The US-based investment firm Tiger Global Management has advanced talks to invest $5-6 million each in two early-stage software companies Fyle and Facilio.
“The New York-based investment firm has issued term-sheets to the two software companies, according to three people aware of the development,” ET reported.
For the past three years, the firm stayed low by focusing only on its portfolio companies and did not make any new investments in India.
Earlier the firm made some successful investments in India, by investing in consumer internet businesses such as Flipkart and Ola. Its bullishness in the software space comes on the back of its early investment in Freshworks. Its $50 million investment in 2015 in the software-as-a-service company is now worth $450 million after Freshworks was recently valued at $1.5 billion.
Fyle which was founded in 2016 by Yashwanth Madhusudan and Siva Narayanan, helps the employees of its enterprise clients track and manage their travel, insurance, local conveyance, medical and other company-related expenses. Its machine learning powered data extraction technology can extract data from any receipt automatically. This software is also integrated with GSuite, Outlook, and mobile apps. It is backed by Freshworks, Japan’s BeeNext, Pravega, and angel investors.
As for Chennai-based Facilio, it uses internet of things (IoT) and machine-learning technologies to help in managing buildings operations, maintenance, and sustainability. The company was founded in 2017 by former Zoho employees Prabhu Ramachandran, Rajavel Subramanian, and Yogendrababu Venkatapathy.
If everything goes well and the deals end successfully, it would a comeback for Tiger Global in India.
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