DK Muslim Association' launched to help bereaved Muslim families

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 27: Aimed at giving a boost to affordable housing, the Karnataka government on Tuesday decided to slash the stamp duty on new apartments costing up to ₹35 lakh.

The decision was taken during a meeting chaired by Chief Minister B S Yediyurappa to review the progress of the Stamps & Registration department.

The Chief Minister directed that the stamp duty be cut from the existing five per cent to two per cent on apartments costing less than ₹20 lakh, getting registered for the first time, his office said in a statement.

Further, the stamp duty on apartments costing between ₹21 lakh - ₹35 lakh will be down from five per cent to three per cent, it said. It is estimated that in 2020-21 due to COVID-19 induced lockdown, Stamps and Registration department might fall short of its revenue target by ₹3,524 crore. The revenue target for 2020-21 is ₹12,655 crore.

Bengaluru, Feb 27: Karnataka Chief Minister and veteran BJP leader B S Yediyurappa turned 78 on Thursday with Prime Minister Narendra Modi and a host of leaders greeting him.

Modi hailed Yediyurappa as a "hardworking" chief minister and wished him long life and good health, while several state leaders flocked to his residence and greeted the Lingayat strongman.

"Birthday greetings to Karnataka's hardworking CM @BSYBJP Ji. He is passionately working for the state's progress, especially on farmer welfare and rural development. I pray for his long life and good health," the Prime Minister tweeted.

A large-scale "non-partisan" birthday bash will be held here later in the evening.

The felicitation function will see Defence Minister Rajnath Singh and former chief minister S M Krishna besides Siddaramaiah of Congress and H D Kumaraswamy of JD(S) sharing the stage.

Union Ministers D V Sadananda Gowda, also a former chief minister, Pralhad Joshi and Suresh Angadi will be in attendance.

BJP National General Secretary (Organisation) B L Santosh and state party chief Nalin Kumar Kateel are among those who will be gracing the event.

While Santosh will release a felicitation volume in Kannada with 78 articles from a cross-section of people, including politicians, writers, bureaucrats, and spiritual leaders; Siddaramaiah and Kumaraswamy will unveil a coffee table book and documentary respectively.

Yediyurappa, on the eve of his birthday on Wednesday, had said whatever he has achieved is a result of the people's "blessings and faith" and requested well-wishers not to bring bouquets, flowers, shawls, sweets, turbans or any souvenirs to greet him.

The birthday function organised by "Yediyurappa Abhinandana Samiti" (Yediyurappa Felicitation Committee) is being seen in some quarters as an attempt by Yediyurappa and his loyalists to send a message to the party leadership that he was still "strong".

The BJP's current dispensation under Narendra Modi and Amit Shah has retired several senior party leaders who crossed the age of 75.

However, an exception was said to have been made in Yediyurappa's case after the BJP won 25 of 28 seats in the Lok Sabha election under his leadership.

In the 2018 elections, he spearheaded the campaign of the BJP which emerged as the single largest party but fell short of the majority mark following which Congress and JD(S) came to power stitching a post-poll pact.

However, the coalition collapsed in July last year, paving the way for return of Yediyurappa as Chief Minister for the fourth time.