Tiger Global leads $15.5m funding round in India’s OkCredit

Photo: Reuters

New York-based investment firm Tiger Global is on an investment spree in India. In yet another funding deal, it has lead a $15.5-million Series A round in Bengaluru-based digital credit ledger startup OkCredit, said media reports.

The round also saw participation from existing investors Venture Highway, Y Combinator, and Lightspeed India Partners. Morningside Venture Capital has come in as a new investor in this round.

Operated by Psi Phi Global Solutions Pvt. Ltd, OkCredit is a mobile-based solution for small business owners and their customers to enable recording of credit/payment transactions digitally all across the country. It already claims to be offering its services at over 1,000 locations.

The startup plans to use the funds to expand its merchant base and create teams across verticals such as product, technology and digital banking, The Economic Times reported.

The latest round takes OkCredit’s total funding to more than $17 million till date.

Meanwhile, Tiger Global is aggressively chasing deals in the country’s technology space.

DEALSTREETASIA recently reported that Tiger Global is injecting about $5 million (Rs 34.67 crore) as part of a Series D funding round for online video platform The Viral Fever (TVF).

Last month, it also led a $22-million Series B funding round for logistics management software startup Locus. Tiger Global has also invested in Bengaluru-based home rental startup NestAway Technologies.

In April, Mint reported that Tiger is looking to make as many as five software investments in the coming weeks from its $3.75 billion fund— Tiger Global Private Investment Partners XI— that focuses on consumer internet, cloud computing, industry software and direct-to-consumer companies in India, China and the US.

 

 

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.