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.
Comments
Dr Zakir naik' s naik controversy is bound to happen due to his increasing popularity around the world for spreading peace. Our hypocrite politicians and news channels and their blatant liars like Arnab goswamy do not want peace makers in the society as it wont help them to accomplish their agenda. Dr Zakir naik never breaks any law of the land and always preached the truth.. Quran is the only religious book which specifically and strongly condems killings of innocent people. Dr Naik will have the help of Allah no matter how hard the media tries to malign his name. May Allah be with you Dr Zakir bhai and all Muslims. Ameen.
Bopanna, if you are real hindu, and against these muslims, how you can work in muslim country? By working there you are helping these People. So resign immediately and come back to india. Let us see your real Hinduism. For the money you will do everything this is the fact. If you don't resign then don't blame them. Instead accept their religion and live with them.
Mr.Bopanna.... please be careful on what you comment.. know the facts and provide sources before spitting out sensitive words...
Islam exists for more than 1400 years and terrorists less than 50 yearsss, if Holy Quran teaches to kill Kuffars as you say then I am surprised that not 1% of the world's killings is done by Islam....
There are more than 2 billion muslims in the world and is 30% of the worlds population.... if we all muslims become terrorists then jerks like you would have vanished in minutes... but no, our religion doesn't teach that.... no where we are thought in Quran to kill kafirs or non muslims than helping them....
IF ISIS, daesh or any terrorists organisation u label them as muslims, then u are ignorant, illiterate and an idiot.... can u not see the recent blast in baghdad killed more than 220 muslims, turkey more than 40, Ksa recently.... how an earth a terrorist can kill muslims if his target is kuffars....are the terrorists idiots enough to make out the difference is religion....Terrorists has no religion and ISIS,Daes or any group of idiots are not a part of our holy religion which promotes peace....not killings
Non muslims are just scared of ZN coz of the conversion ratios of non muslims into Islam....I doubt any of his videos have thought or inspired any one to become a terrorists... none of them I have seen... If he is then I will never be his supporter but if he is not then please dont comment unnecessary things in social media.... without a valid source....
Surprisingly u seems to be a reisdent of KSA.... how on earth with somuch hatredness within yourself can work in a muslim country abiding all muslim laws... and enjoy the incomes of muslim ruled companies, Money changed ur mind and developed tolerance with u... lol...
Brothers... dont blindly believe media as most of the storie are fabricated.. there is story behind what media portrays... Islam is never a religion of killing but a religion which promotes peace and condemns killing....
i strongly beleave this game is being played by sri sri ravi shanker... he was bashed black and blue(exposed) by dr zakir some years back in frount of a very larg croud and whole world came to no about his truth that he is nothing but just a fake god man.... am very sure when dr zakir nayaks isseue goes to the cort he will come clean.... its just that people cant defeate his through debates so they r using all other means to defame him... sri sri if u r a man (whuch i dought) defeate him by debating him not like this.....
All critics of ZN should watch his video preach.
They should compare these with other hate mongers speech can realize who is who?
Asatyameva Jayate, yes you are a terrorist no doubt. All Muslims are terrorists since they abide by the Koran - which asks to kill all Kuffars. Koran shuld be banned and all Muslims Jailed
Every Hindu or Muslim once took a oath in school......... every Indians are my brothers and sisters..... if one of them become terrorist can we arrest the whole nation as their relatives.....ha ha.....
If a rapist or a terrorist is inspired by any god book religion or any person are you going to ban or arrest them all......joke hai yaar.............
I am inspired by dr. Zakir Naik and also some good words from some Hindu purohits. Am I going to be a terrorist???
Indresh Kumar's Sufism more active in Bangladesh....!
Does India ever taken against Indresh Kumar who accused in Samjoutha Express and Pakistan asks us to take action against him? Why much eagerness in what Bangladesh's baseless demand?
Those who can't face ZN on talk or debate, obviously they go for backdoor to defame ZN. Modi's popularity going down in day by day and also UP elections ahead, so this 'inspire' story has more depth to divert people's attention. RSS pracharak and terror accused Indresh kumar founded modern Sufism and using the same Sufism against Islam. US did the same in Iraq, Libya, Syria, Pakistan, Afghanistan to destroy Islam by 'Muslims'. Muslims are scapegoat of divide and rule either by western country or India.
Some so called our scholars also knowingly or unknowingly victim of Sufism to defame Islam and against ZN.
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