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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 6: Criminal cases will be registered against private hospitals that refuse treatment to COVID-19 patients, Medical Education Minister Dr K Sudhakar said on Sunday.

Addressing a press conference here at Vidhana Soudha, he said: "No hospital should refuse to admit patients and if any hospital is found denying treatment criminal cases will be registered against them."

He spoke to media persons after returning from his surprise visit to Jayanagar General Hospital and Rajiv Gandhi Chest Hospital responded to the questions regarding private hospitals refusing to treat covid patients.

"The government has come up with 6 different systems for treatment of COVID-19 patients. COVID care centres, government medical colleges, private medical college, government hospitals, corporate hospitals and home isolation with proper facilities and according to government guidelines," the minister added.

Dr Sudhakar gave the statistics of 4 metropolitan cities in the country including Delhi, Mumbai, Chennai and Bengaluru.

"Bengaluru's and the mortality rate is the lowest at 1.46%. The aim is to increase testing by optimal utilisation of capacity especially in private labs. Once we increase testing, it is natural that the positive cases will also increase," he said.

"So citizens need not panic due to this but should take all precautionary measures. He advised to get tested in the nearest fever clinics as soon as any symptoms like cough, fever etc are found. Guidelines regarding the home isolation will be released soon," the minister said.

He announced that 400 ambulances will be deployed in Bengaluru and 2 each for every ward.

He said that the government recommended patients at private hospitals will be provided with insurance under Suvarna Arogya Suraksha Trust.

"If private hospitals refuse to admit the patients, call 1912 helpline to get assistance. If admitted in Private hospital voluntarily the treatment cost will be borne by patients as per the rates fixed by the government," Sudhakar said.

He said that the cost of testing at private labs has been capped at Rs 2,200 as per test.