Tiger Global Management, one of the world's most aggressive technology investors, has made its second investment in India this year after backing fintech decacorn PhonePe, by leading an $18.5-million round in Infinite Uptime, a platform that helps industrial companies keep their machines running smoothly.
The investment round, which Infinite Uptime termed Series B3, also saw participation from existing investors GSR Ventures, VenturEast, Mayfield, among others, the company said in a statement on May 22. Infinite Uptime also counts Belgium-based innovative impact investor KOIS on its cap table, the company said.
'Funding will help us deliver more value'
Infinite Uptime uses technology to monitor industrial machinery remotely and can detect problems before causing a breakdown and recommend solutions to keep the machines running smoothly, the company said. The funding will help the company to strengthen its global market share and multiply value delivery and service quality across industry segments, the company added.
“This will enable us to invest heavily into fundamental research & product development, expand our capabilities and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market,” said Raunak Bhinge, Founder and CEO, of Infinite Uptime.
Infinite Uptime claims to serve over 300 customers globally including Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group and Coca Cola, the company said. The company said that by leveraging its advanced analytics, AI and remote monitoring capabilities, the company has saved 11,000 hours of unplanned downtime for its customers.
Infinite Uptime marks Tiger Global's just second bet in India in 2023, despite the hedge fund investment firm, sounding extremely bullish about India's startup ecosystem. The New York-based investment firm participated in close to 30 funding rounds in the first five months of 2022 in India. Partners at Tiger Global also visited the country at least four times in 2022 to explore potential investment opportunities in India.
But with worsening macroeconomic headwinds, Tiger Global, just like most investors, slashed investments in high-growth ventures. Interestingly, Infinite Uptime is Tiger Global's first bet in the internet of things (IoT) sector in India, according to data available on Tracxn Technologies. Tiger Global has largely backed companies in the consumer-tech segment in India.
“Infinite Uptime has helped their manufacturing partners see improved plant reliability, production volume, and overall efficiency," said Griffin Schroeder, Partner, Tiger Global Management.
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