Let’s go to polls if you can’t settle portfolios: BJP top brass to BSY

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 18: Bindhu Sampath, the mother of Nimisha alias Fathima who travelled from Kerala to Afghanistan to join the Islamic State (IS), has sought the Central government's help to bring her daughter back to India.

"I saw a video of my daughter in which she was requesting her return to India. She has realised that India is her country, not Afghanistan. She is scared that she'll be put in jail over there. Responding to my mail, the Afghanistan government has said that the procedure will take time," said Bindhu Sampath.

"I believe in Indian laws. Let her be questioned and realise what is good or bad. I am waiting for the Central government's confirmation on the matter," added Sampath.

Around four years back, a team of 21 members which consisted of couples and children went to Syria from Kerala to join ISIS and lead an Islamic life. After they left, police registered a case against them, which has been handled by the National Investigation Agency.

Bengaluru, Mar 24: Eight new positive coronavirus cases were confirmed in Karnataka on Tuesday, taking the tally to 41 in the state, the health department said.

"Till date 41 COVID-19 positive cases have been confirmed in the state which includes one death and 3 discharged," the department said.

According the department bulletin, 37 positive patients are in isolation at designated hospitals and their condition is stable.

Of the 41 confirmed cases, six are transit passengers hailing from Kerala who have landed in airports and being treated in Karnataka.

Among the eight passengers confirmed on Tuesday also three men and a woman are from Kasaragod in Kerala with a history of travel to Dubai and Saudi Arabia respectively.

All the four had landed in Mangaluru, where they are being treated.

The others are: two men, aged 40 and 65, from Uttara Kannada district in Karnataka with travel history to Dubai;

a 56-year-old woman, a resident of Chikkaballapura district, who is a family member and co-passenger of person who tested postive with travel history to Mecca, and a 56-year-old woman, resident of Bengaluru, a contact of another person who has tested positive for the virus,

Among the 41 cases, 24 has been reported from Bengaluru, five from Dakshina Kannada, three each from Kalaburgai and Chikkaballapura, two each from Mysuru and Uttara Kannada, and one each from Kodagu and Dharwad.

All the three discharged patients are from Bengaluru, while one death was reported in Kalaburagi earlier this month, which was the country's first COVID-19 related death.