BYJU's is the first Indian startup to sponsor FIFA World Cup 2022
By: Times Applaud
BYJU'S, the educational technology giant, has announced that it is officially the official sponsor of the FIFA World Cup, which will be held in Qatar in 2022. With this sponsorship, BYJU'S has become the first Indian company to support one of the world's largest athletic events.
"It gives us great satisfaction to represent India on such a prominent worldwide stage and to support the convergence of education and sport," stated BYJU's founding CEO, Byju Raveendran.
He went on, "Sport is an important element of life because it brings people from all over the world together.
Through this relationship, we at BYJU'S aspire to encourage a passion of learning in every child's life, just as football inspires billions."
"We are happy to be connected with a brand like BYJU'S, which is also engaging communities and empowering young people wherever they may be in the world," said FIFA's chief commercial officer Kay Madati.
When they first took over as shirt sponsors from Oppo, they were paying Rs 4.61 crore every bilateral match and Rs 1.51 crore per ICC event.
They decided earlier this year to continue as sponsors until the 2023 ODI World Cup, in exchange for a 10% increase in the money they were already paying.
This drop in revenue was largely caused by FIFA's controversial decision to award the 2018 World Cup to Russia. The international governing body of association football is now aiming to generate sponsorship revenue in the midst of the pandemic, as well as host the World Cup in Qatar, another contentious choice.
FIFA, on the other hand, believes it will meet its income target of $1.696 billion for the 2022 World Cup. Despite the pandemic, FIFA claims to have met 80 percent of its entire income targets, according to a recent assessment of their financial performance. The World Cup contributes for around a fourth of the total revenue projection.