Tiger Global in talks to back Indian fintech Yap ' TechCrunch

According to more than half a dozen people who are familiar with the matter, Tiger Global is in advanced stages and discussing backing Indian embedded finance startup Yap.According to people, the New York-based firm is currently in discussions to lead a $35 Million financing round in Yap. Also known as YapPay or M2P, Yap values the Bangalore-based startup at around $350 million. This is up from $67 million in March (per Tracxn data insight platform).According to some people, Tiger Global intends to invest between $25 million and $30 million in the new round (a series C) at the moment of negotiations. People said that the round is still not closed so the deal size may increase and terms could change.Yap is an API platform that allows startups to build and support payments services. Yap has raised $15.9 million so far. It counts Better Capital and AngelList as its investors. 8i is also a member of the Omidyar Network.If the deal goes through, it will be Tiger Global's latest investment in India. Tiger Global has already supported over a dozen startups this fiscal year.Everyone refused to comment.