Cong is my first enemy; will hold talks with saffron party: HDK

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.

Udupi, Jul 22: Deputy Commissioner G Jagadeesh on Wednesday announced lifting of ban on movement of people and vehicles with immediate effect in the borders of Kerala which was banned during lockdown.

The announcement comes hours after Karnataka Chief Minister B S Yediyurappa announced that lockdown in Bengaluru and other parts of the state will not be extended any further, suggesting people should wear masks and maintain physical distancing strictly.

Mr Jagadeesh noted that although the seal down of the borders of the district would be lifted, checkposts on the border would be set up and urged people to enter the district only in case of emergency.

Bengaluru, Apr 28: A local court in Karnataka on Tuesday granted bail to a CRPF commando who was arrested by state police officials for alleged assault on them during COVID-19 lockdown duty, a charge contested strongly by the paramilitary.

The jawan has been taken to the jungle warfare training school of the paramilitary force in Belagavi district, a senior official said.

Constable Sachin Savant of the 207th CoBRA battalion was granted regular bail by a court located in Chikodi taluka of the district, he said.

A team of CRPF and CoBRA officials were present in the court during the proceeding during which the state police did not oppose the bail, the official said.

The commando was arrested by police on April 23 from Examba village (Belagavi district) when he was washing his bike outside his house without wearing a mask, as required under the coronavirus prevention protocol.

An altercation and physical fight took place between the two sides, following which the trooper was taken to the local police station and arrested.

The Central Reserve Police Force (CRPF) had on Monday taken up the case with the Karnataka director general of police (DGP), calling the incident "unpleasant".

The CRPF letter said commando Savant was "manhandled, ill-treated, paraded to the police station barefooted, kept in chains and handcuffs" by police personnel and sought the intervention of state Director General of Police Praveen Sood.

The paramilitary had said that from the scrutiny of a viral video on social media of the incident "it is apparent that the conduct of the police personnel was not citizen-centric".

A police report had said the CoBRA commando "started the altercation" with the beat constable and another policeman accompanying him, and "assaulted" them.

As per the official Twitter handle of the Karnataka DGP's on Monday evening, "IGP (inspector-general of police) Belagavi has been asked to enquire into the incident involving the CRPF constable and action will be taken against guilty after receipt of the report".

The Commando Battalion for Resolute Action (CoBRA) unit of the CRPF specialises in guerrilla tactics and jungle warfare.