IIFL Launches Seed Fund To Invest In Fintech Startups

IIFL Launches Seed Fund To Invest In Fintech Startups

SUMMARY

IIFL is said to be in the process of backing fintech firms such as FinBox and Leegality through the fund

In June 2021, it also coinvested in the $50 Mn funding round for Bengaluru-based edtech giant BYJU’S through its private equity fund

Earlier this year, it launched a pre-IPO fund with a target corpus of $280 Mn

Non-banking financial company (NBFC) IIFL said it will launch an INR 100 Cr early stage seed fund exclusively focused on Indian fintech startups. In addition to the funding, the company will also provide mentorship, collaboration opportunities and partnerships to all these fintech ventures.

Founded by Nirmal Jain and Rajamani Venkataraman, IIFL is a diversified financial services company that provides services such as housing finance, wealth and asset management, broking, financial product distribution, investment banking, institutional equities, realty and property advisory services. The group’s companies are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK government’s private equity arm.

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