Drug scam allegation is sheer lie; I am ready for any probe: UT Khader

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.

Davanagere, Apr 8: BJP MLA from Honnali constituency, MP Renukacharya, said that the government should not ignore those who attended Tablighi Jamaat event in Delhi and are escaping detection, and it is not wrong if the person is shot.

"Anyone who attended Tablighi meet, is not coming out for medical checkups and is escaping detection. The government should not ignore them. Even if he is shot, it is not wrong. Otherwise, the virus will spread throughout the entire country. In China it started with one person," Renukacharya said on Tuesday.

"We are suffering because someone is not coming for check-up. I request them to come voluntarily to the doctors and District Magistrates. Not all minorities are terrorists and not all of them are anti-nationals," he added.

A petition has been filed in the Supreme Court seeking direction for the government to impose a complete ban on all activities of the Tablighi Jamaat with immediate effect.

Over 1,000 coronavirus cases in India are linked to Tablighi Jamaat gathering. Hundreds of people who are related to Tablighi Jamaat have been quarantined.

Shivamogga, May 10: Karnataka Minister KS Eshwarappa on Sunday informed that eight people who returned to the state from Gujarat have tested positive for COVID-19 in Shivamogga district.

Shivamogga district is under the green zone category.

"Eight people who have returned from Ahmedabad, Gujarat have tested positive for COVID-19 in Shivamogga," said Eshwarappa.

Last week, the district administration had asked shopkeepers to open their shops on alternate days in order to avoid crowding.

According to the Ministry of Health and Family Welfare, the state has so far 794 confirmed COVID-19 cases which include 386 cured or discharged cases and 30 deaths.