Youngster brutally murdered near Thokkottu

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, June 19: Karnataka Chief Minister B.S. Yediyurappa''s home-office in the city centre was shut for sanitisation after the husband of a woman employee working there tested COVID-19 positive, an official said on Friday.

"The chief minister''s home-office has been closed for sanitisation after the employee''s husband tested positive for coronavirus," an official of the Chief Minister''s Office told media persons here.

The employee did not report for duty for two days after her husband was infected with the virus.

"The chief minister''s engagements, including an official event involving the state police department were shifted to the Vidhana Soudha (state secretariat)," said the official.

As the employee was on outpost duty, she did not come in contact with the Chief Minister or his cabinet colleagues and other senior officials.

Earlier in the day, the divisional railway manager''s office in the city centre was shut for sanitisation after a visiting employee tested positive for coronavirus.

"The three-floor DRM office has been closed for the day for santisation and all employees have been advised to work from home as one of our staffer who visited the office early this week tested positive for COVID-19 on Thursday," senior Divisional Commercial Manager Krishna Reddy told media persons here.

The DRM''s office is located adjacent to the Krantivira Sangoli Rayanna (KSR) main railway station in the city centre.

The state''s mini secretariat Vikas Soudha adjacent to the iconic Vidhana Soudha in the city centre has also been shut for sanitisation after a government employee working in it tested COVID positive.

The Bruhat Bengaluru Mahanagara Palike (BBMP), entrusted with the task of containing the virus spread, has already sanitised a portion of the massive building in the city centre.

After an employee of the food and civil supplies department tested positive, all offices on the ground floor of the mini-secretariat were sealed and sanitised.

The city registered 17 fresh cases on Thursday, taking the total number of positive cases to 844. With 14 discharged earlier in the day, 384 have been cured of the infection, while 408 are under treatment.

Of the 114 COVID deaths across the southern state since March 10, Bengaluru has accounted for 51 till date.