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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.

New Delhi, May 12: Air India is planning to operate 149 repatriation flights to 31 countries between May 16 and May 22 during the second phase of the Vande Bharat mission to bring back home Indians stranded abroad amid the coronavirus-triggered lockdown, officials said. During the first phase of the Vande Bharat mission, Air India and its subsidiary Air India Express are scheduled to operate total 64 flights between May 7 and May 14 to bring approximately 15,000 Indians from 12 countries on a payment basis.

"In the second phase, Air India and Air India Express will operate 149 flights to countries such as the USA, the UAE, Canada, Saudi Arabia, the UK, Malaysia, Oman, Kazakhstan, Australia, Ukraine, Qatar and Indonesia," the airline officials stated.

Other countries to where the national carrier would operate flights between May 16 and May 22 are Russia, Philippines, France, Singapore, Ireland, Kyrgyzstan, Kuwait,

Japan, Georgia, Germany and Tajikistan, officials noted.
The flights during the second phase will also be operated to Bahrain, Armenia, Thailand, Italy, Nepal, Belarus, Nigeria and Bangladesh, they mentioned.

India has been under lockdown since March 25 to curb the spread of the novel coronavirus, which has infected more than 70,000 people and killed around 2,290 people in the country till now. All scheduled commercial passenger flights have been suspended for the lockdown period.

New Delhi, May 20: In further relaxation of lockdown rules, domestic flights will begin operations from May 25 in a calibrated manner. Currently, only cargo and evacuation flight services are allowed.

The nationwide lockdown to halt the spread of coronavirus is in place till May 31. However, certain relaxations have been allowed.

All airports and air carriers are being informed to be ready for operations from next week, tweeted civil aviation minister Hardeep Singh Puri.

The standard operating procedures for passenger movement will be separately issued by the ministry, said the minister.