Investment firm Tiger Global has been hunting down deals all year, and now it has a lot more cash to run down new prey.
According to an SEC filing, the firm closed $2.5 billion in new funding, that comes a little more than 6 months after it raised a $1.5 billion fund in April. Reuters got hold of a letter to investors and reports that the money will split between a new $1.5 billion ‘Global Internet Opportunities’ fund that launches in January 2015, and a $1 billion ‘Global Long Opportunities’ fund.
Back in September, Fortune reported that Tiger Global was raising another fund, and the speed with which it has turned around this (its eighth) new fund is unprecedented.
It isn’t clear how the new money will be used at this point — beyond the general names of the funds — but for Tiger everything is fair game.
The firm is deeply committed to India’s startup ecosystem, where it has investments in startups across a range of verticals and is well-positioned in two of the country’s hottest segments: e-commerce and taxi-booking apps. Its most recent big investments have included participation in Amazon-like Flipkart’s $1 billion round and Uber rival Ola’s $210 million raise, which was led by SoftBank Ventures — both times as an early-investor.
Ola and Flipkart are capital-intense businesses and both are in stages of rapid growth, which will likely require new funding on a pretty regular basis. SoftBank founder Masayoshi Son this summer pledged to invest $10 billion in startups in India over the coming few years and Alibaba is ready to commit too, so it stands to reason that a large portion of Tiger Global’s new war chest could go towards doubling down on and expanding its portfolio in India.
Outside of India, Tiger Global participated in a recent $65 million round for GrabTaxi, an Uber rival in Southeast Asia. This year alone it has closed a string of investments in the U.S. and beyond, including Harrys, Craftsy, Quora, Kitchensurfing, Hotel Urbano, Eventbrite, and One King’s Lane.
Tiger Global’s past and long-term investments include big names like Facebook, LinkedIn, Russia’s Yandex and China’s Youku. The Information (paywalled) has a thorough overview of its portfolio.