The firm will set up a 20,000 sqft building in Bengaluru, where many of the companies it invested in are located. Tiger Global is the latest to join a clutch of other venture capitalists to setup a bigger base in the city.
“The co-working space will be for Tiger’s portfolio companies and early-stage companies it is interested in,“ said a venture capitalist who did not want to be named. Private equity firm Saif Partners is also looking to create a similar space in town along with ecommerce firm Paytm, sources said.
A 20,000 sqft facility can typically house close to 200 seats. “These are signs of ecosystem maturity where pain points like space, infrastruc ture and mentorship are being sorted out,“ said Sunil Rao, country head-developer relations and startup ecosystem at Google India.
Bengaluru is one of India’s fastest growing startup hubs and is ranked the 15th best startup ecosystem in the world, according to global startup ecosystem report published by Valley-based firm Compass.
The city also continues to dominate the country in terms of startup investments, both in terms of deal value and deal volume, followed by Delhi NCR and Mumbai, as per ETtech.com’s second quarterly report on venture capital investments in technology and techenabled companies in India.
As competition intensifies to invest into startups earlier, venture capitalists are looking to offer coworking spaces as an additional benefit.
“Most VCs are looking to catch entrepreneurs and their ideas young, and this is a great way to do it,“ said Pratyush Prasanna, cofounder of MagicTiger, a Bengaluru-based concierge service.