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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Suvarna news and Asianet are two faces of one coin partially owned by Rajiv Chandra Shekhar, a Rajya Sabha MP elected by BJP, Karnataka. I was wondered these two channels always in favor of Saffron fugitives, how come the TV Anchor Sindhu got exact 2000 calls from Saffron activists? There were good TV anchors in these two channels left because owners leaning towards Saffrons. Now these two channels are having Astrology, Yoga, and vastu programmes which is not supported by current rulers of Karnataka. Since then these two channels are spreading venom in the society to divide the people.
Government must take note of this and an enquiry to be conducted to find out who are behind this episode.
Come on yaar...freedom of speech and media...why pain now?
Ban RSS...
Respect women....
\Ah! Antinational. Those days, that's what the British called us\", said the frail old man to his grandson as he pointed to the TV anchor."
Right wing fringe at play.
Everything is fair in The name of NATIONALISM.
It is a sheer disgrace to threaten a lady journalist for no fault of hers. She is an employee of a private TV channel and she has done as the call of duty. It is the duty of the society to protect ladies . Everybody worships GODDESS Durga and it is not that TV reporter does not. She may be more religious than the persons who are threatening her. The image of Durga will not be hurt if some sections of the society pass comments against her. Thousands of years culture is preserved by our women only. Keralites are highly educated but not civilized enough to have finer human feelings to respect and love women. It is a blot on their society.
Malayalam TV anchor got threaten calls from Activists of #Sangh #BJP is shame on Democratic India.Who is responsible for this?
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