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.
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Yes those who keep note counting machine at home to count looted money are luteras.
Yes Shaji you are quite correct. Eshvarappa ki zaban pisal gayi.
Very Filthy and dirty person, look at his face and mouth it recall a dirty animal, his comments will take BJP to the bad days that’s why 3 muslims belongs to BJP killd Dipak Rao entire nation knows this fact except Eshwarappa…Useless comments from very useless person.
I think this hate monger gave this statement in error in place of saying "Hindu Killers are with BJP and good Hindus are with Congress + other parties". this hate monger has given this statement in frustration smelling defeat in Karnataka in next election.
"with us or with enemy" is infamous dictum of Fascism & Nazism. This gutter mouth only repeating it. India had Varnashram (Chaturvarn), but now we have PANCHVARN i.e. Brahmins, Kshatriyas, Vaisyas, Shudras and SAFFRONISTS ( the last varna is neither humans nor animals but worse than demons, damned liars, anti-women, anti-nationals and terrorists of worst kind. Check the speech / action of any Sanghi to verify the truth.
Devils also see Muslims as threats to his plan of taking the humanity to hell forever..Wake up guys There is only ONE GOD ALLAH, Know about OUR CREATOR who created U Me and all that exists and When U know your LORD U will definetly recognise the supporters of the devils. Dont fall trap to such leaders and commit voilence and killing people by the orders of the agents of the devils. When death comes no Agents will come to save U if u have committed attrocites against Humanity.
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