Do not worship Shirdi Sai Baba, says Shankaracharya

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, Jan 14: A woman has sustained burns on the left hand and the left chest in a vicious acid attack that occurred as she walked home in Mallappa Layout, Seegehalli, near KR Puram in Bengaluru.

Prabhavathi, the victim, and her husband, Radhakrishna Reddy, own an acre and six guntas of land in Seegehalli. They had constructed 20 houses on the parcel and rented them while keeping the rest of the land empty and building a boundary wall around it, according to a senior police officer. 

Four men named Ravi, Kumar, Ashirvadam and Shekar laid claim to the land and demolished the boundary wall two years ago. When the couple approached the cops, Manjunath, a sub-inspector from KR Puram police station, visited the spot along with other officers and allegedly abused Reddy and his family. 

Reddy then approached a senior police officer who suggested that he file a complaint against the sub-inspector as well as his rivals for threatening the family. The case is pending in a case. 

On January 7, Ravi, along with four others — Raghu, Kabalan, Ashrivadam and Munireddy — mocked Prabhavathi as she walked home. They asked her to withdraw the complaint. When she ignored them, one of the men motioned to another person. In a flash, a man in the group threw acid on Prabhavathi. The liquid fell on her left hand and left chest, gashing them. Her screams drew her family who rushed her to a hospital. 

Reddy said the suspects had been intimidating them to sell the remaining land. He accused the KR Puram sub-inspector of “threatening” the family.

According to Reddy, following their complaint, a departmental enquiry was launched against the sub-inspector and his promotion was stalled. He suggested that the suspects had used the acid attack as a weapon to “silence” and force them into withdrawing the complaints. 

Following the acid attack, KR Puram police booked eight people — Ravi, Raghu, Kabalan, Ashirvadam, Munireddy, Sachin, Rahul, and Kumareshan — under IPC sections 326 (a) (acid attack) and 506 (criminal intimidation). Efforts are on to track them down. 

Mysuru, Jan 20: Fears over CAA and proposed NRC have affected the ongoing 7th economic census. Following complaints of violence against enumerators and registration of FIR with people declining to give information, the state government has asked deputy commissioners and superintendents of police to hold awareness programmes about it.

The planning, programme monitoring & statistics department has requested the home department to provide cooperation at the police station level while additional chief secretary P Ravi Kumar, in his letter to all DCs, has asked them to create awareness. According to sources, enumerators in T Narasipura town of Mysuru district faced resistance as some residents misunderstood the reason for this census.

A senior officer of the directorate of economics and statistics said that additional chief secretary (ACS- Planning, Programme Monitoring & Statistics Department) Shalini Rajneesh has written to the home department and superintendents of police of all districts seeking their help to create awareness about the economic census.

According to sources in the directorate, in many places, people are refusing to share information under the misconception that it is related to CAA/ NRC. “Many are mistaken about the economic census. As a precaution, police help has been sought,” an officer said.

Authorities in Mysuru said the 7th economic census began on December 20 and will conclude on March 30.

“In Mysuru city alone, we need to cover a population of 11 lakh. In T Narasipura, we faced problems due to misconceptions about Census and CAA. We reported the incident which happened in an area where minorities reside in large numbers,” he explained. Mysuru SP CB Rishyanth said his office has not received any direction in this matter.