Tiger Global Management LLC, the hedge fund cum early stage tech investment firm which has been one of the most aggressive backers of Indian tech firms with investments in firms such as Flipkart and Myntra, has raised $1.5 billion in its eighth global venture capital fund focused on later-stage, privately held technology companies, according to a SEC filing.
The fund, called Tiger Global Private Investment Partners VIII, saw participation from 415 investors/limited partners.
Before the new fund, Tiger Global had seven VC funds with assets of over $6 billion, which have now risen to over $7.5 billion. The hedge fund had raised nearly $1.5 billion in its seventh VC fund as well in 2012. Before that, it had raised around $1.25 billion for its sixth VC fund.
Founded in 2001, Tiger Global invests in sectors across internet, technology, real estate, telecommunications, energy, media and retail with a focus on the US, China, India, Southeast Asia, Latin America and Eastern Europe.
Early this month, California-headquartered Quora Inc., the company behind the question-and-answer platform Quora.com, had secured $80 million, led by Tiger Global. Existing investor and PayPal co-founder Peter Thiel, early-stage VC firm Benchmark and Matrix Partners also participated in this round.
Two of Tiger Global's portfolio companies in India include the country’s top e-commerce firm Flipkart and online fashion apparel and accessories retailer Myntra. These two firms are looking at a possible merger.
While Myntra chief Mukesh Bansal has been opposed to the idea of a merger, it is said to be championed by common investors Tiger Global and Accel Partners. Belgium’s Sofina is another common investor in the two ventures.
In India, Tiger Global has also backed firms like Commonfloor, Olacabs, Caratlane, Freshdesk, Babyoye, Zovi, Just Dial and MakeMyTrip.
(Edited by Joby Puthuparampil Johnson)