Cong MLA Haris’ son Mohammed Nalapad surrenders; case takes a political turn

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 18: Karnataka Chief Minister BS Yediyurappa on Monday said that people from Gujarat, Maharashtra, Kerala and Tamil Nadu will not be allowed in the state till May 31.

"We have decided not to allow entry of people from Gujarat, Maharashtra, Kerala and Tamil Nadu till May 31," Yediyurappa said after a meeting with state ministers and senior government officers to discuss the guidelines issued by the Centre regarding the fourth phase of nationwide lockdown.

"State road transport corporation buses in Karnataka and private buses will run. Strict lockdown measures in containment zones and economic activities will be permitted in other areas. Sundays will be total lockdown across the state. Home quarantine will be strengthened," he added.

The Chief Minister further said that all shops will be allowed to open and all trains running within the state will be permitted.

The central government on Sunday extended the ongoing COVID-19 induced nationwide lockdown till May 31, but with a set of new relaxations commencing from Monday. The Union Home Ministry has also given powers to States/UTs demarcate areas in Green, Orange and Red zones, which will allow them to start activities except in containment zones.

According to the guidelines, "all other activities will be permitted except those which are specifically prohibited under these guidelines. However, in containment zones, only essential activities shall be allowed, as mentioned earlier."

Karwar, Jan 4: One student died and twelve others were seriously injured when a school bus in which they were travelling from Anantapur district fell into a gorge near Gerusoppa Soolemarki Cross in Honnavar taluk of Uttar Kannada district last night, police said on Saturday.

The deceased student has been identified as T Basha Fakruddin (14).

Police said on that on Friday students of a government school from Anantapur district were on a trip to Jog, Murdeshwar and other places. There were 44 children, nine teachers and four cooking staff in the bus, police said.