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.
Comments
this boppa,vijay and naren dont hve the clear picture of this RSS and sangi guys so they brak from there side as they blive we all muslims are blongs to terrorist grp thn can they explain abt this RSS and sangi guys wht they are upto they want to divied the country or make a peace loving country. till now they divied the country by the name of religons .
this guys plan same policy which played by british divied and rule this sangi and RSS are born under there rules this sangis helped thm even nw they do the same.
comment #6 wht u written in last line of ur comment this shld b applied for the people inculding sangi and RSS guys aswel
dont blame we muslims we are very proud INDIAN MUSLIMS
we are proud to b an INDIAN more then u sangi and rss guys
and dont blame others first look into u wht gd deed hve u don till nw this for boppa,vijay and naren
Dear Naren
you dont have 70 virgins ...you have to taste only one that too Najas......... Brother Mustafa left this Duniya as Tippu did . and enjoying the favours from the creator . when he was hacked to death by cowards in the dark with the help of Coward fascist police . no problem we are borned for that we do not mourne but his family will curse you and you sangh .
Bopanna and vijay, every one will know your bulsh*t sangi parivar, you are sitting in and posting comments, stupid come out, you go and fight instead of sending poor in rana rang,
Naren, don't post your stupid and bulsh*t comments, come and fight face to face, Israel is your father country they also like you killing innocent people in back door.................ISIS and RSS is the same.....isis will not attack israel because its born from there only..
Ameen
Bupa, vijaya ..Mangalore ( Naren ignored ) ....Guys if u want to know the truth about this case contact the Vakil Dinesh Hegde Ulapady...before barking
So naren kotian,
Then start to attack anti nationalist first from mohan baaghwath, thogadia and so on means rss must be removed from the route. Then only brotherhood will remain in our great country India.
Jai Hind
same third rated guys rejoiced when muslim gangs killed prashanth poojari ... and yesterday one jihadi sitting in saudi , i think by name ahmed ... said next round will be of kiran shetty :) it shows ... and it says everything ... let it be ... i wish all murderers of prashanth poojari meets same end ,i pray to god ... israel policy follow madle beku ... when anti nationalist strike our eyes , we must strike their heart, kidneys ,eyes , liver ... legs and brain ... then only systerms will be back to normal .
Well said Bopanna....these people(so called peace lovers)they only know to blame RSS...
Dear Bopanna,
What about the gather during poor prashanth poojary funeral.All are belongs to anti India criminal rss group.
Karnataka police dept is well aware about all criminal groups. They never bow to any influence or to any muscle power. They kicked your dirty leader Togadia from airport back to his home town hell.
Jai Hind! Jai Karnataka!
Bopanna seems to have too much of hatred towards mulsims despite being and earning in an Islam country
If he hates muslims he has no moral rights to be, where he is currently
A theif's friend will be another theif only.
Let the police keep an eye on all these people who attended the event - a lot of terrorists there I am sure
Masha Allah great .Rest in peac my brother mustafa.
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