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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, May 24: In an effort to protect passengers and staff from the risk of COVID-19 transmission, the Bangalore International Airport Limited (BIAL) has introduced a parking-to-boarding contactless journey at the airport.

With a greater emphasis on minimum touch and minimum exposure between passengers and airport personnel, BIAL aims to minimise all physical contact at the airport. The technology will continue to enable a seamless airport journey, with greater emphasis on health and safety.

"As the gateway to a new India, BLR Airport has a key role to play in helping passengers through this global health crisis by reassuring them that their safety is our top priority. We have introduced innovative contactless procedures to minimise exposure at the airport," said Hari Marar, MD and CEO, BIAL.

"These enhancements demonstrate our continued commitment to keep our passengers safe in this environment. We believe our new measures will boost confidence among passengers," continued Marar.

"BLR Airport is all geared up to welcome our passengers back and - working with various government departments - we're committed to offering them a safe experience by implementing the best-in-class standards, procedures and practices," Marar added.

Earlier, Civil Aviation Minister Hardeep Singh Puri said that domestic flight operations will resume from May 25 noting that all airlines and airports were ready but it is not viable to keep the middle seat vacant as it will lead to hike in the ticket price and prescribed social distancing norms would still not be met.