Ex-Tiger Global partner Lee Fixel may launch $1b fund for India, SEA, sources say

Lee Fixel, former head of Tiger Global’s private equity business, is planning to invest about US$1 billion in startups in India and Southeast Asia through his new fund as soon as a non-compete agreement with his former employer expires, people familiar with the matter told Livemint.

Lee Fixel

“[Fixel] has set up Addition to invest in tech startups in the areas where Tiger used to invest earlier and more, and once the non-compete expires in a month or so, he will look at deals actively,” said a close associate and partner at a top venture capital firm.

According to the report, Fixel is in talks with a few startups in India in which he plans to invest in.

He has held discussions to personally take part in a US$24 million seed round for fintech startup Amica Technologies, two of the sources said. Matrix Partners, Sequoia Capital, and Beenext are among those expected to invest in the round, according to an earlier report by The Economic Times.

A spokesperson for Fixel has confirmed the development, but did not disclose any further information about the fund’s plans and potential deals, Livemint reported.

According to Forbes, Fixel has returned about US$6 billion to Tiger Global with his aggressive investment approach. His sizable feats include raking in US$3.5 billion in profits from US retail giant Walmart’s recent majority purchase of India’s Flipkart and initial public offering proceeds from Spotify, Eventbrite, Tencent Music, and SurveyMonkey.

He left Tiger Global in March after serving the company for about 13 years.