Cong to face 2018 Karnataka polls under collective leadership: KPCC chief

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 10: Alarmed by the surging COVID-19 cases across the state, especially in Bengaluru, Karnataka Chief Minister BS Yediyurappa on Thursday urged the state capital’s residents not to visit their villages to prevent the infection’s spread.

“I urge the people of Bengaluru not to travel to their villages and prevent the infection from spreading in rural areas,” Yediurappa told reporters.

Admitting that the battle against the virus would be long, he said that the fight against COVID-19 could be won only through persistent efforts and with people’s cooperation with the frontline ‘warriors’.

“Combating the pandemic through preventive measures, providing treatment to the infected and saving lives are our priority,” he said.

With a record 2,228 positive cases on Thursday, the southern state’s COVID-19 tally shot up to 31,105, including 17,782 active cases, while 457 people have died of the infection till date, 17 just in the last 24 hours.

Of the new cases in the state, Bengaluru accounted for 1,373, taking its tally to 13,882, including 10,870 active, while 177 have succumbed to the virus since March 9.

No deaths were, however, reported in the city on Thursday.

Of the 457 patients in intensive care units (ICU) across the state, 292 are in Bengaluru hospitals.

Since unlock began on June 1, COVID-19 cases shot up to 15,242 on June 30 from 3,221 on May 31 and to 31,105 in 9 days since July 1.

Similarly, in Bengaluru, positive cases shot up to 4,555 on June 30 from 358 on May 31 and rose to 13,882 in 9 days since July 1.

The Chief Minister also appealed to all legislators of the ruling and opposition parties to give priority to contain the disease in their Assembly segments.

“Visit the COVID-19 designated hospitals and inspect if the required facilities are in place and bring any shortcomings to our notice,” the CM said

Mangalore, May 30: The first chartered flight to the city of Mangalore, Karnataka in South India is scheduled to depart from the Ras Al Khaimah airport of UAE on June 1.

The SpiceJet flight, chartered by Praveen Shetty, chairman of the Fortune Group of Hotels and president of the Karnataka non-Resident Indian Forum (KNRI), will repatriate 105 staff members of the hotel group, who have been placed on leave, according to a statement issued here on Saturday.

Consul General of India to Dubai Vipul confirmed the reports and said the flight, which will depart at 0945 hrs, will carry home a total of 180 passengers.