India seeks investments from Qatar in infra, energy sectors

Bengaluru, Jul 18: Bringing a major change in the  administration of Bengaluru, which has emerged as a Covid-19 hotspot, the state government on Saturday transferred B H Anil Kumar out of the BBMP and brought N Manjunath Prasad to take his place. 

Manjunath Prasad, who headed the Bruhat Bengaluru Mahanagara Palike (BBMP) before being replaced by Kumar, will take over with immediate effect. The government has also placed him in concurrent charge of the Revenue Department as well as the Disaster Management, Bhoomi and UPOR.

Kumar, an Additional Chief Secretary, has been put in a place where earlier a secretary was posted. He now heads the Department of Public Enterprises. The posting would have brought him two spots down had it not been for the government upgrading it to the level of additional chief secretary. 

Anil Kumar, who was earlier praised for his work to contain the coronavirus pandemic, had faced criticism by the High Court of Karnataka for the BBMP's failure to help people in containment zones as well as other issues on the spread of the pandemic. 

Sources in the government said, pressure has been building up against Anil Kumar over the last two months after most of the Bengaluru MLAs complained to the chief minister's office.

"No MLA backed him. Everyone had a problem," a source said. 

Things came to the head with regard to a Rs 436 crore project given to KRIDL. "The issue reached the chief minister's office as all the MLAs took an issue with the way the project was awarded," a source said. 

Another source said that Kumar came under fire after a central team flagged the issue of failing Covid-19 surveillance measures in Bengaluru. The central team's criticism, it is widely believed in the government, came as the last straw. 

Hubballi, Apr 16: Police have seized a vehicle carrying nine members of a family from Dharwad for misusing the travel pass issued by the district administration in Narendra Village and sent them for Quarantine.

Deputy SP Ravi Nayak and his team stopped the vehicle at Narendra village, in the outskirts of the city and found out that they were from Uppina Betagiri village returning from a wedding function using government pass issued for medical reasons.

The police seized the vehicle and sent them to KIMS hospital for a medical check-up. Their swab samples have been collected and sent for testing. The police have asked them to go for a compulsory home quarantine for 14 days.

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.