Bhatkal engineering student among two killed in car-truck collision

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, Apr 17: The Ministry of Information and Broadcasting on Thursday served a show cause notice to a Kannada news channel for broadcasting a programme in which it purportedly said that the Centre would 'air drop money' to the poor, owing to the COVID-19 lockdown.

The notice said that the channel was "spreading false information, creating panic and social unrest.

" The channel had allegedly aired a show titled, "Helicopter Money" on Wednesday which claimed that the Centre would drop money from helicopters during the lockdown period.

A Twitter user took a serious note of it and complained to the Union Minister for Information and Broadcasting Prakash Javadekar.

The fact check team of the Press Information Bureau, under the Ministry of Information and Broadcasting, refuted the claim.

In its notice to the channel, PIB said, "You are hereby directed to show cause why your channel should not be taken out of air immediately. You are instructed to send your reply in this regard within 10 days of receipt of this notice."

Reacting to the notice, the management of the news channels said, "A programme which has been seen in bits and pieces and those who have not even seen the programme appears to have complained. Notice will be replied accordingly."

Udupi, Jun 27: The Indian Meteorological Department and the Karnataka State Natural Disaster Monitoring Centre have sounded Orange alert in coastal Karnataka as there is all possibility of heavy rain lashing the region for the next three days from Saturday.

According to the forecast, the district may get 100 mm to 115 mm rainfall. The District Disaster Management Authority (DDMA) has given instructions on taking precautions in the district.

All officers of district and taluk-levels have been told to compulsorily remain in the central position. The citizens should take care not to venture into rivers or the sea. They should also stay away from electricity poles, buildings, and trees, which might prove dangerous, and take shelter in safer places.