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.
Abdus Sami Qasmi, a resident of Seelampur here, was arrested from Uttar Pradesh's Hardoi district. He has been arrested as part of an ongoing investigation into the conspiracy to form a terror organisation and to launch terror attacks in the country, NIA officials said.
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NIA National Investigation Agency
after BJP election
NIA National Intolerance AgainstMinorities
No wonder ...its MODIFIED Govt
Given the prevalent political and socio-cultural situation in India, more such false-flag arrests on fake charges can be expected. And after years of rotting in jail, in the absence of solid proof they will be acquitted.
Its business as usual. Hey! we need to distract people from the shortfalls of the current regime! We have no other way for an escape!
Now Ghar Vapsi, Cow politics, Love Jihad, Reservation politics, Achhe din failed, they using NIA for political gain.
Before they use SIMI and now easy to say ISIS. Muslims are scapegoats since no power.
A cleric has been arrested by NIA officials on SUSPICIOUS that \ HE MIGHT (MIGHT) BE PLANNING TERROR ATTACKS IN THE COUNTRY\" -
Suspicious...Might- But there are many Criminal who already bark about committed crime openly.... Why no arrest!"
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