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.
As per new rules consumers can take one hand bag, weighing seven (economy class) or 10 kg (business class), a laptop bag. Women can carry a purse as well without any charge. Anything beyond this will be charged at Rs 900.
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They should also add Cow Tax like Rajasthan?
ACCORDING TO AIRLINES THIS IS NOT FOR REVENUE GENERATION. THEN THIS MONEY WILL GO TO WHOM? WHO WILL UTILIZE THIS AMOUNT.?
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This is SOOFI story
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first of all let them correct the delivery of check in baggage on time . my trip to mangalore on 6 jul on eid day flight no 9w 501horrible . after finishing imigration formalities it was surprised to hear that pax luggage not available on belt and after few hours 9w staff informed us no more baggage is today's flight, come and collect in the next flight next day it was all my eid day items from clothing to sweets and bottled juices next when i went to collect my baggage it was fully broken and spoiled. when i complained to 9w staff she said sorry sir........now this drama
Good move....... to make the journey comfort..... If the Passengers have excess baggage, they can use cargo facilities.... Just plan in advance, and dispatch the cargo well before departure, and make ones and others travel enjoyable ..
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