Newsroom, Sept 14: Sunil Chatra, one of the directors of Sri Durgamba Transit Private Limited, died in a road accident in Tamil Nadu today.
According to sources, the tragedy took place when at around 3 p.m. when he was driving his Mitsubishi Pajero in Namakkal district of Tamil Nadu.
A prominent name in transport industry, he was also the director of Raipur Bus Service Private Limited and Sri Durgamba Transway Private Limited.
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, Jan 28: Brace for hefty traffic penalties as the state government is all set to reverse a notification on revised fines which came into effect last September following pushback from road users and opposition parties.
The Karnataka government will implement traffic penalties as stipulated in the amended Motor Vehicles Act, 2019, in a phased manner following a diktat from the Centre. The government did not specify the timeline for it.
“At a recent meeting of transport ministers from various states, the Union government explained why it wanted to implement these huge fines. We found it convincing and will implement it in its original form,” said transport minister Laxman Savadi on Monday.
Savadi said India’s image globally has taken a beating due to the high number of road deaths and the Centre wants to change it at any cost. However, he said the entire set of hefty fines would not be reintroduced all at once.
BJP govt revised rates in Sept
The BJP government last September had revised fines on compoundable offences and those which are fined on the spot by traffic cops by 50%- 80%, barring drunken driving and racing.
As per the revised rates, helmetless riding attracted a penalty of Rs 500 against Rs 1,000 notified by the Centre. Driving without a licence attracted a fine of Rs 1,000 for
two- and three-wheelers and Rs 2,000 for light motor vehicles as against the earlier Rs 5,000 for all types of vehicles.
The central government recently told states and Union Territories they should enforce fines as per the amended Act and they cannot be rolled back. The road transport and highways ministry said fines cannot be reduced below the minimum amount fixed by law, unless the President gives his assent.
Bengaluru, Apr 29: Union Minister Ravi Shankar Prasad on Tuesday clarified that Department of Telecommunications has extended the relaxed terms and conditions for VPN till July 31.
"Wish to clarify that it is not extension of WFH. In response to IT Industry's request to facilitate WFH for OSPs, Department of Telecommunications, India had relaxed terms and conditions for VPN till April 30 After discussions with IT Ministers this relaxation in terms and conditions is extended till July 31," Prasad Tweeted quoting Deputy Chief Minister of Karnataka Dr Ashwath Narayan.
Earlier, the Karnataka government issued a press statement saying that the central government has given permission to IT professionals to work from home till July 31 in the view of COVID-19 pandemic.
Comments
He was great human being and humble person,God give strength to his family RIP Sunil Sir.
Add new comment