Should we hang Modi now, asks K'taka Cong leader

Mangaluru, May 26: Days after the government of India approved the use of chartered flights for the repatriation of Indians stranded across the world amidst covid-19 lockdown, two NRI entrepreneurs in Saudi Arabia have offer to bear the cost of repatriation if they get formal green signal to repatriate stranded Indians from Dammam to Mangaluru International Airport before June 5.

Althaf Ullal and Basheer Sagar, the two Kannadiga Directors of Al Khobar-based Saqco, have made this offer in a letter written to Karnataka Chief Minister BS Yediyurappa and Union Civil Aviation Minister Hardeep Singh Puri.

The duo have assured that their company will bear the cost of the first chartered flight from Dammam to Mangaluru if the government paves way for its operation by June 5. 

It is learnt that many private airliners have come forward to operate chartered flight and are waiting for final clearance from the government. It will cost approximately Rs 45 lakh to hire chartered flight with 180 capacity from Dammam to Mangaluru. 

Pregnant women, medical emergency cases, senior citizens on visit visas, those who lost jobs due to lockdown among other stranded Indians will be given priority in this flight, they said.

"Our company will completely bear this cost. Passengers only need to bear the cost of institutional quarantine after reaching Mangaluru," they have clarified. 

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, May 9: Karnataka government in its latest order has allowed restaurants, pubs and bars to sell liquor at retail prices from May 9 till May 17. The third phase of coronavirus lockdown is slated to end on May 17.

"Karnataka government has allowed restaurants, pubs and bars to sell liquor at retail prices from tomorrow till May 17. However, they can be sold only in take away form," read an order issued by the state government.

Earlier, the government had allowed the opening of liquor shops in order to mobilise revenue. However, bars, pubs, restaurants were ordered to remain close amid the COVID-19 lockdown.

As per the latest update by the State Health Department, the total number of coronavirus cases in the state is 753. "Of 753 cases, 346 are active cases. 376 persons were discharged after treatment while 30 people have succumbed to the coronavirus," the Health Department said in a release.