Saudi based Islamic bank enters India, first branch in Gujarat

Bengaluru, Jan 10: Chief minister BS Yediyurappa said on Thursday he might not attend the World Economic Forum (WEF) meeting in Davos, Switzerland, and would most likely visit Delhi this weekend for discussions on the pending cabinet expansion.

He was expected to join Union ministers Piyush Goyal and Mansukh Mandaviya, chief ministers Amarinder Singh (Punjab) and Kamal Nath (Madhya Pradesh) and over 100 Indian CEOs at WEF’s 50th annual gathering on January 21-24.

“Mostly, I may not go for Davos (meet),” he told reporters on Thursday. Last week, he had said he was not keen on travelling to the Swiss town but was considering it as some chief ministers’ attendance was required at the high-profile event.

Eleven Congress-JD(S) turncoats, who contested the bypolls on BJP tickets and won, reportedly pressured Yediyurappa to take a decision on cabinet expansion before the now-uncertain Davos trip; it was even suggested that he should simply cancel the trip. The newly elected BJP MLAs are widely expected to be inducted as ministers. But officials in the Chief Minister’s Office (CMO) said his disinclination to travel had nothing to do with the cabinet exercise.

“It’s mainly because of his health. That place (Davos) has got temperature of minus 4-6 degrees and it will be quite tedious for Yediyurappa at the age of 76,” one official said. BJP functionaries, however, claimed that he was wary of taking a trip amid tensions in the party. “The new MLAs have been breathing down Yediyurappa’s neck. They have pushed him into a corner, demanding that he complete cabinet expansion before going anywhere,” a senior functionary said.

On Thursday, the chief minister said he had sought a meeting with party bosses in Delhi. “To discuss cabinet expansion and other important issues, I plan to travel to New Delhi on January 11 or 12. However, I am still waiting for an appointment with the BJP national president and prime minister,” he said.

While Yediyurappa, his additional chief secretary P Ravi Kumar and political adviser MB Maramkal may not visit Davos, a 10-member delegation from Karnataka, including Jagadish Shettar, is expected to travel. There are reports ministers’ family members might join the delegation.

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.