Tiger Global Management, one of the earliest and most prominent venture capital investment firm in the Indian startup ecosystem is set to come back into the game with fresh capital. According to media reports, the New-York based investment firm is in talks with two early-stage Indian startups to invest $5-6 million in each of them.
The two startups are Fyle and Facilio. Tiger Global is ready with its new $3.75 billion venture fund called Tiger Global Private Investment Partners XI. The venture capital firm closed the fund on 15 October after pushing it via six weeks of extensive marketing.
The US-based venture firm was very active with seed and early-stage investments till 2015. Howeever, after 2015 the firm continued to invest in subsequent funding rounds in startups already in its portfolio but stayed away from investing in new startups.
If the deal with Fyle and Facilio goes well, the development will mark Tiger Global’s first fresh investment in India since 2015. Tiger Global has already made successful investments in Indian startups, including Flipkart, Shopclues, JustDial, and Ola, among many others.
Fyle was founded by Yashwant Madhusudan and Siva Narayan in 2016. The Bengaluru-based startup provides an expense management platform for small and medium businesses. It helps them track all their employee expenses using machine learning and data extraction technologies.
Fyle has already raised $1.1 million from Pravega Ventures and Beenext in April this year. Freshworks also participated in the round. The startup’s platform integrates with Outlook and GSuite and extracts payment receipts and bills automatically.
While Facilio was founded by Prabhu Ramachandran, Rajavel Subramanian and Yogendrababu Venkatapathy, Prabhu and Rajavel being former Zoho employees. Facilio uses machine learning and internet of Things to enable product maintanence, assets and sustainability management. Accel Partners and Girish Matrubootham, founder of Freshworks has invested in Facilio.