JD(S) to highlight how communalism hit the development in coastal Karnataka

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.

In the wake of Saudi Arabia's assurance that Masjid al-Haram of Makkah and Masjid an-Nabawi of Madinah will be opened for believers after some days, a message has gone viral on social media claiming that both the holy mosques will open on Ramadan 8 (May 1).

The message which was widely circulated on Facebook and WhatsApp, also contained certain condition such as people should fetch their own prayer mats and that they should not use the washrooms in the mosques. 

Clarification

Meanwhile, the authorities of the two holy mosques, issued a clarification that the claims made in the viral post are false and baseless.

"The message being circulated about the opening date for Haramiain (two holy mosques) for public is completely baseless and false. The suspension of prayers for general public is still in effect," they said in a social media post.

Udupi, Jun 5: Senior BJP leader and Lok Sabha member Shobha Karandlje accused members of Tablighi Jamaat of spreading Coronavirus, particularly in slums, in Bengaluru.

Speaking to newsmen here Friday night, she said that the members had intentionally spread the virus in Siddique Layout and Padarayanapura. Members had hatched a conspiracy to destroy the country. She would raise the issue with the central government.

She said that New Delhi and Maharashtra were responsible for rising Covid-19 cases in the country. Highlighting the programmes, introduced by Modi-led NDA government for the past six years, she blamed Covid-19 for the collapse of the economy. But for Covid-19 Modi government at the Centre would have been a leader in the world,” she added.

She said 13,541 people, stranded in other States and foreign countries, had returned to Udupi. “We have sufficient beds in the district to tackle the situation. But if more people decide to travel to Udupi, arranging quarantine facilities would be a huge challenge,” she added.