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.
Comments
my dear hindu brother and sister dont blive in RSS they are not fighting for hindus they are fight to bring back the bristish rule bcoz they love thm bcoz they get everything wht they frm thm so they want thm back thz the reason they celebrate birth anniversry of killer our father of our nation tippu was curel for british and also for the people who support the british thtz y RSS says tht tippu is curel
India need another brave like Tipu sultan to eradicate RSS from the country.
RSS quotation itself proves that world has no matching personality like TIPPU for Nationalism and defence of country. For British - Tippu, Bhagat Singh, Sukhdev, Ashfakullah Khan, Ghandiji, S.C. Bose... the list is endless.... all were Terrorists. It was Timid Savarkar and Hindutva fascists joined hands with British, worked against mother India and responsible for the massacre of thousands of Freedom Fighters of India. Till today these anti-national forces neither recognised Secular India, nor constitution, tricolour flag, national anthem.. rather they use all these to destroy Secular India. Founder of RSS openly said NOT TO FIGHT AGAINST BRITISH and advocated his goons to fight against Muslims. This is the history of RSS & British
Why siddana and his chelas want to celebrate this coward tippu jayanti.......hope siddana want to make karanataka islamic state by apeasing minority community.....!
This is what RSS is , RSS didn't want independence coz they had a close with British , British even killed Bhagat Singh , Raj guru and sukhdev as traitor but we Indians still treat them as freedom fighters , I think RSS treat them as cruel ????
Shame on u bloody RSS people , you guys have no rights to be in india h better go to ur British bhais.
Dear Cheddies (Now Pantees),
who brought Silk from Persia to India....how many farmers are living beacuse of silk in India...just think it....
I think Cheddis were hand to hand with British against whome nationalist were fighting during independence
Britishers know that because of tipu. India got independence.
To British, Mahatma Gandhi was a traitor & an enimy !
Every patriot was an enimy !
Nathuram Godse was a murderer ! Why should anyone need a lesson by those who celebrate Mahatma's killers jayanti??
Now RSS and British are Bhai Bhai (Brother's).
We got Independent on 1947 But for RSS Chaddis they lost their Freedom on 1947.Wa Re Wa Chaddis.
What if the Tipu was a Hindu. The tune of RSS would be different.
Apna cheddy nahi Sambhal sake. Abhi pant per uthargaye.
All Indians fully understand that the RSS was actively in support of the British, and did ABSOLUTELY NOTHING to fight for India's independence from colonial rule. Its a known fact that USA has already enlisted RSS a terror group and has to be banned.
If he is cruel for british then of curse is hero for Indians.
If in front of RSS, Mahatma Gandhi is criminal, who else is good fro them.
RSS needs high level medical treatment. This is true not joke.
Whoever discussing any subject where RSS is involved, it is waste of time and finally it is stupidity to talk to them.
Just see what they did to Mahatma Gandhi and how they are glorifying his assassin Naturam Godse.
Unfortunately it is our unluck, still in India the majority of the people are their supporters therefore they were able to keep their puppet BJP in centre.
God, give them wisdom.
Who is British - Grand fathers of rss - they jointly involved in the cruel murder of our father of nation - GANDHI - they are the supporters for anti nationals and hindu terroristssss
British people considered all freedom fighters as cruel. Do you think all freedom fighters are cruel. in fact You guys are cruel. killed mahatma gandhi and other human beings in riots. RSS is following the foot step of Zionist, Nazism. they are deceiving people.
Oh yeah... Your savarkar / glovalkare was following British rules and they were feared of British rulers,. But Shahid Tippu was real tiger / hero of india / world. so british was too worried. Common man bloody RSS now wana prove based on British comments. hehehh.. shameless people. Being a tippu not a Savarkar
Yes ... This is the real face of the cheddis which was hidden for long time..the cheddis will follow their chachas (British) who want to rule over the people just like they used to rule over india and take all the resources and enjoy their life by making others to enslave them...
The hindus who think RSS is fighting for hindus is just a deception... U will surely see this in the near future...
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