First Haj flight from Mangaluru takes off

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.

Bengaluru, jul 6: With coronavirus cases surging and hospitals saturated with patients, the Karnataka government is setting up intensive care units (ICUs) at COVID Care Centres (CCC) in the state for severe cases needing oxygen, Deputy Chief Minister C N Ashwath Narayan said on Sunday.

Covid Care Centres are usually meant for patients who are asymptomatic or have mild symptoms.

"Initially, 10 ICUs will be set up at every CCC in Bengaluru and in other cities and towns across the state subsequently," Narayan said in a statement in Bengaluru.

The state government has set up CCCs at the GKVK campus, the Haj Bhavan and the Art of Living Foundation campus in the city so far. The government has also set up a more than 10,000 bed CCC facility in BIEC, on Tumkur road, on the outskirts of the city.

"About 100 ICUs will be set up soon at the new CCCs opened at the Bangalore International Exhibition Centre (BIEC), Ayurveda College, and Koramangala Indoor Stadium," said Narayan.

The sprawling BEIC in the city's northwest will soon have 10,100 beds for treating Covid patients and asymptomatic cases from state-run hospitals.

The state government has also relieved all Health Department employees from administrative and non-medical duties to depute them at the CCCs.

On complaints about the poor quality of food served to Covid patients and the medical staff, Narayan warned the vendors of cancelling their contracts if they did not supply good quality food as per the guidelines.

The minister also directed the Health Department to ensure adequate supply of drugs and medical equipment to all CCCs and state-run hospitals for treating Covid patients.

With a record 1,925 new cases reported on Sunday, the state's tally touched 23,474, including 13,251 active after 9,847 were discharged (including 603 on Sunday), while 372 succumbed to the infection since March 9, with 37 more deaths on Sunday.

Of the total cases across the state, Bengaluru accounted for 1,235, taking its tally to 9,580, including 8,167 while 145 died so far.

Mangaluru, Jan 20: A teenage girl drowned after a boat in which she was traveling in capsized in the river Netravati at Uliya Hoige, Ullal, police said on Monday.

Meanwhile, four other girls who were also traveling on the same boat were rescued by the locals, the police added. The mishap happened on Sunday.

The deceased has been identified as 18-year-old Renita, a resident of Miyapadavu.