IIFL Fintech Fund, an early-stage fund dedicated to fintech sector, on Thursday said that it has its second fund (IIFL Fintech Fund – Series – II) after raising Rs 200 crore from family offices, UHNI and HNI investors as it aims to invest in the next generation Fintechs of India including in the generative artificial intelligence space.
“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, IIFL Capital Services.
IIFL Fintech Fund was set up in 2021, with an objective to invest in early-stage Fintechs that IIFL as a group could collaborate with as well.
Over the last three years, the Series – I of the fund has made 14 investments across various segments in fintech.
Their portfolio comprises of – Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.Ai, EasyRewardz, Multipl, Riskcovry, TrustCheckr (sold to True Caller).
As per the company statement, their portfolio has delivered a 22.5X revenue growth, in the last three years, 40% of the portfolio is EBIDTA positive, with 0% write-off/Deadpool.
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