As valuation touches $8 bn, Byju's pips Ola as 3rd largest unicorn in India

News Network
January 10, 2020

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.

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Agencies
February 6,2020

Wuhan, Feb 6: Chinese multinational conglomerate holding company Tencent has allegedly published "real" data on the novel coronavirus deaths, with briefly listing death toll as 24,589 -- way too higher than over 500 deaths China has officially announced to date.

According to Taiwan News, "Tencent... seems to have inadvertently released what is potentially the actual number of infections and deaths, which were astronomically higher than official figures".

Tencent, on its webpage titled "Epidemic Situation Tracker," showed confirmed cases of novel coronavirus (2019-nCoV) in China as standing at 154,023 - over 10 times the official figure given to the world on February 1.

Data leaked: Tencent lists 25,000 deaths in China, 1.54 lakh infections from coronavirus
It listed the number of suspected cases as 79,808, four times the official figure.

"The number of cured cases was only 269, well below the official number that day of 300. Most ominously, the death toll listed was 24,589, vastly higher than the 300 officially listed that day".

Once people noticed this, Tencent immediately updated the numbers to reflect the government's "official" numbers.

"Netizens noticed that Tencent has on at least three occasions posted extremely high numbers, only to quickly lower them to government-approved statistics," said the report.

Some people speculated a coding problem may be behind the real "internal" data but others believe that someone is actually trying to reveal the real numbers.

Tencent was yet to officially comment on these reports.

"According to multiple sources in Wuhan, many coronavirus patients are unable to receive treatment and die outside of hospitals."

There have been multiple reports of Wuhan officials cremating deceased coronavirus victims before they could be added to the official death toll.

The Wall Street Journal reported that the coronavirus numbers coming out of China are "fishy".

If the numbers from the alleged Tencent leak are accurate, it would put coronavirus' mortality rate at almost 16 per cent. By comparison, SARS' mortality rate was 9.6 per cent, reports CCN.

Caijing, an independent magazine based in Beijing that covers societal, political, and economic issues, has also claimed that the Communist Party of China (CCP) is underreporting the extent of the coronavirus outbreak.

Caijing's article on Coronavirus that detailed how Wuhan officials are not reporting real figures was censored in China.

As of Thursday, the official death toll in China rose to 563, with 28,018 confirmed cases.

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coastaldigest.com news network
July 27,2020

Udupi, Jul 27: Karnataka chief minister B S Yediyurappa has appointed BJP leader Lalaji R Mendon as the new chairman of the State Backward Classes Commission.

Mendon is a three-time MLA from the Kapu Assembly constituency. During his second term as MLA, he was the Director in Konkan Railway’s Board.

Mr Yediyurappa has appointed 24 MLAs to different corporations in the state. Mendon is only one from coastal Karnataka.

Mendon is the only MLA representing BJP from fishermen's community. He was the president of Kaup unit of BJP Yuvamorcha. He also served as the state BJP secretary.

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News Network
June 13,2020

Chikkamagaluru, Jun 13: Deputy Commissioner Dr Bagadi Gautham said that movement of heavy vehicles has been banned from Tanikodi to S K Border on NH 169 (Mangaluru to Solapur) from June 15 to August 15.

In an official statement issued here on Friday evening, he said that due to heavy rain lashing in the District the minor bridges on the stretch at Umbalagere, Goravanahalli and Gulaganji are in a dilapidated condition. As a precautionary measure, the movement of heavy vehicles has been banned.

As an alternative, all the vehicles (below 15 tonnes) from Chikmagalur can travel via Baliho Nur-Magundi-Kalasa-Kudremukh-SK Border. The vehicles from NR Pura (below 15 tonnes) should travel via Koppa-Hariharapura-Bidaragodu-Agumbe.

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