Mangaluru Airport bomb should be an eye-opener for PM Modi amidst joblessness: HDK

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, Jul 12: Karnataka on Sunday registered 71 COVID-19 deaths, its highest single day count, and 2,627 fresh cases, pushing the tally of infections in the state to 38,843, the health department said.

The total positive cases include 22,746 active cases and 15,409 discharges, the department said in its daily bulletin.

The total active cases include 532 people admitted in the ICUs across the state.

Of the 71 fatalities, a record 45 were reported in Bengaluru alone including the death of 16 day-old baby girl and 17-year-old girl with chronic kidney disease, taking the total mortalities in the city to 274.

Among the districts, where new cases were reported, Bengaluru urban accounted for 1,525 cases, followed by Dakshina Kannada with 196, Dharwad 129, Yadagiri 120, and 19 in Bengaluru Rural.

Since the outbreak of the pandemic, 8.39 lakh samples have been tested including 20,050 on Sunday alone, of which 7.80 lakh tested negative.

Other than Bengaluru, five fatalities were reported in Dakshina Kannada, three each in Mysuru, Hassan, Davangere and Belagavi, two each in Haveri and Bagalkote and one each in Dharwad, Koppal, Tumakuru, Vijayapura and Chamarajanagar.

While majority of those who died of coronavirus suffered from Severe Acute Respiratory Illness and Influenza Like Illness, significantly 21 victims did not have any pre-medical conditions while eight were the asymptomatic patients with pre-medical conditions.

New Delhi, Mar 21: The Indian Railways has cancelled all train services on Sunday in view of the Janata Curfew called by prime minister Narendra Modi. All mail and express trains will stop services from 4 am to 10 pm on Sunday while all suburban train services will be reduced to a bare minimum.

Around 1,300 long-distance, mail express services will also stand cancelled in light of the curfew to bat Covid-19. These long distance trains will remain cancelled between 4 am to 10 pm on Sunday.

All passenger trains originating between the midnight of Saturday-Sunday will not be run till 10 pm, Sunday, a railway ministry official said.

However, the passenger train services already on run at 7 am on the day will be allowed to run to the destinations, a railway ministry circular to zonal railways issued on Friday said.

The Indian Railways operates around 9,000 passenger trains and 3,500 mail express services each day.

“We have sent a directive to all zonal railways, and they will get back with the total number of train services affected, by Saturday afternoon,” an official ET spoke with, said.

In his address to the nation on Thursday, the Prime Minister called for a ‘janta curfew’ between 7 am to 9 pm on Sunday, in a social-distancing drive amid the coronavirus outbreak.

Passengers alighting at enroute stations from trains already on run, and desirous of staying at the station, may be accommodated in the waiting rooms at railway stations, without overcrowding them, the circular said.

The ministry has advised zonal railways to arrange for hassle-free refund to passengers affected because of cancelled trains, while regulating train services on Sunday.

Meanwhile, to contain the spread of Covid-19, all the food plazas, jan aahar stalls have been advised to be shut until further notice by IRCTC.

The on-board catering services in mail express trains are to be closed until further advice, while static units supplying meals to prepaid trains in operation, will continue to function.