Tiger Global has finalized — or is in late stages of concluding — more than 25 deals with Indian startups this year. About 10 of those investments have been unveiled so far while the rest, ranging from $10 million dollars to over $100 million, are in the pipeline for the coming weeks and months.
The New York-headquartered firm, which recently closed a $6.7 billion fund, last week led investments in social network ShareChat, business messaging platform Gupshup, and investment app Groww, and participated in fintech app CRED’s round, helping all of these startups attain the much sought after unicorn status.
(A report in India speculated that Tiger Global plans to invest $3 billion of its new fund in Indian startups. TechCrunch understands the $3 billion figure is way off the mark.)
Tiger Global also invested in Infra.Market and Innovaccer, two other Indian startups that turned unicorn earlier this year. (India has delivered 10 unicorns this year already, compared to 11 last year and six in 2019; Tiger is an investor in over 20 of 47 Indian unicorns.)
And it is currently in advanced stages to back epharmacy firm PharmEasy, which also turned into a unicorn last week, fintech firm ClearTax (at possibly $1 billion valuation), crypto exchange CoinSwitch, insurer Plum, B2B marketplace Moglix (at over $1 billion valuation), social firms Kutumb and Koo (at over $100 million valuation, per the CapTable), healthtech firm Pristyn Care, and B2B e-commerce Bzaar, and agritech Reshamandi, according to people familiar with the matter. (Some deals haven’t closed yet so the terms could change.)
No other investment firm has written checks of this magnitude to Indian firms this year — or ever — and the frenzy has reached a point where dozens of startup founders are scrambling to get an intro with Tiger Global partners.