A day after losing ministry, Ambi submits one-line resignation; Speaker rejects it

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.

Kalaburagi, Mar 16: Kalaburagi Deputy Commissioner B Sharat has banned the sale of liquor and ordered the closure of bars and restaurants in the district until further orders in the wake of coronavirus scare.

On Sunday, Sharat said that the public gatherings including local markets, village fairs, Urs festival in Kalaburagi district have been banned.

"Gatherings including local markets, village fairs, Urs festival in the district have been banned as a precautionary measure against the coronavirus until further orders," Sharat said.

The Karnataka Health Department on Sunday said that all the family members and other contacts of the 76-year-old man who died of coronavirus in Kalaburagi are being monitored closely.

The state government has said that six cases of COVID-19 have been reported in the state as of now, including one person who died.

"Till date, six COVID-19 cases have been reported in the state including one death. The 5 Coronavirus positive cases are in isolation at the designated hospital in Bengaluru," the government said.

Bengaluru, Mar 19: To better enforce social distancing and prevent further spread of Covid-19, the Karnataka health and family welfare department on Wednesday said it will "stamp the back of the palm" of international passengers advised to be on home quarantine, along with the date they are allowed to get out of home. The stamping process began at 12am Thursday.

Pankaj Kumar Pandey, commissioner, health and family welfare, said: "It is noted that a few passengers under home quarantine are not following the instructions. Therefore, it has been decided to stamp the back of the palm of their left hand with a specially designed stamp which will indicate the last day of quarantine."

He said the special stamp will use an indelible ink and "airports in Karnataka have been instructed to follow this without fail". On average, about 3,000 people are arriving in Bengaluru on international flights every day.

The department said social distancing is the only known method of combating the spread of Covid-19 and added, "International passengers are segregated as symptomatic and asymptomatic."

High-risk flyers kept at mass quarantine unit

The symptomatic passengers (Group-A) are taken to designated hospitals; asymptomatic ones, depending on the port of origin, are taken to the quarantine centre or permitted to go on home quarantine.

At the mass quarantine centre, the asymptomatic passengers are divided into moderate-risk (Group-B) and high-risk (Group-C) categories.

“The high-risk passengers are kept at a mass quarantine centre for medical observation. The moderate-risk passengers are being sent for home quarantine where they need to spend 14 days,” the statement added.

Pandey said: “International passengers changing flights within the country cannot be stopped. Ideally, they should be stamped at the first port of entry when they arrive from a foreign country which is not happening.” He said this issue will be brought to the notice of the Directorate-General of Civil Aviation.