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.
Comments
KAR-NATAKA...
:(
Most of the picture shows they are laughing also the police.. Which raises question of understanding!
Der was a statement frm our Dept regarding d stiff action. Is dis called stiff action?
Stiff action wud b a reality if scenario was different, if muslims was protest without permission.
Double standard
why laathi is not working here ??
Enough drama...Dirty politics...
Wah eth maryadeyna janaklu.. and oh my deware what a huge huge dozens of crowds.. oh my deware i cant even count how many they are :D
You foolish guys, Tippu did not destroy temples but in fact he built them and renovated them all....
In fact you destroyed babri masjid a few years back....how bad you guys are....moreover killing innocent muslims at that time and as well during modi's regime in Gujrath...bad people....
Tippu Zindabad!
How they laugh each other like children are playing. this is nothing else they know each other very well because both are chaddis.
In delhi how they drag Najeeb's mother .
well done BJP protest till end.
Kateel is a elected Member of Parliament. He should keep it in mind that all community from his constituency voted for his current position.
Every indian can protest. Then why Mr. Kateel is not participating in Muslim or Christian community protest?? Amazing
discrimination.
Wa/ Wa Master Kateel you Criminal looters thought to do some Loot Pat because of the Great Warriors Name!!!!!! Bap Ray Bap Which Part of the world you are in??? when you Criminal Looters thinking what?? we all understand you are all workless and how long you can leave this type of Life???? what you think being MP??
Never ever see like you Buffoon!!!
\Every Dog has its own day Kateelanna\"
Jai Hoo Siddanna,
Jai Hoo Parmarashwaranna."
let them do jayanthi or kabur whats the problem for u guys. please leave the place and queue up in the bank to exchange the notes.
Most of pics.. laughing each other. Protesters & Police.
conspiracy between Protesters and Police \YOU PRETEND LIKE BEATEN UP AND I PRETEND LIKE BEATING UP\""
Why police released all of this Gundas. Police should have done lati charge and put all of them behind bar under gunda act. Instead of carrying them like babies police could have beaten them with lati. Because of these anti national elements ad terrorists our india is in danger. Please punish them all including our useless MP.
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