Business / Edtech byju expects 3 fold revenue growth appoints messi as brand ambassador layoffs cost cuts

Zoom News : Nov 13, 2022, 10:23 PM
New Delhi : Byju's Founder and CEO Byju Raveendran has defended the decision to appoint footballer Lionel Messi as the company's global ambassador. Along with this, he has expressed hope of reduction in losses by more than 50 percent along with three-fold increase in revenue.

What's the matter: In fact, Byju has recently appointed Messi as the global brand ambassador. However, the details of the deal for which the company has been signed with Macy's could not be ascertained. But experts believe that considering Messi's value, it can be estimated that it will be an expensive deal.

The news of this deal has come at a time when Byju is laying off thousands of employees across the world including India. Apart from this, Byju is also emphasizing on cost cutting.

What Byju Raveendran said: Defending the decision to appoint Messi as the company's global ambassador, Byju Raveendran said the decision was taken six months back. Apart from this, Raveendran said that in the financial year 2021-22, the company's revenue is expected to increase by three times and losses are expected to decrease by more than 50 percent.

Explain that Byju had a loss of Rs 4,588 crore in the financial year 2020-21 and the company's income was Rs 2,428 crore.