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Bengaluru, Mar 16: A 23-year-old mobile app developer was arrested on Saturday for allegedly forging the signature of Infosys Foundation chairperson Sudha Murty to rope in Telugu actor Vijay Devarakonda as an app’s ambassador.

The arrest of Laveti Sai Krishna alias Krishna ML, a resident of Hyderabad, comes a year after the case was registered. Jayanagar police registered a case against Krishna on February 26, 2019 based on a complaint filed by Lt Col (retd) M Ramesh, representative of Infosys Foundation. The complaint was filed after the forged letter didn’t reach Devarakonda and came back to Infosys Foundation instead.

App developer is a B.Pharma holder

“We conducted an investigation and traced the app designer. We caught him and based on information provided by him, we learnt that Krishna was the brain behind the forged signature,” a senior police officer said.

Krishna confessed that he developed a mobile app — ‘Offer nearby’ — and planned to launch it in a big way. He wanted Telugu actor Vijay Devarakonda to be the app’s brand ambassador and tried contacting him. Krishna, however, was unable to meet Vijay.

Krishna then thought he could easily reach the actor if he sent a recommendation letter in the name of Sudha Murty.

“He forged the letterhead of Infosys Foundation and Sudha Murty’s signature. We are verifying his antecedents to know if he committed any other offence earlier,” said Rohini Sepat-Katoch, DCP (south). Rohini said Krishna is a B.Pharma holder and worked with an advertisement firm. Later, he planned to develop an app that provides details of offers for retail customers. He floated Laveti Technologies, and with help from a friend, developed ‘Offer nearby’.

As per the complaint, Krishna created a fake letterhead in the name of Sudha Murty and wrote to Devarakonda, asking him to become the brand ambassador/ partner for his mobile app. Krishna sent it through SpeedPost mentioning the sender’s address as Infosys Foundation. Krishna’s game was up when the letter, which wasn’t delivered to Devarakonda, came back to Infosys Foundation.

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.