After a hiatus of almost two years, Lee Fixel, the media shy former Tiger Global fund manager, known widely as the big bull of India’s consumer Internet story, is back to investing in local startups.
Fixel, who launched his own $1.2 billion fund Addition in the US earlier this year, has led a $35 million round in Inshorts, a platform which aggregates news and information. He had first backed Inshorts while at Tiger Global in 2015, having cut a $4 million cheque for the startup.
His first new bet in India comes at a time when New York-based Tiger Global has been actively investing in the country under Scott Shleifer, who took over the private equity portfolio of the firm last year after Fixel’s departure. The fund’s recent big investments include Zomato and Byju’s.
Read: How Tiger’s Scott Shleifer is matching Lee Fixel’s pace of investments in Indian startups
Responding to ET’s query, Inshorts cofounder and CEO, Azhar Iqubal, said the company had raised $35 million from Addition, SIG Global and Tanglin Venture Partners. Inshorts will use the funds to push its recently launched app Public, a location-based social network. The platform is used for local updates and happenings to local commerce, jobs, classifieds and more, the company said.
“We are profitable at Inshorts and raised this capital for our new app Public. With more than 50 million active users and over 1 million videos being created every month on the app, Public aims to connect the local communities of Bharat and become the one-stop solution for all their local needs,” Iqubal said.
Read: Lee Fixel to leave Tiger Global, set to hunt alone in India and beyond
A source had earlier told ET that Inshorts was clocking $13 million in revenue with $5 million of earnings before interest, taxes, depreciation and amortisation. The company’s valuation is expected to have hit $120 million, post the investment.
Fixel’s biggest win in India came from Flipkart’s $16 billion sale to Walmart in 2018. After the acquisition though, Tiger started moving away from only focussing on consumer internet firms and began taking wagers on enterprise and SaaS companies under Shleifer.
From Addition, Fixel has invested in DLocal, a cross-border payment processor, mental health startup Lyra Health, developer-first security company Snyk, among others.
Also Read: What has led to Tiger Global’s aggressive comeback to India