IIFL Fintech Fund Marks Final Close Of Second Fund At INR 200 Cr

IIFL Fintech Fund Marks Final Close Of Second Fund At INR 200 Cr

SUMMARY

IIFL Fintech Fund has marked the final close of its second investment vehicle at INR 200 Cr

The fund, IIFL Fintech Fund – Series II, aims to invest in GenAI-focused fintech startups

IIFL Fintech Fund is an early stage venture capital fund managed by non-banking financial company (NBFC) IIFL Finance

IIFL Group-backed IIFL Fintech Fund has marked the final close of its second investment vehicle at INR 200 Cr (about $23 Mn).

The fund, IIFL Fintech Fund – Series II, aims to invest in GenAI-focused fintech startups. 

IIFL Fintech Fund is an early stage venture capital fund managed by non-banking financial company (NBFC) IIFL Finance. For its second fund, it raised the capital from high net worth individuals (HNIs), ultra HNIs and family offices.

Launched in 2021, the IIFL Fintech Fund has backed 14 fintech startups through its Series I fund. These include the likes of Leegality, FinBox, DataSutram, Trendlyne and Xtracap Finance among others.

It claims that over the past three years, the portfolio companies have delivered 22.5X revenue growth, with 40% of them turning EBITDA (earnings before interest, taxes, depreciation, and amortization) positive.

“Considering that India’s fintech is the only segment which is expected to grow 11X vs Indian online retail and Indian consumer tech where the expected growth is 3X and 5.8X respectively, the interest received for the fund was palpable,” said Prakash Bulusu, joint CEO of IIFL Capital Services. 

“Generative AI is picking up pace, and is likely to further aid the growth of the financial services space,” said Mehekka Oberoi Kohli, Fund Manager in the IIFL Fintech Fund.

Last year, the firm invested an undisclosed amount in GenAI startup Vitra.ai to pick up a 10% stake.

(The story will be updated soon)

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IIFL Fintech Fund Marks Final Close Of Second Fund At INR 200 Cr-Inc42 Media
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