Shiv Sena asks Modi if Yoga will relieve pain of inflation

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.

With the steep hike in excise duty in the past couple of months, an average consumer of petrol now pays over 275% in taxes to centre and states on a litre of the fuel.  The base price of petrol is just about Rs 18. The taxes are close to Rs 50 and the pump price is over Rs 72.

India imports 85% of all its crude oil demand.  After a steep hike in excise duty in the past two months despite a hold on daily price revisions by the oil public sector undertakings (PSUs), Indian consumers now pay 275% collectively in excise duty to state and centre. 

The central government hiked excise on petrol and diesel by Rs 10 and Rs 13 respectively last month. The excise duty on petrol is taxed around Rs 33-a-litre while the same on diesel it is Rs 32.

The Value-Added Tax (VAT) on both petrol and diesel is Rs 16.44 and Rs 16.26 respectively. Both the taxes together are around Rs 49 while it is sold at petrol pumps at 73-per-litre.

These two taxes cumulatively account for 69% of tax which is higher than anywhere else in the world. The same is taxed at 19% in the US, 47% in Japan, UK 62% and 63% in France. The government does not pass on the benefit of lower crude oil prices to the customer.

It is to be noted that Indian consumers continued to pay Rs 70-a-litre even when crude oil prices hit a paltry US $ 20-a-barrel on April 12.

Former finance minister and Congress leader recently took a jab at the Centre over rising prices stating, “Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies. Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay”.

Mangaluru, July 8: Dakshina Kannada on Wednesday recorded its highest single-day spike in Covid-19 cases with 183 cases reported in the district, while Udupi reported 31 new cases.

DK also recorded two more fatalities – both patients with co-morbid conditions — taking the total death toll in the district to 28. Udupi has recorded three Covid-19 deaths.

The fresh spike saw total positive cases in DK shoot up to 1,542 and active cases to 819. As many as 12 patients were discharged from hospital on Wednesday. The positivity rate in the district now stands at 0.07 %. Health authorities as on date have received 22,181 samples and 20,153 out of 21,695 samples tested have turned out negative.

MLA’s gunman tests positive

The gunman assigned to former minister U T Khader tested positive on Wednesday and three others who were with him in the escort vehicle have been quarantined, said city police commissioner Vikash Kumar Vikash. A section of police commissioner’s office was shut for sanitisation as per protocol after staff working there were treated as primary contacts. The office per se has not been sealed contrary to ‘reports’ doing rounds in social media, he said.

Deputy commissioner Sindhu B Rupesh said the district reported two deaths — one late on Tuesday and the other during the day. The victims are a 57-year-old man and 32-year-old youth. Two of the 183 cases were secondary contacts, 25 were cases of influenza like illness, four cases of SARI, one a case of inter district travel, two with interstate travel, five with international travel history, 22 random samples and five pre-surgery samples.

Udupi district recorded 31 new cases taking the total positive cases recorded as on date to 1,421. Discharge of 1,189 patients meant that Udupi has 229 active cases.

Meanwhile, Kota Shrinivas Poojari, minister for fisheries on Wednesday inaugurated the Covid-19 lab at district hospital in Udupi. Karkala MLA Sunil Kumar inaugurated ambulance monitoring system to ensure expeditious transfer of infected patients to designated treatment centres.