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Tiger Global raising crossover fund, pulls in $606 mn so far
Photo Credit: VCCircle

New York-based Tiger Global Management, which had struck deals at a frenetic pace in India this year, has already raised a little over $606 million (Rs 4460 crore) for a new fund. 

As per a filing with the Securities and Exchange Commission (SEC), the Tiger Global Crossover LP has received investment from 71 investors so far. 

The minimum investment accepted from any outside investor is $10 million, it added. 

The filing did not specify how much Tiger Global intends to raise in total for the crossover fund. 

Tiger Global declined to comment. 

However, a person familiar with the development said that Tiger Global is raising more than $1.1 billion.

The fresh fundraising for Tiger Global comes after the investment firm had launched its thirteenth global private investment vehicle earlier this year.

The vehicle had set out to raise a corpus of $3.75 billion (Rs 27,442 crore), which was the same size as the previous fund that closed a year ago. The vehicle ended up raising $6.7 billion. 

Tiger Global is writing cheques at a frenetic pace this year in India and it stormed into the second spot of the most active VC list, toppling Accel. 

In its ongoing second investing season in India’s startup market after a three-year hiatus till December 2018, Tiger Global has more or less stuck to its traditional playbook, according to a recent VCCircle analysis

Lee Fixel, who joined Tiger Global in 2006 became well known in Indian tech circles as Flipkart’s backer. His early investment in Flipkart in 2009 produced the best exit for Tiger Global in India in 2018.  

It is still early days for Tiger Global’s new face Scott Schleifer, but the firm has cast a wide net in terms of bets this year to give itself as many chances to create another Flipkart.   

Tiger Global's new investments this year include bets such as group health insurance startup Plum, investment platform Groww, conversational messaging platform Gupshup Technology India Pvt Ltd, and Indian social network ShareChat. 

Last week, it led a Series D funding round in pre-owned cars platform Spinny. 

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