Motorbike-borne miscreants snatch gold chain from woman

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.

Mangaluru, Mar 14: In a bid to prevent the coronavirus spread in the city, Mangaluru City Corporation on Saturday disallowed the street vendors to continue their business activities until further notice.

MCC Commissioner Shanady Ajith Kumar Hegde, in an order released today, warned that any vehicles, carts or trolleys that would be seen violating the order will be towed away.

The development comes in the wake of state wide ban on all shopping malls. In Mangaluru too all the malls remained shut today.

Bengaluru, May 16: At least 23 new COVID-19 positive cases have emerged in the past 19 hours, raising Karnataka''s tally to 1,079, a health official said on Saturday.

"New cases reported from Friday 5 p.m. to Saturday noon are 23," said the official.

Among the 1,079 cases, 548 are active and isolated in designated hospitals across the state, 494 patients got discharged and 36 died of the virus.

In the past 19 hours, cases spiked in Benglaluru Urban, the place hosting the highest number of coronavirus cases in the state.

Of the new cases, Bengaluru Urban reported 14 cases, followed by 3 in Hassan and Mandya, Ballari, Bagalkote, Davangere, Dharwad and Udupi, 1 each.

All the 14 cases, men, from Bengaluru Urban were secondary contacts of positive case 653.

All Hassan, Dharwad and Bagalkote cases had a history of inter-state travel to Mumbai, Maharashtra, India''s largest sufferer of Covid.

A 46-year-old man from Ballari had a travel history to Ahmedabad in Gujarat, another major COVID-19 hotspot state in India.

A 40-year-old man from Mandya had inter-district travel history to Kolar and Bengaluru.

A 1-year-old infant girl from Udupi had international travel history to Dubai.

Among the new cases, 15 are contacts of earlier cases.

Of the all cases, 20 are men and three women.

Only four of the 23 cases are above 50 and 18 below 40.

Of the 1,079 cases, 12 per cent patients were senior citizens, 66 per cent men and 34 per cent women with a discharge rate of 44 per cent.