Online education startup Byju’s has become India’s third-most valued startup after the recent funding by Tiger Global Management, galloping past ride-hailing app Ola Cabs.

The Bengaluru-based startup has raised $200 million from Tiger Global Management, ratcheting up its valuation to around $8 billion. Only payments company Paytm and hospitality chain OYO command a higher valuation than Byju's.

Noida -based digital payment firm Paytm is the most valued startup in India at around $16 billion followed by hospitality chain OYO valued at $10 billion.

With the new round of funding, Byju's has collected more than $1 billion from investors such as China’s Tencent, South Africa’s Naspers and the Canadian Pension Plan Investment Board. Its valuation is estimated to have increased 50 percent in around nine months, the Business Standard newspaper reported.

Founded by Byju Raveendran, the five-year-old Byju’s had raised roughly $975 million prior to the investment by Tiger Global Management, a private equity firm, according to tracker Crunchbase.

Byju's turned profitable in its standalone business in FY19 while tripling revenue to Rs 1,480 crore.

The company says it has 42 million registered users and 3 million paid subscribers from both rural and urban areas in India.