Kannur: 9 CPI(M) workers injured in bomb attack; RSS role suspected

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.

Bengaluru, Jan 19: Karnataka Chief Minister B S Yediyurappa on Sunday said he has had detailed discussions with BJP National President Amit Shah on the cabinet expansion and that the exercise would be carried out after his return from Davos.

The Chief Minister told reporters before leaving for Davos to attend the World Economic Forum meet that he hoped his visit would help bring in large-scale investments to the state. "On cabinet expansion, I had detailed discussions for about half-an-hour (with Amit Shah on Saturday), got a good response... one or two days after I come from Davos, I will expand the cabinet. There are no stumbling blocks for it", Yediyurappa said.

He also rubbished media reports about a lack of clarity on the Ministry expansion. "It is not right... there are no issues", he said.

Asked whether he would travel to Delhi to meet Shah after returning from Davos, Yediyurappa merely said, "It is natural for me to meet Amit Shah." According to the Chief Minister's tour programme, he will be back in the city on January 24.

Yediyurappa, along with Union ministers Piyush Goyal and Mansukh Mandaviya, as well as Chief Ministers Amarinder Singh of Punjab and Kamal Nath of Madhya Pradesh, are among those expected to join over 100 Indian CEOs at Davos in the coming days for the WEF's 50th annual meeting.

Stating that he was leaving on a four day trip for Davos with an aim to bring investments to the state, he said interactions have been fixed with 38 industrialists and investors. "There is a large possibility of investments coming to the state from meetings during the WEF meet. I will assure industrialists and investors that the government will give all necessary facilities within our limits and also clear all the doubts that they have," the Chief Minister said. He said employment opportunities in Karnataka would increase due to all these efforts.

Claiming that the economic situation in Karnataka was stable despite the global economic slowdown, he said the state was also organising the Global Investors Meet in November to attract industries and create employment opportunities.

The delegation led by Yediyurappa includes Industries Minister Jagadish Shettar, Chief Secretary T M Vijaya Bhaskar and top officials of the state government. The Chief Minister, who was anxiously waiting for the high command's nod to expand his ministry amid intense lobbying by the aspirants, was keen on getting approval for it from Shah, but was asked to visit Delhi after returning from Davos, party sources said.

They also said that with J P Nadda all set to take over as BJP National President, he would have final discussions with Yediyurappa on the Ministry expansion exercise. S R Vishwanath, Political Secretary to the Chief Minister too said that Yediyurappa would go to Delhi after his return from Davos and immediately expand the Ministry.

He said the Chief Minister has been asked to hold discussions with Nadda, who is currently BJPs National Working President and finalise things.

As the Chief Minister has already made it clear that 11 of the disqualified JDS-Congress MLAs who got re-elected in the bypolls on BJP tickets will be made ministers, lobbying has been on in the party for the remaining ministerial berths. Currently, there are 18 Ministers, including the Chief Minister in the cabinet that has a sanctioned strength of 34.

However, with some reports that the high command may not be keen on making all the 11 re-elected legislators, whom Yediyurappa has given assurance, as Ministers, it remains to be seen how things turn out. Cabinet expansion will not be an easy task for the Chief Minister as he will have to strike a balance by accommodating the victorious disqualified legislators as promised and also make a place for old guards, upset at being "neglected" in the first round of the induction exercise.

He also has to give adequate representation to various castes and regions in his cabinet and also deal with the allocation of key portfolios. Also, disqualified legislators who lost on a BJP ticket during the bypolls like A H Vishwanath (Hunsur) openly expressing their ministerial aspirations has added to the Chief Minister's worry.

Bengaluru, May 13: 26 new covid-19 cases have been reported in Karnataka taking the total cases to 951. This includes 32 COVID deaths, one non-COVID death and 442 discharges.

The new cases include eleven cases from Bidar - all of whom are from the containment zone - , four from Hassan, two each from Davangere, Kalaburgi, Vijayapura and Uttara Kannada and one each from Bengaluru Urban, Ballari and Dakshina Kannada.

All the cases reported in Hassan and Vijayapura are with a travel history to Mumbai. In Bengaluru Urban, a nurse from a designated COVID hospital who was under quarantine has tested positive.

32nd death

The latest death reported was that of a 60-year-old man in Kalaburgi district. The deceased man from a containment zone was brought dead on May 11 to a designated hospital in Kalaburagi, and he has tested positive for COVID-19, it said.