AZB & Partners advise Tiger Global affiliate Internet Fund V Pte. Ltd. in its $75 million transaction with Urban Clap

AZB & Partners acted as the legal counsel in the acquisition of certain equity securities in UrbanClap Technologies India Private Limited by Tiger Global Management.

Urban Clap, founded by Abhiraj Bahl, Varun Khaitan and Raghav Chandra in 2014, operates the web portal www.urbanclap.com providing local services such as repair and maintenance, packers and movers, event management, health and wellness, and salon. It operates in 10 cities across India.

Urban Clap has raised $75 million in a Series E round led by US-based investment fund Tiger Global Management, continuing Tiger's increased interest in Indian startups this year. Existing investors, hedge fund Steadview Capital and Vy Capital also participated in the round.

According to the company, the transaction was split into two parts – a primary round which resulted in a share subscription by Tiger, Steadview and a secondary share sale by some early institutional investors. The company had raised $50 million in November last year led by Steadview and Vy Capital. The other investors include venture capital firms Bessemer Venture Partners, SAIF Partners and Accel Partners besides Ratan Tata.

Tiger Global Management has made over 10 deals this year in India.

The partners behind this deal from AZB & Partners were Ashwath Rau, Srinath Dasari and Nanditha Gopal and Senior Associate Gautam Rego.