Tiger Global in talks to invest ₹36-43 crore each in two Indian startups

bitcoin trading

New York-based investment firm Tiger Global Management, one of the earliest investors in the Indian startup ecosystem, is set to make a comeback with fresh investments.

According to media reports, Tiger Global is in advanced talks with two early-stage Indian startups, Fyle and Facilio, to invest ₹36-43 crore ($5-6 million) each.

The news comes soon after it was reported that Tiger Global is set to make fresh investments in India, among other regions, with its new $3.75 billion fund called Tiger Global Private Investment Partners XI. The fund was closed on 15 October, after six weeks of marketing.

The US-based investment firm has been making follow-on investments in Indian startups already in its portfolio, but has shied away from making any fresh investments, since late 2015.

If the deals come through, they will mark Tiger Global’s first fresh investments in India, since 2015 and also first Indian investments from its new $3.75 billion fund.

Bengaluru-based Fyle was founded by Yashwanth Madhusudan and Siva Narayanan in 2016. The startup provides an expense management platform for business to help them track employee expenses, using machine learning powered data extraction technology.

The platform is integrated with GSuite and Outlook and mobile apps and it extracts data within receipts automatically, eliminating the need for any kind of manual data entry.

In April 2018, Fyle raised $1.1 million in a seed funding round led by Pravega Ventures and Beenext, along with participation from Freshworks.

While Chennai-based Facilio was founded by former Zoho employees Prabhu Ramachandran, Rajavel Subramanian, and Yogendrababu Venkatapathy. The startup leverages internet of things (IoT) and machine learning technologies to enable efficient management of facilities through its products maintenance, assets, and sustainability management.

The startup counts Accel Partners and Girish Mathrubootham, Founder and CEO of Freshworks, among its investors.

Tiger Global has already made more than a couple of successful investments in India, including Flipkart, Shopclues, JustDial, and Ola, among many others.

Here is a list of top 10 Tiger Global investments in India.

LEAVE A REPLY

Please enter your comment!
Please enter your name here