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, Apr 19: Karnataka Deputy Chief Minister CN Ashwath Narayan on Sunday said that "only essential and critical number of" employees of the Information Technology (IT) companies will be allowed to work from offices from April 20 onwards in Bengaluru, while others will have to continue working from home.
"Only essential and critical number of employees required will be allowed to turn up. In the next two days, it will be reviewed and a suitable decision will be taken.
All the details will be communicated to the IT companies," Narayan said here.
Earlier on Saturday, in a meeting to review COVID-19 situation in Karnataka, it was considered that one-third of the employees of IT and biotechnology companies could be allowed to work from the office premises, while the rest should continue to work from home.
Earlier on April 17, the Deputy CM, after holding a video conference meeting with heads of the IT and biotechnology companies, had told reporters that up to 50 per cent of the workforce would have the opportunity to function from office premises after April 20.
Mangaluru, Apr 12: Dakshina Kannada district in-charge minister Kota Srinivas Poojary on Saturday, April 11, welcomed the State government’s decision to permit fishing during the lockdown that’s now extended till April 30.
“We welcome the Centre’s decision to permit fishing during the lockdown. This directive comes as a huge relief for the fishing community,” Poojary told newsmen here.
Poojary informed that 14,000 boats will be deployed for fishing. Keeping the need for social distancing in mind only five crew members will be allowed on a boat. The boats can set sail in the morning and should return by evening.
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We are already facing lot of problems here without food and money.
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