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.
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Masha Allah..
MAA SHAA ALLAH
Masha Allah great initiative!
May Allah accept it from them and grant them ability to do more work.
Aameen
Masha Allah great initiative!
May Allah accept it from them and grant them ability to do more work. Aameen
MashaAllah may Allah reward you
Masha Allah.. May Allah reward u.. ameen
Alhamdulillah.
Hazrat Khadija Radiyallahu Anha, Wife of our Beloved Prophet Muhammad(SAW) left behind a legacy of supporting and empowering people through her charity work.
Insha'Allah our sisters of HiF will carry forward the legacy .
Alhamdulillah, Hazrat Khadija R.Anha wife of beloved Prophet Muhammad SAW left behind a legacy of supporting & empowering people through her charity works.
Insha'Allah our sisters of HIF will carry forward the Legacy.
And matters relating to Non-mahram will be helped by their husbands.
Masha allah good work sisters (HIF womens wing) may allah accept it from you.
Aameen
Masha allah sisters (HIF womens wing) may allah accept it from you, may allah make this wing strong and helpfull in the society may bless and protect our muslim ummah.
Aameen.
Masha allah sisters (HIF womens wing) may allah accept it from you, may allah bless the muslim ummah,
Aameen
Alhamdulillah. May Allah accept all our good deeds ......ameen
Masha allah May Allah accept it from you and us
Masha Allah that's a good start. Need lending hands which is the need of the hour. Let make this women wing powerfull so they can face challenges in life.
Masha Allah. Good work. Keep it up.
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