‘Fractured mandate will only help parties like JD(S) and BJP; people will suffer’

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.

Thiruvananthapuram, Mar 20: One more person tested positive for coronavirus on Thursday, taking the total number of cases to 25, as the Left government announced a Rs 20,000 crore financial package to tide over the present crisis being faced by the southern state in the wake of the virus outbreak.

The multi-crore special package includes Rs 500 crore health package, Rs 2,000 crore loans and free ration.

The man who tested positive had returned from Dubai and hailed from the northern Kasaragod district, Chief Minister Pinarayi Vijayan told reporters after a COVID-19 review meeting.

He said 65 people were hospitalised on Thursday.

"At least 31,173 people are under surveillance, of whom 237 are in observation in hospitals across the state" he said.

Detailing the financial package, Vijayan said loans worth Rs 2,000 crore would be made available to needy families through all-women network 'Kudumbashree' during April-May.

Rural employment guarantee programmes worth Rs 1,000 crore each will be implemented in April-May, he said.

Social security pension of Rs 1,320 crore, to be given in April, would be distributed this month, he said, adding that 50 lakh people are benefited through the pension scheme.

Those belonging to the below poverty line (BPL) and Anthyodaya, who are not receiving social security pension, would be given Rs 1,000 each, for which Rs 100 crore would be earmarked.

Cutting across APL and BPL families, 10 kg free ration would be given and Rs 100 crore would be set apart for the purpose, he said.

A string of 1,000 low-cost hotels, providing food at Rs 20, would be opened across the state next month, the chief minister added.

The 'fitness' charges of autorickshaws and taxis and one month tax of stage and contract carriages would be waived, Vijayan said.

Mangaluru, Mar 1: Noted Konkani writer and theater personality Richard John Pais died on Sunday after a brief illness, family sources said.

He was 51. He is survived by wife and two children.

Known in literary circles as ‘RJP’, his short stories, satirical writings, and poems were very popular.