Tiger Global Management has led a $4.2-million funding round in expense management startup Fyle while Svasti Microfinance has secured funding from Nordic Microfinance and others.
Tiger Global backs Fyle
New York-based investment firm Tiger Global Management has led a $4.2-million (Rs 30 crore) funding round in Bengaluru-based expense management startup Fyle Technologies Pvt. Ltd, according to media reports. The round also saw participation from existing investors – Pravega Ventures and Beenext, a Singapore-based venture capital firm. The company has issued 6,260 Series A compulsorily convertible preference shares (CCPS) at a price of Rs46,499 each, per the Ministry of Corporate Affairs filings. Fyle had raised an undisclosed amount in funding from Pravega and Beenext in April last year.
Svasti Microfinance raises $4.7m
Svasti Microfinance has raised Rs 34 crore (about $4.7 million) in funding from Nordic Microfinance Initiative (NMI), Serum Institute of India CEO Adar Poonawalla, and others, The Economic Times reported. Svasti will use the funds to expand its branch network and MSME (micro, small and medium enterprises) portfolio. It also intends to extend additional financial services such as consumer finance and insurance in partnership with other institutions, the report added. The company has a loan portfolio of Rs 278.84 crore and services 1,47,586 customers in four states through 38 branches, according to its website.