Tiger Global Management is likely to invest in as many as 5 SaaS (software-as-a-service) companies in India in May including Locus, a logistics management software company, reported Livemint citing two people familiar with the development.
According to the report, Tiger Global will evaluate SaaS bets at all stages—not just early but even series B and beyond. While a few of them are sub-$20 million cheques, there are 1-2 other SaaS companies the New York-based firm is talking to for Series B and C financing.
Tiger Global’s latest fund Tiger Global Private Investment Partners XI of $3.75 billion, which it had closed in October last year, will focus on consumer internet, cloud computing, industry software and direct-to-consumer companies in India, China and the US.
Tiger Global has now started giving term sheets to several SaaS companies in India.
In this month, the New York-based hedge fund has already invested in Innovapptive, a Houston and Hyderabad-based connected workforce platform for asset intensive industries, and in CleverTap, a marketing automation and analytics platform. Last month, it led the $42 Mn funding of Ola Electric Mobility, the Electric Vehicle (EV) unit of ANI Technologies that owns the home-grown cab-hailing firm Ola. Prior to this, it had invested in expense management software Fyle, facilities management software startup Facilio.
Tiger Global, which is one of the early backers of India’s flourishing startup ecosystem, had slowed down their investments for several years in India, but now with their new fund, investments in India have picked up pace. “Now that there are high-quality SaaS companies in India, Tiger is bullish on them,” said the Livemint report
Globally, the fund has invested in companies such as China’s Udesk, which is an enterprise platform for intelligent customer service. It has also invested in US-based Green Bits, a company that makes point-of-sale software for cannabis retailers.
In November last year, Tiger Global had led the $3 million Series A funding round of Checkmate, a platform that helps small & medium sized restaurants to integrate with multiple online ordering plaforms, founded by a Delhi University alumnus.
To recall, in February this year, two former Tiger Global executives — Ravi Venkatesh and Edwina Yeo, had launched a new set of venture funds called ‘Tanglin Venture Partners’, which is also backed by local internet entrepreneurs in India including Flipkart cofounder Binny Bansal, Udaan cofounder Sujeet Kumar, Flipkart Group CEO Kalyan Krishnamurthy and Facebook’s Asia Pacific head Dan Neary.