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.
Comments
He is a rss feeded dog started bark again. No guts to earn by self confidence or by ability and now likcking desh drohi rss feet.
A shame and insult to mankind.
ask him how much money paid for the munaafiq. he is not muslim ,that is why barking .
If i speak logic, i would say suspend these stupid publicity stunt-men
Dear Reshma, i am sorry to learn that you are following this rotten egg. He is a waste in our community and we have kicked out him. He is shoe lickers of sangh parivar and i am sorry to say that if you too like it go with him. He has no right to give this comment. Madrasas are not his father's property. By the way this waste Rizvi is kicked out by his community also and even his parents are ashamed of giving birth to such a rotten egg. This rotten egg Rizvi is follower of Devil and has no respect to any one including hiw own parents. If you still praise him, i think you better consult any Doctor.
do his statements are based on any reports, muslims may agree... ISIS idealogy spread not thru madrasa education but online education without any proper guidance of ulemas (knowledgable person with islamic scriptures). proper Madrasa education may eradicate ISIS idealogy... these soulless shia idealogues with the help of zeonists , capitalists and fascists , want to promote ISIS.. that is reason , they are demanding to shut down madrasa system.
Yogi's slave. We cant excpet more than this from him
Well said sir. Should shut all madrasas
Bitter Truth
This man seems to be good. He told the truth. Should shut down all madrasas. They are injecting unwanted education
The Ashram from wherre you learned should be shut first. Because you are the number one criminal, corrupted, communal terrorist.
This fool should be hanged for his illogic statements.
Who the hell this creature Rizvi to talk about Madrasas. Are Madrasas run by his Father's help. Bull shit. Let him go to hell. He is chappa licker of sangh parivar and appeasing central Govt by giving illogic, illegal and unworthy statements criticisign Muslims only to hide looting of crores of rupees from wakf board. He is a thug and looter. He is not a Muslim and has no right to talk about Madrasas. This hate monger should be dragged out to street and garlanded with old chappals and shoes. He is kicked by his own community for his cheating them. He is being funded by sangh parivar for his wrong doings and illegal activities. Police should dig out his past history and income.
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