 "IIFL Fintech Fund to invest Rs 300 crore in early-stage fintech start-ups")
FREEFairfax-backed IIFL Group on Thursday said its IIFL Fintech Fund will invest Rs 300 crore in early-stage Indian financial technology start-ups in years.
“We have already invested in four start-ups from the fund and committed four more investments. By March next year, we will have 10 companies in the portfolio,” said Mehekka Oberoi, fund manager at IIFL Fintech fund.
Oberoi said the fund will be deployed in 25 start-ups and invest in fintech companies up to the Series B round. The focus will be to invest in fintech start-ups with affordable products and technologies that aid financial inclusion.
Fintech Fund was established in August with a dedicated Rs 140 crore sponsorship from two group companies: IIFL Finance and IIFL Securities. That corpus has now been increased to Rs 300 crore, and might be expanded again in the future as high-net worth customers of the IIFL Group are showing a lot of interest to invest in start-ups.
Its four investments include e-sign platform Leegality, embedded lending platform FinBox, stock market analytics platform Trendlyne and location intelligence start-up DataSutram.
The fund is also looking to invest in areas such as wealth-tech, internet baking, risk and fraud technology and payments.
“There is always a need for early-stage funding to nurture the fintech start-up ecosystem,” said R Venkataraman, Co-Promoter of IIFL Group and Chairman, IIFL Securities Ltd. “Fintechs play a big role in creating cost-effective delivery of various financial products to the underserved and unbanked customers and help in accelerating the financial inclusion process.”
“IIFL Group’s entrepreneurial journey from one room operation to a formidable financial services group in the last two decades helps us understand the investing, mentoring and growth needs of entrepreneurs in Indian financial services and fintech space,” said Venkataraman.
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