Facilio, an IoT startup which focuses on center management applications, announced today it has raised a $6.4 million Series A headed by Tiger Global and coming investor Accel. The capital will be utilized to expand further in India, in which Facilio comes with an office at Chennai, the USA, and the Middle East, in addition, to enter new markets. Facilio is also among the very first new Indian firms Tiger Global has introduced to its portfolio because hitting new investments therein 2015.
Directed by Lee Fixel, Tiger Global was one of the numerous venture capital companies that poured cash into early-stage Indian startups in 2014-2015 before doubt about expansion and valuations dampened the financing frenzy. Funding started picking up again this season, but this time the focus is on more older businesses like Swiggy and Zomato.
Tiger Global struck a home run when one of its own Indian investments, Flipkart, was obtained by Walmart before this season and lately allegedly closed a new $3.75 billion finance to concentrate on India, the U.S., and China.
Founded in 2017 from Prabhu Ramachandran, Rajavel Subramanian, Yogendra Babu, and Krishnamoorthi Rangasamy, Facilio’s application helps commercial real estate property owners maintain on top of frequent upkeep, make certain things such as air conditioning systems and lifts are working correctly and reduced their energy intake.
In a media statement, Fixel stated, “On a worldwide basis, facilities management services and energy invest by buildings every account for over a billion dollars. I’m hopeful that Facilio is an actual disruptor within this business.”