Mandya people will teach Revanna a bitter lesson in LS polls: BJP

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.

Shivamogga, Jan 2: A large number of farmers who wanted to stage a demonstration against Prime Minister Narendra Modi protesting the non-implementation of the 'Swaminathan Report' were detained at Bengaluru, Tumakuru and Shivamogga, police said on Thursday.

According to police, the detentions have taken place in certain parts of Tumakuru, near Bengaluru as well as in Shivamogga.

As part of his two-day visit to Karnataka, Modi is scheduled to visit Tumakuru on Thursday to pay his obeisance to the departed seer of Siddaganga Math Shivakumara Swamiji and meet the present pontiff Siddalinga Mahaswamiji.

Later, he would address a mega public meeting where he will give away the Krishi Karman awards.

In the evening he will reach Bengaluru to visit the DRDO facility to dedicate five DRDO Young Scientists Laboratories to the nation.

Pressing implementation of the Swaminathan Report, which recommends a holistic national policy, the farmers under the leadership of Kodihalli Chandrashekar had planned to stage a demonstration at Tumakuru.

Before they could leave for Tumakuru, the police detained them.

According to Chandrashekar, the farmers have been arrested at Nelamangala, Herohalli near Magadi, Kunigal and Koratagere in Tumakuru district and Shivamogga.

Speaking to PTI, Chandrashekar said the BJP has betrayed farmers by not implementing the Swaminathan report.

"The BJP could implement all the agenda such as abrogation of Article 370, paving way for Ram Temple in Ayodhya and various other poll promises but it ignored its promise of implementing the Swaminathan report," the farmer leader said.

Chandrashekar also said he has been detained at a ground on Magadi Road along with two others while farmers who wanted to take part in the protest have been detained in different parts of the state.

Mangalore, Feb 17: The Popular Front of India (PFI) on Monday took out a march in Mangalore's Deralakatte without seeking permission, police said.

"They were only given permission for a programme but they took out a march from Madaninagar to Deralakatte," said ACP Kodanada Rama.