India: Tiger Global invests $25m in Upstox, eyes funding in NoBroker

Photo: Reuters

New York-based investment firm Tiger Global Management has invested $25 million in online stock brokerage Upstox, said media reports.

Besides, the investment firm is also looking to lead a $100-130 million funding round, along with private equity biggie General Atlantic, in real estate platform NoBroker, The Economic Times reported on Monday.

Upstox, which provides products and tools such as web-, desktop- and mobile-based trading platforms, and application programming interfaces (APIs) for developers, plans to use the funds to double its workforce from 180 to 300 employees.

The startup last raised $4 million from in Series A funding from Kalaari Capital with the participation of GVK Davix Technologies Pvt. Ltd, a contract research firm, and others in February 2016. The startup claims to cater to 3 lakh clients.

Meanwhile, NoBroker is expected to raise the aforesaid funding amount at a valuation of $400 million. In June, General Atlantic had also led a $51-million financing in NoBroker, valuing the startup at $200 million. Other investors who participated in the funding round included existing investors SAIF Partners and BEENEXT.

So far, the total corpus raised by NoBroker stands at $71 million.

The real estate search portal, which operates in cities such as Bengaluru, Chennai, Gurgaon, Mumbai and Pune, said in a statement that it plans to use the funding to expand its operations and spruce up customer growth, besides investing in home store and financial services offering.

NoBroker, founded by IITians Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg in 2014, operates over 2.5 million properties on its portal. It claims to have served over 6 million users so far.

The startup counts Nestaway, Proptiger, 99Acres, and MagicBricks among its competitors.

 

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.