Bengaluru-based Fyle in talks for new investment from Tiger Global Management

Fyle and Facilio, two startups in the software sector, may be set to receive a new investment each, from Tiger Global Management.

While not confirmed, discussion in regard to the investments are in the later stages, three sources said, as reported by Economic Times.

Funds for the two investments would come from Tiger Global Private Investment Partner XI, a $3.75 billion fund raised by Tiger Global Management, which focuses its investments on startups in sectors including consumer internet, cloud computing and direct-to-consumer products.

Tiger Global Management is a New-York based investment company which was founded in 2001 by Chase Coleman. The company focuses its investments on IT, Wealth and Finance, consumer products and social media, among others

Bengaluru-based Fyle is a software startup which was founded in February 2016. The company provides an expense tracking service for employees of its customers, in a various areas of their professional lives.

Tiger Global Management has previously invested in startups including Flipkart, Ola, Freshworks and Chargebee.

Each of the two startups, Fyle and Facilio, will receive between $5 million and $6 million investments if the deals are confirmed. Facilio is an IoT startup using machine learning to gather data from buildings and help businesses run more efficiently.

(Picture Courtesy: https://twitter.com/)

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