After closing its $3.75 billion fund, Tiger Global Management has returned to investing in Indian startups, starting with a ₹22 crore ($3 million) investment in the US and India-based restaurant technology solutions provider CheckMate.
The latest series A funding marks Tiger Global’s re-entry into the Indian startup ecosystem, after staying away from making any fresh investments. The round also marks CheckMate’s first outside funding.
CheckMate was founded by Vishal Agarwal in 2016. The startup provides a platform that unifies food and payments to ease the handling of multiple food ordering platforms for the restaurants.
It integrates 3rd party tablets to the existing POS systems of the restaurants, so the orders flow straight through from these 3rd party systems, to the POS of the restaurant operators and prints directly in the kitchen – without any manual involvement at all.
Among CheckMate’s customers include Five Guys, The Pizza Press, Ivan Ramen, and Burger21, enabling them to manage orders from different platforms like Uber Eats, GrubHub, Eat24, and EatStreet.
CheckMate has rolled out to more than 1,000 locations in the US. It also recently expanded into Australia. The startup remains lean with a team small team distributed across the US and a 25 member operations and tech team located in India.
With the latest investment Tiger Global is set to ramp up its game in India, following the close of its $3.75 billion fund, which will focus on consumer internet, cloud and industry-specific software, as well as direct-to-consumer companies in China, India and the US.
The fresh entry of Tiger Global in India is expected to further boost the already vibrant Indian startup ecosystem.
Earlier this month, there were reports of Tiger Global being in talks with two Indian startups to invest around ₹36-43 crore each.
Some of Tiger Global’s most notable investments in India include Flipkart, Ola, Freshdesk, Policybazaar, and Delhivery, among many others.