finance news

New York-based Tiger Global plans to support Indian fintech Yap

New York-based Tiger Global plans to support Indian fintech Yap
New York-based Tiger Global plans to support Indian fintech Yap

Tiger Global has reportedly held advanced talks to support Yap, an Indian embedded finance startup. The American investment company plans to lead a funding round of around USD 35 million in Yap, which is also known as YapPay.

This brings the valuation of the Bengaluru-based company to around USD 350 million, from around USD 67 million in March 2021, according to sources with knowledge of the matter.

Currently, Tiger Global intends to invest between USD 25 million to USD 30 million in a new Series C round. However, the round is still open, therefore the terms and conditions, or magnitude of this deal could change.

Yap runs an API infrastructure platform that enables other emerging companies to support and develop payment services. To date, Yap has raised around USD 15.9 million and considers BeeNext, Omidyar Network, AngelList, 8i, and Better Capital among its current investors.

Should the deal succeed, it will be Tiger Global’s latest venture in India, where it has already supported around a dozen startups in 2021.

For the uninitiated, Tiger Global Management is an investment firm based in New York. The company was founded by Chase Coleman III in March 2001, and primarily focuses on the software, internet, consumer, and finance tech industries.

The public equity business side of Tiger Global invests in publicly traded companies using equity strategies. Tiger Global Investments and Tiger Global Long Opportunities are notable funds. Likewise, its private equity strategy focuses on growth-oriented private firms, especially those based in India, China, and the U.S.

Tiger Global is reckoned to invest around 30% of its capital in Series A and B startups, and around 20.5% is directed towards Series C startups. Lee Fixel headed the private equity business until March 2019.

Apart from New York, Tiger Global has its affiliated offices in Bengaluru, Singapore, Hong Kong, and Beijing.

Source credits:

https://techcrunch.com/2021/07/01/tiger-global-in-talks-to-back-indian-fintech-yap/

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