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.
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If Owaisi compains for jds and bsp, he will lose the respect what we kannadigas have in him. He is being used by these parties only to divide muslim votes and alternatively support bjp. In case Owaisi did so, it will be very clear that he is hidden agent of bjp. If actually he needs betterment of muslims, he should keep away from Karnakataka elections. |this is our sincere advice to Mr. Owaisi otherwise we will support or respect him any more. Besides this if he comes to karnataka, i reqeust muslims to welcome him by rotten eggs and black flags. Let him understand that this is not Hyderabad. Why is he showing double standard? Why cant he stand in one boat. He should not try to be another Mir Jafar or Mir Qasim. I was a fan of him, but if he comes to karnataka on the hidden agenda of bjp, i will disrespect him for ever and will not consider him as a sympathisers of Muslims. He will do it for his own benefit. In every speech he speaks about unity in Muslims but he himself is going against it. I doubt he will keep on his popularity and may lose next election in his own constituency and AIMIM will also be thrown out. Hope Owaisi will understand the situation and take back his plan to visit karnataka to divide muslim votes.
Mr. Owaisi, try to follow one ideology. Dont spread your leg in two boats at the same time, you may fall down
He only denied the campaign offer before. Now again..
Double Standard guy, we know about you and we know about your dealing With BJP president Amith Shah close door meeting , do not try to fool Kanndaigas , we are very clear whom to vote ...........
Wonder land man from wonderland AIMIM looks not Indian degree, may be United Kingdom Degree after MIMIM this is Masters degree to the wonder Owaisi!!!!! any way he is the Gate way of "Devide and Rule" good money bai sabb, you divide or Sale no problem, we need our comission, he did in Uttarpradesh, Bihar now he came to Karnataka, no worries "Every Dog has its own day Bai sabb" I am sure Kannadians will not listen your stupidity
Jai hoo Siddaramanna
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