In Sep-07, Tiger Global joined SAIF and other existing investors in online travel firm MakeMyTrip. (SAIF had originally invested in the company in 2005.) MakeMyTrip went public on the Nasdaq in 2010, resulting in strong returns (read: upwards of 10x) for its investors and triggering, what many consider, the Second Internet Gold Rush in India.
Which are the other companies in which SAIF and Tiger have co-invested?
In 2009, Tiger had invested in the National Stock Exchange - in which SAIF had invested in 2007. Post that, Tiger and SAIF have not invested together again.
National Stock Exchange? In May 2015, when reporting Tiger’s investment in “tea cafe” chain Chaayos, some publications described it as Tiger’s “rare” (and even as the first) non-tech investment. Has Tiger actually made investments in sectors outside of Internet & Mobile?
Historically, yes: Apart from NSE (in Oct-09) and Chaayos, the list includes: power producer Asian Genco (Aug-07); test preparation company T.I.M.E (Jan-08) and vocational education company IIJT (Aug-08)
What’s the status of Tiger’s other non-tech investments?
Tiger sold its stake in IIJT to HR Services firm Teamlease in 2010 - at a significant loss. The rest of the companies are un-exited.
Oops. But isn’t NSE a good bet?
In Oct 2013, Private Equity investors in the exchange - including Tiger - were reported to have sent a note to the NSE management - via a law firm - demanding the exchange go public and/or issue more dividends. The “request”, according to another report, however had not seemed to have found much purchase.
Hmmm. If not SAIF, which Indian VC firm has Tiger partnered with the most?
Accel India by a long margin - Tiger has co-invested with Accel in at least nine Internet companies (either as a follow-on investor or as part of the first round itself). The list of companies includes, among others, Flipkart, Myntra, CommonFloor and Freshdesk. In the taxi segment however they chose to part ways - in 2012, Tiger went with Ola, while Accel backed Taxiforsure (TFS) - only to see the companies come together in 2015 (as Ola acquired TFS).
Who are the investors that Tiger has partnered with more recently?
Among Hedge Funds, Steadview Capital has joined Tiger for recent rounds in Flipkart, Ola, Policybazaaar and Quikr. Family Office PremjiInvest, that had invested into Myntra in Feb-14 (just prior to its acquisition by Flipkart), joined Tiger and Steadview in a new round for online insurance marketplace Policybazaar in Mar-15. In the VC segment, with its vigorous return to early stage companies in 2015, Tiger is actively partnering up firms active in Consumer Internet sectors. Sequoia Capital India had Tiger join it as the new investor in local e-commerce logistics company Grofers (Apr-15), following mobile gaming firm Moonfrog Labs (Mar-15) and Ola (which Sequoia had joined in Jul-14).
Lightspeed Ventures had Tiger join it in Mar-15 as a follow-on investor in fashion e-tailer LimeRoad.com and as a co-investor in the first round for LocalOye (Apr-15). Matrix Partners India, which had followed Tiger as an investor in Ola, had preceded it in women’s fashion e-tailer Limeroad.com. Helion Ventures, whose two early e-commerce co-investments with Tiger - Letsbuy and Exclusively - got absorbed into Flipkart and Myntra respectively, in 2015 witnessed Tiger making a follow-on investment in another of its e-tail portfolio companies, Shopclues.com.
Are there prominent VC firms which do not have a high overlap with Tiger (in terms of their portfolios)?
Apart from SAIF, Kalaari Capital and Nexus Ventures (except for two of its portfolio companies - Delhivery and Shopclues.com - both of which Tiger entered in 2015) stand out in this regard. (Incidentally, Kalaari and Nexus were the first and second VC investors in Flipkart rival Snapdeal.com). Inventus Capital (which had invested in Policybazaar in Apr-13) and IDG Ventures India (which had partnered with Tiger at Myntra in 2011) are also lean in terms of Tiger overlap.
Does Tiger depend on other VC funds for its deal flow?
Mostly Tiger has been a co-investor or a follow-on investor. The rare exceptions include e-jeweler Caratlane.com (starting in Feb-11), Ola’s first round (in Apr-12) and online gaming firm Rummycircle (where Tiger had partnered an individual investor in Apr-11).
How did the Tiger investment in Caratlane.com happen?
Speaking at a conference, Caratlane.com founder Mithun Sacheti said the investor had reached out to him over LinkedIn! Between Feb-11 and Jan-15, the company has raised four rounds of capital - all from Tiger. And not for want of trying (to get other investors interested). According to Sacheti, the maturity and understanding that Tiger has - from having seen e-commerce businesses evolve in other parts of the world - is lacking in purely India-based investors.
Does Lee Fixel actually joins the board of Tiger’s Indian portfolio companies?
Yes. He personally sits on the boards of the following half-a-dozen companies: Ola, Caratlane.com, Commonfloor, Hike, Culturealley and Relevant E-Solutions.
Is there anyone from Tiger on the ground in India?
Managing Director Kalyan Krishnamurthy, formerly based out of Singapore, is reported to have recently shifted to Bangalore to oversee Tiger’s growing India portfolio. He sits on the boards of Caratlane.com and Grofers. A former eBay Asia executive, Kalyan had also served as an interim CFO at Flipkart (on deputation from Tiger) in 2013-14.
How much has Tiger actually invested in India?
Tiger has invested an estimated $1.3 Billion in India-based companies over the last eight years. The number of companies it has invested in has crossed 40 with new companies being added each month. In the first five months of 2015, it has added a dozen new companies including Quikr, Grofer, Delhivery, Culture Machine, Moonfrog Labs, MoneyView, CultureAlley, ChargeBee, Vedantu, Chaayos, Relevant E-Solutions and News in Shorts..
Where is all this India data about Tiger Global coming from?
From the Venture Intelligence PE/VC Deal database - India’s longest serving and most reliable source of data on PE/VC transactions. Including the really really juicy stuff like valuations and return multiples. If you already subscribe, just login, click on the “Directory” tab and search for “Tiger”. Or just click this direct link.
Where can I get more free background about Tiger?