<article>US-based investment major <a href="http://dealstreetasia.com/tag/tiger-global" target="_blank" rel="noopener"> </a><a href="http://dealstreetasia.com/tag/tiger-global" target="_blank" rel="noopener">Tiger Global Management</a> has led a $6.4-million funding round in Chennai and US-based startup <a href="http://dealstreetasia.com/tag/facilio" target="_blank" rel="noopener">Facilio</a> along with existing investor Accel Partners.</article>

US-based investment major <a href="http://dealstreetasia.com/tag/tiger-global" target="_blank" rel="noopener"> </a><a href="http://dealstreetasia.com/tag/tiger-global" target="_blank" rel="noopener">Tiger Global Management</a> has led a $6.4-million funding round in Chennai and US-based startup <a href="http://dealstreetasia.com/tag/facilio" target="_blank" rel="noopener">Facilio</a> along with existing investor Accel Partners.
Accel had invested around $1.5 million in the facilities management tech startup in March this year with participation from Freshworks chief executive Girish Mathrubootham.
Founded in 2017 by Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu and Krishnamoorthi Rangasamy, Facilio offers real-time facilities management to commercial real estate owners. It uses IoT and AI to predictively optimise operations and sustainability, while providing a superior tenant experience. It currently has operations in Middle East, US and India.
&#8220;Having backers like Tiger Global and Accel will help us to grow faster with a global approach,&#8221; Founder &amp; CEO Prabhu Ramachandran told DEALSTREETASIA. 
&#8220;The funds that we have raised will be used for two major purposes, one is the expansion of operations into new geographies and second is to enhance our R&amp;D capabilities, for which we plan to hire more people,&#8221; he said.
The company is looking to set up local offices in Middle East, where it hosts a majority of its customers currently, and US to drive its business to start with, explained Ramachandran adding that the company is also getting more traction from the Indian market. The company has also received interest from potential customers in the Europe, where it plans to start operations in the near future.
“Bringing data-driven efficiencies to building operations and enabling a superior occupant experience is the future of commercial real estate, and Facilio is well positioned to lead this transformation,&#8221; said Lee Fixel, partner, Tiger Global.
“On a global basis, facilities management services and energy spend by buildings each account for more than a trillion dollars. I am optimistic that Facilio can be a true disruptor in this industry,&#8221; he added.
According to research consultancy Verdantix, the global real estate and building management software market poised to grow to more than $7 billion by 2022.
Tiger Global had gone slow on making new investments in the country in the last few years, as it mainly focused on its existing portfolio companies in India, which include unicorns such as e-commerce major Flipkart, Uber-rival Ola and software firm Freshworks.
Tiger Global earned handsome returns from its recent stake sale in Flipkart to global retailing giant Walmart Inc. Partner Lee Fixel is learnt to have played a key role in India’s biggest M&amp;A deal ever, which saw Walmart acquire a 77 per cent in India’s largest online retailer for $16 billion. The deal saw Tiger Global partially exit its investment by making returns of about $3.3 billion. The fund had invested $1 billion in Flipkart in 2009.
The funding in Facilio is likely to be one of the first investments made by Tiger Global from its latest $3.75-billion fund, which is said to sharpen focus on India, apart from the US and China. The new fund, Private Investment Partners XI, is likely to focus on technology investments such as consumer internet, cloud and industry-specific software. It will also focus on direct-to-consumer firms in the US, India and China, according to media reports.
Tiger Global also recently cut a $3-million cheque for US-based restaurant management platform CheckMate.
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US-based investment major  Tiger Global Management has led a $6.4-million funding round in Chennai and US-based startup Facilio along with existing investor Accel Partners.

Tiger Global leads $6.4m funding round in Accel-backed Facilio

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Tiger Global leads $6.4m funding round in Accel-backed Facilio

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