Tiger Global plans to lead a $35 million financing round for an Indian fintech startup “Yap”, the sources close to the firm confirmed this news. However, the funds could be increased in the future as currently, the company is in the initial stage of talks. Yap is an API infrastructure platform that helps startups to support and establish payments services. Currently, Yap is backed by Better Capital, BeeNext, AngelList, Omidyar Network, and 8i.
Besides India, the company also provides its services to the startups of the UAE and is planning to develop a digital banking platform in the Arab Emirates. An unnamed person close to the firm revealed that “In this funding round Yap will be valued at more than $300 million” The deal is almost close to the finalization and it is expected that within a few weeks the deal will reach its final decision.
However, presently no revelation has been made by Tiger Global regarding the deal. If the deal is finalized, then the funds collected by this financing round will help Yap to expand its operations on a large scale. Tiger Global has backed several Indian startups in the past few years. Although this year, the US-based company increases its participation in providing finance to start-ups. Alone in 2021, Tiger Global had invested $1.74 billion in 15 Indian startups which include Apna, GoMechanic, ProgCap, Kutumb, and many more other Indian startups as well.
Furthermore, Tiger Global also helped a homegrown microblogging platform “Koo” to raise $30 million which can be around 218 crores in Indian rupees to scale up their operations. The Indian microblogging platform came into the limelight at the time when the central government introduced the new IT rules in India. As per the company they have complied with the new IT guidelines and will also cooperate with the government in the future.