Mangaluru youth dies in Saudi Arabia

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, Apr 25: Bajrang Dal's former Karantaka satate convenor Mahendra Kumar, who dedicated last decade of his life to expose the misdeeds and lies of Sangh Parivar, passed away today due to cardiac arrest here. He was 47 years old.

Kumar was undergoing treatment at Ramaiah hospital Bengaluru where he breathed his last today (April 25) morning. His final rites will be held in his hometown, sources said.

Kumar, who hailed from Koppa in Chikkamagaluru was a resident of Bengaluru.

He had reportedly involved in the 2008 attacks on Christians' places of worship in Mangaluru and Chikkamagaluru and had faced arrest for that. 

However, he quit Bajrang Dal same year and the apologized to Christians. He joined Janata Dal (Secular) in 2011.

After quitting Bajrang Dal and adopting left ideology, he openly attacked the ideology of right-wing outfits. 

He founded Jana Dhwani movement as a voice for the oppressed classes of the state. He used social media to attack the "manuvaad" for past one decade.

Puttur, Jul 7: A woman died after a wall of compound collapsed on her in Dakshina Kannada district on Tuesday, July 7. 

The victim was identified as Vasanti.

The wall got weakened due to heavy rain at Golithottu area in Puttur. Her body was sent to the post-mortem.

According to the police, the incident took place around 12.30pm when Vasanti was working in the backyard of her house.