Karnataka announces 1 day holiday, 3 day mourning over Ananth Kumar's demise

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, May 1: Chief Minister BS Yediyurappa on the occasion of International Labour Day has appealed to migrant workers in the state to stay back and co-operate with it in resuming economic activities once the Central government issues further directions.

"It is my sincere request to all the migrant workers to stay back in the state and co-operate with us to resume the economic activities once we receive directions from Union Government," Yediyurappa said in a release issued by the CMO.

"COVID-19 situation in India is much better than other countries because of people's cooperation.

We intend to resume economic activities soon. The government has already held a meeting with representatives of associations of commerce and industry in this regard. The government has also appealed to the employers to protect the interest of their workers and pay salaries," he added.

The ongoing nationwide lockdown, imposed to contain the coronavirus spread, is scheduled to end on May 3.

Mangaluru, May 5: Even though India is all set to bring back Indian nationals stranded abroad through special commercial flights, no flights have been arranged for the repatriation Kannadigas stuck in Kingdom of Saudi Arabia in the first phase (May 7 to May 14). However a few flights will fly from Saudi to Kerala and Delhi.

The government is likely to introduce flights from Saudi Arabia to Karnataka (Bengaluru and Mangaluru Airports) in second or third phase.

Fill the Form

All Indian nationals in Saudi Arabia who seek repatriation are supposed to fill form in the following link: https://t.co/K5Hbmr4cFP 

Meanwhile, the Indian Embassy in Riyadh has clarified that the purpose is only to collect data and no decision has been taken yet regarding resumption of flights.

High airfare

Even though some GCC governments paid the ticket fares to bring back their citizens, the government of India has clarified that it will not pay the ticket fares of Indian nationals stranded abroad. It is predicted that tickets on repatriation flights from Saudi Arabia to India could be costlier than regular airfare.

Only asymptomatic can travel 

As per Standard Operating Protocol, medical screening of passengers would be done before taking the flight. Only asymptomatic passengers would be allowed to travel. During the journey, all these passengers would have to follow the protocols, such as the health protocols, issued by the ministry of health and the ministry of civil aviation," it said in a statement.

Mandatory quarantine

The govt has made elaborate arrangements to conduct medical test on arrival at the Airports. As per plan, based on medical check-up, passengers will be categorised as group A/B/C. Later, they will be quarantined for the mandated days

Respective district administrations have taken steps to quarantine people returning from outside India. Marriages halls, general halls and hostels are being identified for the quarantine.