Tiger Global Management, a New York private equity firm, has apparently invested approximately $10 million for a 40% stake of Russian online travel portal, Anywayanyday. This is according to an article in Russian newspaper, Vesomoti, and the Quintura blog. The article goes on to quote a company official stating that the size of the online travel market is $600 million and that the company’s current yearly revenue stands at $5 – 6 million.
Tiger Global Management is a hedge fund created by Chase Coleman considered to be part of the so-called Tiger Cub Portfolio. With approximately $5 billion in assets under management, the fund has a strong technology sector focus. Tiger Global also owns a stake in Russian portal and search company, Yandex as well as a wide variety of technology investments around the globe, such as Jordan-based Maktoob, acquired by Yahoo last year and Turkish social media site, Yonja.
Russian travel news portal, Tourbus.ru, published an estimate by the Russian National Association of e-commerce stating that online travel sales should grow from 9% of the total market in 2008 to 30% of the total market in 2011.
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