Mangaluru: BCF presents scholarships, wheel-chairs, sewing machines

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, May 26: Ministers of the central government or state governments or officers on their official duty, who are travelling across states, will be exempted from requirements of quarantine, the Karnataka government said on Monday.

The state government issued an addendum to Standard Operating Procedure (SOP) for inter-state passengers.

"Any person who gets a negative COVID test certificate (from ICMR approved lab) which is not more than two days old from the date of journey will be exempted from the requirement of institutional quarantine," read the addendum.

The state government has laid down new norms for those coming from other states (including those coming by domestic air flights).

Passengers coming from 'high prevalence states' (Maharashtra, Gujarat, Tamil Nadu, Delhi, Rajasthan, Madhya Pradesh) would be required to undergo a seven-day "institutional quarantine", which will be followed by home quarantine.

The new norms also said that home quarantine of 14 days would be necessary for the passengers coming from other states.

Udupi, July 20: A youth, who was under depression after his business came to a halt due to lockdown, has killed self in Kundapura taluk of Udupi district. 

The deceased has been identified as Nitish Shetty (31), son of Prabhakar Shetty, a resident of Giliyaru in Kota area of Kundapura. 

Shetty was running a secondhand car business in Bengaluru. The business had completely stopped due to covid-19 lockdown. 

After returning to his hometown, he could not find any other job. Hence he was under depression. Hence on July 18 he handed himself to death in his house, police said. 

A case has been registered at jurisdictional Kota police station.