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.
Comments
Indian National Father Mahathma Gandhji Killer RSS group , why and how you people celebarate National days ...Oh Bhattaaaaa...
by wearing neerdose
To celebrate national festivals, by wearing chaddi or pant?
RSS never hoisted national flag in their centers after independence.
celebrates Pakistan independence 1 day before ours and is teaching others now.
Hypocrisy
Va Marl mare ....Bhatta is so scared of PFI . now when his fathers like Times Now and other paid media started to bark abd trying to bite the mighty PFI ....goons like BHATTA is started to come out from caves ....
bisi tagidre matra benne karaguvudu
Who let the dog out.. bow bow bow
Unfortunately good secular are being killed by the criminals like these. Such criminals are lucky for not being harrassed or touched by anybody. This is temporary situation.
The God is watching and relaxing him to do more sins. Slowly he will be caught and nobody can save him.. We have seen many criminals in the past with all attrocities beyond the bounds. Finally their day had come.
Nobody can dare to force any religions, what to follow and what not to follow. It is not the business of anybody. It is command what they are following from their God. If he wants he can do at his home even he can not force his people at the temple.
He is utter stupid, Politics is not controlled by any group or religion. It is the choice of democracy. The majority in the state is Hindus. But all are not stupids like him.
Though they are majority, they selected good government. Because of Northern states, BJP came to power, now all Hindus are fed-up of Modi's group.
their end is also very imminent. Modi's time has come to get Political Sanyasam.
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