One of the most active American hedge funds has become a key stakeholder in Indian online fashion.
New York-headquartered Tiger Global, founded by billionaire Charles “Chase” Coleman and known for early investments in startups such as Facebook and Zynga, currently holds a greater number of investments in Indian online fashion retail companies than any other investor, according to data curator Tracxn.
On July 26, Tiger Global’s position strengthened further after one of its portfolio companies, Myntra, acquired rival Jabong for $70 million to become an industry leader.
In addition to Myntra and Jabong, Tiger Global has invested in Indian online retailers Limeroad, Roposo, UrbanTouch and Zovi.com. Tiger Global also has stakes in Flipkart and Shopclues, which have presence in Indian online fashion.
Online fashion retail is among most sought after categories among Indian startups because of the ease of entry and high profits on sales of clothes, shoes, and accessories. Around 157 online fashion retailers in India have raised a total of over $398.2 million, according to data curation firm Xeler8.
Tiger Global has been among the most active startup investors in India over the last decade or so and has invested in several other sectors in India, including consumer internet, e-commerce, content creation, and news.