DKSC celebrates 20th anniversary; clerics lay emphasis on education

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 16: In view of the raging coronavirus pandemic, no public iftaar or sehri will be organized during Ramazan, the month of fasting for the Muslims, the Karnataka Minority Welfare Department announced here on Thursday.

"No public shall be allowed to perform five-time congregational prayers in mosques, across Karnataka during Ramazan in view of COVID-19 pandemic. No public address system to be used by the staff of mosques for offering namaz,'' the department said.

During the holy month of Ramazan, it is a tradition to organise iftaar feasts for large gatherings by different people, especially by politicians, celebrities and the common wealthy people for their friends and family.

Ramazan is to commence from the 24th or 25th of April this year, depending on the sighting of the moon.

The order stated that Azaan (the call for prayer) shall be given at low decibel and namaaz including Friday namaaz, will be performed by the imams, moazzins and the masjid staff only.
No public should be allowed to offer namaaz in the mosques as per government directions, it said.

The state government also cited an order by the Ministry of Home Affairs dated April 15, which stated that "All religious places/places of worship shall be closed for public. Religious congregations are strictly prohibited due to the outbreak of COVID-19 across the country."
Thirty-four more COVID-19 cases, including 17 cases from Belagavi, have been reported from Karnataka. The total number of coronavirus cases in the state now stands at 313.

The total number of cases in India has now climbed to 12,380. Out of these cases, 1489 have been cured/discharged/migrated while 414 deaths have been reported so far, as per the latest data provided by the Ministry of Health and Family Welfare.

New Delhi, April 3: Chairman of Lulu Group, Yusuffali MA on Thursday contributed Rs 25 crores to the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) to combat coronavirus.

"I have humbly contributed INR 25 Crores to the PM Cares Fund to support all relief works in India's fight against the COVID-19," Yusuffali said in a tweet.

Last month, Prime Minister Narendra Modi had created PM CARES Fund and appealed to all the countrymen to show their support for the cause.
The prime minister is the chairman of the trust and its members include the defence minister, the home minister and the finance minister.