ATMs remain shut as banks replace old currency notes

When the black and white photos of the ‘London to Calcutta (Kolkata) bus service’ went viral on social media recently, the response of some of the netizens was “stop spreading fake news!” But, it isn’t a fake news. The late 1950s indeed offered people a lavish bus trip from London to Kolkata. 

While one of the viral images shows passengers at the Victoria Coach Station, London, boarding 'Albert', the other image show the same bus travelling through a valley. In another image the bus is stationed at a tourist spot. All these photos were captured during the bus’ maiden international journey in 1957.  

An image of the bus ticket is also making rounds on social media, that shows the route of the bus — London, Belgium, West Germany, Austria,Yugoslavia, Bulgaria, Turkey, Iran, Afghanistan, West Pakistan, India. The route in India followed Delhi, Agra, Allahabad, Banaras and finally Calcutta.

The ticket shows that a one side travel cost 145 pounds (13,644 Rupees at the present day) back then, and it was inclusive of all the luxury provided during the run.

The luxurious bus provided the facilities of reading, individual sleeping bunks, radio/taped music for parties and pleasure and fan heaters, among other things. The brochure reads, "Your complete home while you travel."

Some of the tour highlights included Banaras on the Ganges, The Taj Mahal, The Raj Path, The Rhine Valley and The Peacock Throne. Passengers reportedly got free shopping days in New Delhi, Tehran, Salzburg, Kabul, Istanbul and Vienna.

Bengaluru, Jan 10: Education technology company Byju’s is learnt to have raised $200 million in a funding round from Tiger Global Management, which has valued the Bengaluru-based start-up at around $8 billion, making it the third-largest unicorn (start-up valued over $1 billion) in the country.

With this, the Byju Raveendran-founded company has seen over 50 per cent jump in its valuation in just around nine months. In March 2019, Byju’s was valued $5.4 billion, when it raised around $31 million from General Atlantic, and Chinese investment giant Tencent.

At the current valuation, Byju’s has now replaced home-grown cab-hailing major Ola as the third-largest unicorn, next only to Paytm and OYO, which are valued around $16 billion and $10 billion, respectively.

Byju’s confirmed the transaction through a press statement, though the company declined to share any specific details of the deal. Tiger Global could not be immediately reached for its comments.

“We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” said Raveendran. “This partnership is both a validation of the impact created by us so far and a vote of confidence for our long-term vision.”

This is Tiger Global’s first investment in the edutech space in India after Vendantu, an online tutoring platform, where it, along with WestBridge Capital, led a $42-million round in August.

An early backer of India’s internet growth story, the New York-headquartered Tiger Global has been a prolific investor in the Indian start-up space. Its portfolio in the country ranges from consumer focused e-commerce companies that are vital for the growth of the sector, such as Flipkart, Delhivery, Grofers, Quikr and PolicyBazaar, to mention a few.

After tasting success with Flipkart, one of its earliest investments, where it had pumped in around $1 billion, the PE major is now doubling down its focus on the Indian start-up space, under its new investment head Scott Shleifer.

Shleifer, who set up international private equity practice for Tiger Global, is said to be as aggressive deal maker like his predecessor Lee Fixel, who left the investment firm in March. Since then, Tiger has also invested in a host of technology-focused companies in diverse sectors including Ninjacart, CRED, NoBroker and Facilio to mention a few.

“Byju’s has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” Shleifer was quoted in the press statement issued by the edutech firm.