SC upholds Hadiya’s rights, sets aside Kerala HC order annulling her marriage

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, Mar 20: The high court on Thursday directed the government to notify on its official website the penal provisions to be enforced against private schools violating norms relating to fees and safety of students, among other things. A division bench of chief justice Abhay Shreeniwas Oka granted six weeks to the authorities to comply while disposing of a PIL filed by advocate NP Amrutesh.

Earlier, the state government submitted a memo stating that necessary amendments have been brought to Karnataka Education Act in 2017. It said any breach of students' safety entails a minimum jail term of six months and Rs 1 lakh fine for a convicted employee or member of the management. Any institution found guilty by the District Education Regulatory Authority will face disaffiliation and must pay a fine of Rs 10 lakh, the memo said.

Schools collecting donations and other fees beyond what is prescribed can be fined up to Rs 10 lakh and they must refund the excess fee.

In relation to schools charging for applications and brochures, the state capped their prices at Rs 5 and Rs 20 respectively, by issuing a gazzette notification last year.

Bengaluru, Mar 28: Karnataka has reported 10 new positive cases of COVID-19 between 5 pm yesterday and 8 am today, taking the tally to 74 in the state.

"Ten new COVID-19 cases have been reported between 5 pm yesterday and 8 am today, taking the total number to 74 in Karnataka, which includes three deaths and five cured/discharged persons," said the State Health Department on Saturday.

The total number of active COVID-19 cases in the country has climbed to 873, including 78 cured, discharged and migrated cases and 19 deaths, Ministry of Health and Family Welfare said on Saturday.