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.
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anybody got their grevences answered here
corporation lights of cemetrey not glowing since two months. On 1st November 2019 is holy souls day. Kindly repair the lights at the earliest.
Fr. Joseph J. Lobo
Parish Priest
Street light is not working since 15 days. On 23rd July 2019 complaint lodged with Mobile No7353933410. Till date they are not responding
hello / madam
Keeping the city clean is our duty. I know not everybody is following that. We need some awareness program
to keep our city clean green and hygenic. Its our duty to keep the environment clean and place around us.
But it is also the duty of Corporation to maintain the cleanliness aroud the city, in some parts of the city like market, near clock tower circle its not been getting cleaned from past few days. Please do the needfull for betterment of tomorrow
thank you
Dear Madam, I have purchased 1 BHK flat in Green City, Vamadapadav on October, 2013 and paid full amount to builder T3 Urban Developers LTD. As per agreement possession was in December, 2015 but still building is not ready.
There were 5 buildings in Green City and at a time builder started 3 buildings construction work. I have purchased middle of the building and that building 1st floor slab only completed and since long time work stopped.
Last year builder agreed to give me flat in 1st building but building’s interior work is still pending and since 1 year work totally stopped.
Presently builder is not picking call or not responding for query. It seems that he is cheating with me. Kindly help me to resolve this issue. I will be grateful to you.
Sir/Madam,
Four street lights are not working on Raghavendra Matt Road, Hosabettu, Surathkal since long.
The roads are in Shabby condition and hence difficult in the night to Padastrians.
Kindly arrange to replace the treet lights on Main road, Raghavendra Matt Road, Hosabettu, near and after the Areca Field.
the kalbavi road in kottara ashok nagar was provided with ugd pipe line during last year. as usual the centre of road was dug up in march 2018 for this purpose making the road not motorable during the monsoon of 2018.
the asphalt work is now planned now during nov2018 by mcc. this road is very narrow and not having the foot path or road side drain at all.
both the ugd agency as well as the asphalting agency have put the muck/soil on the sides of the road, making it now impossible to walk when there is traffic. also during monsoons , storm water from the entire stretch for about 500 ft will flow on this road itself which is diverted to my compound/pure water sump due to the faulty work of mcc.
in spite of repeated requests/complaints to the commissioner,corporators, engineers of mcc, publishing of the photos of the same in some news papers,action is yet to be taken.
now at least it is requested to remove all the above dumped muck /soil on either sides of this road which is also preventing the entry of monsoon water th the existing drain near the starting point of sagar court.
Street light not working at kulai kavinakallu 2nd street
Relevant department has to look into the matter seriously and work on it and mark the matter as closed so that its notified as closed. Its a good move for public and public workers to work hand in hand
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