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Bengaluru, Jun 27: Announcing Karnataka’s ambitious plan to install a 108-ft-tall statue of Nadaprabhu Kempegowda outside the airport, deputy chief minister Ashwath Narayan said the government will bear the project cost — approximately Rs 78 crore.

Work on the project will formally commence with the chief minister laying foundation stone for installation of the statue and development of a 23-acre park where it will come up, on Saturday.

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An artist’s impression of the 108-ft-tall statue, which is proposed to come up in a 23-acre park outside KIA. The chief minister will perform bhoomi puja on Saturday.

KPCC president DK Shivakumar on Thursday suggested the cost be borne by Kempegowda International Airport and not the government. He wrote to the CM welcoming the decision to erect a statue of the chieftain at KIA, but asked why should the govenment spend on it. “When huge concessions have been provided to KIA, why not use its services to construct the statue,” he asked. Narayan, who is chairman of Kempegowda Development Authority, said it is the government’s duty to bear the cost.

The government has released sketches of the statue and a blueprint of the park. Noted sculptor Ram Sutar, who designed the Gandhi statue located between Vidhana Soudha and Vikasa Soudha and the Statue of Unity in Gujarat, will be part of this project as well.

Narayan said the government was not competing with any other state on having a tallest/largest statue while emphasising that Kempegowda ensured the city had tanks, markets and drainage system when it was founded. He added the government won’t invite many guests to Saturday’s ceremony. “Most legislators will be given a virtual link to view the event,” he said.

Mangaluru, May 29: Even as the thousands of Indian expatriates in Saudi Arabia are waiting for repatriation flights to return to India, a few NRI entrepreneurs are sending home their employees through chartered flights. 

The government of India on May 21 had formally approved the repatriation of stranded Indian expatriate workers through chartered flights arranged by their employing companies particularly in Gulf region and elsewhere. 

Expertise Contracting Co. Ltd headed by K S Sheik and Al-Muzain Est. headed by Zakaria Jokatte are among those who have hired charter flights to repatriate hundreds of employees to India amidst corona lockdown. 

Mr Sheik said that his firm had applied for nine charter flights. "Two of the charter flights will carry 360 people to Mangaluru. Seven other flights will repatriate employees to Delhi, Thiruvananthapuram, Chennai and Hyderabad," he said, adding that the company will bear complete expense of their repatriation and quarantine facility after India. 

Mr Jokatte three charter flights will fly from Dammam to Mangaluru International Airport on June 2, 5 and 8 carrying their employees.

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.