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Since 2020, Tiger Global Management has invested in more than three dozen crypto and blockchain startups.
According to Axios, Tiger Global Management is raising $6 billion for a new tech investment fund. Axios also reports that, based on an investment letter it had reviewed, the in-progress funding campaign is expected to undergo its first close in January.
Since 2020, Tiger Global has invested in more than three dozen crypto and blockchain startups. However, the current pace in the company’s latest dealings wasn’t always the case, given Tiger Global’s apparent reluctance to engage in the sector outside of Coinbase’s $300 million Series E round.
The company has also invested in the gaming infrastructure startup Lysto and the NEAR protocol in the past few months.
However, Tiger Global’s latest fund is substantially smaller than the $12.7 billion tech vehicle it had closed earlier this year, according to reports. The additional report states that the fund size was initially planned for over $8 billion.
The company has since revealed that it now has its sights set on India, stating that it has invested a majority of PIP (Tiger Global Private Investment Partners LP) 15 in early-stage enterprise software and fintech firms in the US and India over the past years. Tiger Global added that those countries are fields where it continues to find the highest-risk-adjusted returns.
The company also noted that OfBusiness in India, a business-to-business (B2B) eCommerce firm for the acquisition of raw materials, has been one of such bets where it has a significant stake and the business has expanded swiftly with compelling margins. OfBusiness, which is supported by Alpha Wave and SoftBank as well, is valued at close to $5 billion.
“Since inception in 2003, the PIP (Tiger Global Private Investment Partners LP) our funds have raised over $36 billion, distributed $30 billion, and generated a 34% gross IRR (internal rate of return). These results are driven in part by the 12 individual investments that have each produced more than $1 billion in gains,” Tiger Global said in its investor letter, which ET has reviewed. US publication Axios first reported about it.
The company added that they anticipate that PIP 16 will similarly profit from the differentiated access to compelling early-stage investments primarily in enterprise themes and in India, and will do so in a lower-valuation market.