With base price at just Rs 18, Indians now pay 275% in taxes to govt on every litre of petrol!

Mangaluru, Jun 3: A banner that read "Veer Savarkar Flyover Pumpwell" surfaced on the sidewall of the Pumpwell flyover in Mangaluru on Tuesday night.

It is suspected that activists of Bajrang Dal put up the controversial banner. Though it was removed later, it sparked debates on social media and photos of it went viral.

The development comes amid the controversy over the naming of a flyover at Yelahanka in Bengaluru after Savarkar.

A Hindutva ideologue, Savarkar has tendered apology to British imperialists and pledged to support them following his arrest during India’s freedom movement.

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.

Bengaluru, Jan 24: Karnataka Chief Minister BS Yediyurappa on Friday said the much-delayed Cabinet expansion will take place in the next three days.

At the Kempegowda International Airport, after his arrival from Davos, he informed that he would discuss the matter with Union Home Minister Amit Shah to take a final decision on the distribution of important portfolios.

Deputy CM Ashwanath Narayna, Home Minister Basavaraj Bommai and others received the Chief Minister at the airport. The issue of Cabinet expansion was kept in abeyance, ever since the spectacular victory of 12 Assembly seats for BJP, for which the by-elections were held recently. The bypolls were necessitated, following the resignation of about 17 sitting Congress and JD (S) MLAs, which resulted in the collapse of the JDS-Congress coalition government in the state.

BJP had reportedly lured the Congress and JD (S) MLAs into their camp, after promising them to give party ticket to contest the elections, as well as ministerial berths. The Chief Minister had kept as many as 16 Cabinet berths, along with plum portfolios, vacant, after forming the BJP government, with the support of the deserted Congress and JD (S) MLAs, in July last. However, the issue of Cabinet expansion had postponed on one reason or the other, as Yediyurappa was struggling to keep the promise he had made to the former Congress and the JDS MLAs, on whose sacrifice the BJP came back to power.

With the strong demand for ministerial berths within the loyal BJP MLAs, the BJP high command had reportedly advised Yediyurappa to accommodate only a few of the turncoat MLAs and strike balance between the groups.

However, Yediyurappa, who had assured the Congress and JD (S) MLAs of giving them Cabinet berths, had been in dilemma ever since and found it tough to convince the party's Central leaders.

According to party sources, the Chief Minister is not only facing problems over the expansion of his Cabinet, but is also worried over the demand for creation of more number of Deputy Chief Ministers, adding to the present list of three.