India Digest: Tiger Global backs Infra.Market; Y Combinator selects 28 startups

Photo: Mint

The startup ecosystem in India is abuzz with action. B2B real estate and construction materials-focused marketplace Infra.Market has raised $20 million (about Rs 143.48 crore) led by US-headquartered Tiger Global Management. In a separate development, Y Combinator, a Silicon Valley incubator of startups, has ramped up the number of emerging businesses from India for its winter batch to about 28, double of 14 in the summer slot.

Tiger Global leads funding in Infra.Market

B2B real estate and construction materials-focused marketplace Infra.Market has raised $20 million (about Rs 143.48 crore) led by US-headquartered Tiger Global Management, according to an announcement.

This marks the Series A round of funding for the Mumbai-headquartered startup.

The round also saw the participation of venture capitalists Nexus Venture Partners, and Accel Partners. For the uninitiated, the latter is already an existing investor in Infra.Market – Accel had pumped in $3.5 million in the company in August earlier this year.

The corpus raised will help the startup expand its operations in cities such as Hyderabad, Ahmedabad, and Chennai as it aims to spruce up its revenue from the current level of $5 million per month to $20 million, the company said in a statement.

Y Combinator selects 28 Indian startups

Y Combinator, a Silicon Valley incubator of startups, has ramped up the number of emerging businesses from India for its winter batch to about 28, double of 14 in the summer slot, according to a report by The Times of India.

The move signals increased investor interest in the country’s burgeoning startup ecosystem. Earlier, the accelerator would typically pick up about 5-10 startups for each of its batches from India.

For the uninitiated, Y Combinator provides seed funding for startups while they are getting started. It has a portfolio of 2,000 companies across the globe including names such as Airbnb, Dropbox and DoorDash.

Late last month, Y Combinator made headlines as it said it would close YC China, the Chinese version of its US programme.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.