reportedly signed him up for an annual fee of Rs 4 crore. The edtech company’s recent struggles with several issues may have influenced its decision-making regarding brand associations and partnerships. The contract period between Byju’s and Shah Rukh Khan is expected to conclude this September.
Byju’s, an Indian multinational company founded by Byju Raveendran and Divya Gokulnath in 2011, is famous for its educational technology, providing interactive study materials and personalised learning experiences through its learning app to students ranging from kindergarten to postgraduates. The company enjoyed significant growth in its sector, especially during the COVID-19 crisis.
However, Byju’s sales have dropped a lot since the end of the pandemic. In the past year, Byju’s has cut thousands of jobs in an effort to reduce expenses in the face of a slowing online education industry and funding challenges.
