Tiger Global leads Series A funding in expense manager Fyle
Photo Credit: VCCircle

Bengaluru-based expense management startup Fyle Technologies Pvt. Ltd has raised Rs 30 crore ($4.2 million) in a Series A funding round led by New York hedge fund and venture-style investor Tiger Global.

Existing investors Pravega Ventures and Beenext also put money in this round, according to Fyle’s filings with the Registrar of Companies (RoC).

Tiger Global, via Singapore-based investment affiliate Internet Fund V Pte Ltd, put in Rs 23.46 crore while Pravega and Beenext invested Rs 3.45 crore and Rs 2.2 crore, respectively.

The company issued a total of 6,260 Series A compulsorily convertible cumulative preference shares at Rs 46,499 each to raise the capital.

After this round, Tiger Global holds a 22.50% stake in the company. Pravega owns 11.35% and Beenext 7.23%.

The development was first reported by news portal Entrackr, citing data research platform

Fyle was founded by Sivaramakrishnan Narayanan and Yashwanth Madhusudan in February 2016. It provides employees a single platform to file expenses through a plug-in that extracts and classifies data from bills inside emails and paper receipts. The plug-in creates structured data from PDFs, emails and other documents. Fyle's algorithm also checks every transaction with company policy across the entire database to avoid fraud.

In the previous fundraising round in April 2018, the company had raised $1.1 million from Pravega Ventures and Beenext along with cloud-based business software firm Freshworks. Freshworks owns a 2.48% stake in the company. Fyle had raised $400,000 in a seed round in February 2017.


Tiger Global is one of the most prolific venture capital investors in Indian companies with around 50 firms in its portfolio. It has backed unicorns including e-commerce major Flipkart, classifieds platform Quikr and ride-sharing firms Ola and Uber.

The investment firm has drastically slowed its pace of investments over the past couple of years as part of efforts to recoup at least a part of the $2.5 billion it has invested over a decade. Over the past year, Tiger Global has offloaded a significant chunk of its stake in Flipkart to Japanese conglomerate SoftBank and US retail giant Walmart, which in May last year agreed to acquire the Indian e-tailer for $16 billion.

Its other notable investments include e-tailer ShopClues, hostel chain Zostel, online grocer Grofers, logistics startup Delhivery, music app Saavn, news app InShorts, online tutoring platform Vedantu and deals app Little.

Beenext, a Singapore-based venture capital firm, backs early-stage technology companies in India, Southeast Asia and Japan since 2015. It has been investing out of its fund that has corpus of a little larger than $60 million. The VC firm has been one of the most prolific investors in India and a major chunk of the fund has been deployed in the country.

Pravega Ventures was founded in 2016 former SAIF Partners executives. The fund provides seed and pre-Series A stage capital to startups.

Leave Your Comment(s)