In a bid to provide an eco-system that helps nurture early stage start-ups, New York-based (and current India-favourite, if I may) investment firm Tiger Global Management is all set to establish a co-working space for startup’s under its banner in Bengaluru, reports The Economic Times.
The global venture capitalist firm will set up a 20,000 sqft complex, poised to become the start-up cocoon during the incubation period of a start-up supported by Tiger Global. Bengaluru, also happens to be the city where majority of the companies the firm has already invetested in are located.
Tiger Global has shown its profound belief in the Indian start-up environment by infusing large sums of capital this year alone. It was only yesterday that budget accommodation aggregator Zo Rooms had announced fresh round of investments from Tiger Global. Spearheaded by Lee Fixel, the company has already put in a staggering sum of $600 million in India, this year alone.
However, bigger late-stage VC firms coming up to for a co-working space isn’t something entirely new to the Indian start-up ecosystem.
In a similar move, SAIF Partners teamed up with the e-commerce firm Paytm to create a start-up space on the likes of Tiger Global in Bengaluru. The silicon valley of India has emerged as one of the fastest growing startup hubs in the world and has been ranked as the15th best startup ecosystem in the world in a report by Compass.
Last year, Gururaj Deshpande, founder of The Deshpande Foundation, had signed a three year Memorandum of Understanding (MOU) with Microsoft Ventures, to set-up Sandbox Startups to provide c-working space for start-ups during their incubation period in tier- two and tier-three cities of India.
Startups which generally start off rather famously in basements of their founders home, can now breath a sigh of relief, and can feel free to develop in a nurturing ecosystem with other like minded entrepreneurs.
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