Amid funding winter, Tiger Global leads $18 mn funding round in Infinite Uptime

Amid the funding winter, US-based and one of the most prominent investors in tech companies Tiger Global Management has led an $18 million funding round in Infinite Uptime. The Pune-based company provides maintenance solutions for industrial machinery. 

The round also saw the participation of GSR Ventures, VenturEast, Mayfield, and THK. The company is also backed by Belgium based innovative impact investor, KOIS.
 
The funding will be used in strengthening its global market share and multiplying value delivery and service quality across industry segments, the company said in a statement. 
 
Commenting on this move, Raunak Bhinge, Founder and CEO, Infinite Uptime. “This will enable us to invest heavily into fundamental research and product development, expand our capabilities and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market.”
 
Infinite Uptime has a clientele of 300 customers globally including the likes of Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group, among others. The company also claims that by leveraging their advanced analytics, AI and remote monitoring capabilities, Infinite Uptime has enabled savings of over 11,000 hours of unplanned downtime for their customers.
 
Griffin Schroeder, Partner at Tiger Global Management factored the reasons why they have invested in the company. “Infinite Uptime has helped their manufacturing partners see improved plant reliability, production volume, and overall efficiency. We are excited to be investing behind them and their continued growth,” Schroeder said. 
 
Besides Infinite Uptime, Tiger Global has also invested in fintech unicorn PhonePe in the beginning of this year which recently shifted its domicile from Singapore to India and also separated itself fully from parent company, Flipkart. Indian unicorn companies such as Unacademy, Delhivery, Games24X7, and more are also backed by this investor.

Also Read: Fintech unicorn PhonePe secures additional funding of $100 million from General Atlantic