''Byju's has enough money to make Lionel Messi their global brand ambassador but has plans to layoff as many as 2,500 employees as a cost-cut measure'' is what one user wrote after Byju's announced football star and global sports icon Lionel “Leo” Messi as the first global brand ambassador of its social impact arm, Education For All.
Messi’s signing comes ahead of the FIFA World Cup 2022, which counts Byju’s as an official sponsor. The star footballer also runs his own non-profit organisation Leo Messi Foundation, which invests in areas like healthcare, education and sports.
While, the endorsement fee paid to Messi is not known, India’s most valuable edtech company 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.