The investment round, which Infinite Uptime termed Series B3, also saw participation from existing investors GSR Ventures, VenturEast, Mayfield, among others
The shares were sold at an average price of Rs 330 apiece, taking the transaction value to Rs 387.87 crore.
Tiger Global turning cautious and going slow on investments suggest a painful period for startups in the country that thrive on private equity and venture capital funding.
Investors including Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of roughly 80 billion rupees for existing shareholders, one of the people said.
In terms of value, Tiger Global has slowed in India this year, as it has globally, shows data. Tiger Global invested $807 million in the first eleven months of 2022, a 70 percent decrease from the previous year's total of $2.75 billion.
The all-equity round is expected to close in the next two weeks and may take PhonePe’s valuation close to $13 billion, including new capital invested.
Tiger Global, though bullish, is not comfortable writing late-stage cheques just yet. It will continue to play in the early stage phase and India is expected to be among the biggest beneficiaries of Tiger Global’s new fund
In the last one and a half years, CRED has built a loan book of over Rs 2000 crore, likely with low defaults since it caters to highly credit-worthy customers.
The Bhavish Aggarwal-led firm, spun off from ride-hailing firm Ola, is setting up a 500-acre factory in Tamil Nadu's Krishnagiri, with an aim to make 10 million vehicles a year at full capacity- making it the world's largest two-wheeler factory.
The New York-based firm has taken part in 100 investment rounds in last three months, raising a total of $22.2 billion for private tech companies.
Investor has backed 13 firms, including agri-tech startup Ninjacart, during the period.Tiger’s other new investments this year include Zenoti, Locus, Fyle, OkCredit and Sirion Labs
Sources privy to the development have told the news media outlet that the e-commerce website secured its latest funding on Friday at a valuation of about $10 billion.
The move by board to replace CEO Binny Bansal CEO with an investor nominee Kalyan Krishnamurthy will mark an end to an era in India‘s flagship unicorn which was till now being run by its co-founders.
The task of finding a house on rent in a big city is a daunting one for working singles, especially in India, where working singles are not always welcome.
Further gains momentum as the industry leader in online real estate
Its pioneering missed call service aids online profile creation for masses with no internet access over 25 lakh active candidate profiles and 16 lakh jobs listed
Established in 2012, Kuaidi Group has a peak of six million daily ride requests and focuses on city-bound travel covering nearly 300 cities in China, including Hong Kong.
The company, which competes with the likes of Flipkart, Snapdeal and Amazon, also aims to increase its GMV to USD 1.2 billion by the end of March 2016.
Creates All-inclusive Real Estate Marketplace for Builders, Brokers and Home Seekers with monthly GMV of Rs.15,000 crores
The US-based firm offers a mobile and PC-based platform that connects doctors and patients. Founded by former professionals from Facebook (Saurabh Arora) and Snapdeal (Rahul Narang) in 2013, the company raised USD 1.2 million in August last year.
LocalOye will use the funds to aggressively scale nationwide and expand to more service categories, said a company release. The company will begin operations in Bengaluru in May, followed by NCR.
Quikr has more than 30 million monthly consumers and small business users across 1000 cities. The firm had last year raised USD 60 million funding for business expansion.
HolidayIQ has already raised four rounds of funding since 2010 from these investors and is planning to get the fresh investment by the end of third quarter of the next financial year.