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
Your agenda in all election is " We will build Ram Mandir" if we elected to assembly. Now Central is with BJP hand, UP is with BJP hand then what is the issue? Why again and again saying we will build Ram Mandir - Ram Mandir every now and then. Road is free and why dont you take steps to build the temple and finish the issue?
Dear Non Muslim brothers and sisters, believe it or not - These so called politicians will never build Ram Mandir or whatsoever. This is the main Muddah for their election campain. Actually we the voters are fool and fighting each other (Hindu & Muslim), killing , looting innocents etc etc. - Finally who will benefit? These politicians and who is the looser - WE
Dear All - Please think about the development of our state, country and cast your valuable vote to the right candidate who may contribute to the development of our state/country. In this era Mandir-Masjid is not the issue - Issue is development, education, job, food etc etc.
The problem is BALATKARI JANWAR PATRY (BJP), Modi and Amit shah style of running the government on Hitler style has already filled the gandu rashtra people with poison in their brains to send Muslims out of India. This is the real problem. Gandus want their gandu rashtra at any cost now. Arab Muslims ruled India for 900 years and enriched the country with coffee, silk etc. Then British came and looted the country. Then these BJP and RSS are gifted with the divide and rule formula from British. They are now just following the same old formula to eat up whatever is left in the country. All this making hindu rashtra etc is a drama.
Comparing to Japan and other countries India is quite behind, because their aim is development, whereas our aim is Mandir/Masjid and religion. If India continues the same theory, India will never develop. These politicians are taking India on wrong direction.
Tippu is dead , shivaji also is dead. Why not worry about poor people like us who are still alive? We have enough masjid to pray , Allah will accept our prayers from any masjid, plz dont worry about that. Kindly finish the ram mandir as soon as possible. After all this done, kindly focus on jobs, roads, farmers, water, food, social services etc. i hope this is very simple english so u and your like minded friends can understand.
Thanks
kachda chaddi,,
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