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.
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You will end up hurting yourself more than the people you HATE
Dear Brothers.
There is no God but ALLAH and Muhammad pbuh is the last and final messenger of ALLAH. ALLAH guides the one who is HONEST in knowing the TRUTH.
The Prophets of ALLAH are many but 25 Prophets are mentioned in QURAN by name.The best of them are 5
Prophet Noah,
Prophet Abraham,
Prophet Moses,
Prophet Jesus and
Prophet Muhammad - Peace be upon them all.
Mankind needs Guidance from their teachings... They all conveyed that ALLAH is the creator of all that exists (human beings, animals, plants, earth, universe and all that is in between them) and we all should WORSHIP him alone without associating partners.
Everyone is born as a Muslim but their parents take them to worship different man made objects as Gods... which is a Sin. (Until U research on it, You will never understand the consequences on worshiping others beside the True God)
Come to the TRUTH... and use your intellect to know the reality with LOGIC And REASON ---- QURAN invites YOU to use this logic and REASON & compare it with Bible, vedas and other scriptures... PLease TRY to read QURAN (TheQuranproject online)without being bias.
These people are jealous that they cannot attract/convert anybody from other community.....Islam is the best religion....one Allah....one prophet...thank Allah--- am a muslim....
these people can sell ramayana and mahabharatha nobody will come to object
These goons are afraid of people finding truth .and leaving the baseless religion....
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