Schlieffer took over as global head of private investment after his predecessor, Lee FixelLeft in 2019 to start his own fund. According to at least two sources aware of Cook’s meeting in Bengaluru earlier this month, Cook, formerly a private equity associate at Apollo Global Management, also discussed how Tiger Global, known for its aggressive . Growth-stage stakes in India are looking for more early-stage deals (seed to Series AB) and early arrivals in local startups.
Tiger Global, which has previously backed startups such as Flipkart, Ola, Delhivery and others, spawned several unicorns like Grow, ShareChat and infra.markets, and participated in large follow-on funding rounds in 2021 with several late-stage startups Taken — a record-breaking year for large funding — at high valuations.
Data from London-based Prekin shows that Indian startups raised a total of $36 billion last year, compared to $11.2 billion in 2020. Presently the environment has changed due to macroeconomic changes and was a
Venture funding for Indian startups down 37% The June quarter compared to the March quarter this year, ET reported on July 4.
“There were face-to-face conversions at the group level with some of the founders. The message was that if you are managing to do well while maintaining the unit economics, there will be no shortage of funding for those firms, and they (Tiger) will participate in the new round. After many aggressive bets last year, now they will double the winners,” said one of the people above.
Another person familiar with Cook’s conversations with the founders said he spoke of Tiger’s growing intent to invest in early-stage deals in India. ET reported on June 28 that Alpha Wave Global (formerly Falcon Edge) is also
Looking to place more early stage bets in India.
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In 2022, Tiger Global, which is also an investor in startups such as Moglix, an urban company, invested in several early-stage startups such as electric vehicle (EV) battery swapping startup Battery Smart, fintech firm Jar, Software-as-a-Service has done. (SaaS) Startup Toplin and others.
A source with knowledge of the matter said, “Tiger is known for big ticket deals but they are in talks for early stage deals in India as well as globally.” A Tiger Global spokesperson did not respond to ET’s email on the matter.
The tact has changed as Tiger’s hedge fund posted record losses this year. The Financial Times reported in May that it lost $17 billion amid a global tech sell-off. SoftBank, another influential and aggressive tech investor, also saw a record loss of $26 billion in its Vision Fund entity for the year ended March 2022, as previously reported by ET.
Sources privy to Cook’s visit to India said they have advised founders not to go for fresh funds – unless it is unavoidable – as they may have to bargain hard for lucrative terms, as That’s what the people cited above said.
While several venture funds, including Sequoia Capital, have sent memos to founders about preparing for a ‘funding winter’, Tiger Global has been secretive and media-shy about its practices and advice to portfolio firms.
Sources said Cook also told the founders that Tiger Global was working on a new fund, although details were not immediately available. In February, it closed an $11 billion fund, exceeding its initial estimates, according to multiple media reports. “It is a work in progress and not much was shared during the visit, but there is likely to be a new fund in the works,” sources said.