IIFL Fintech Fund to invest Rs 300 cr in early-stage fintech startups
- IBEF
- December 24, 2021
The IIFL Fintech Fund, which is funded by Fairfax, said on Thursday that it plans to invest Rs 300 crore (US$ 39.9 million) in early-stage Indian fintech start-ups over the next two years.
According to a statement, the measure is aimed at making it easier to develop inexpensive financial inclusion products and technology.
IIFL Fintech Fund was launched in August 2021 with a specific Rs 140 crore (US$ 18.6 million) sponsorship from two of the group's subsidiaries, IIFL Finance and IIFL Securities.
According to the statement, the financial services business with a big retail interface plans to offer last-mile credit using cost-effective solutions.
Within three months of its inception, the fund backed by IIFL Finance and IIFL Securities had already made four investments: Leegality, FinBox, Trendlyne, and DataSutram.
The IIFL Fintech Fund is in advanced talks to invest in ten more fintech start-ups by the end of March 2022, according to the company.
Early-stage capital is always needed to support the fintech start-up ecosystem, according to R Venkataraman, Co-Promoter of IIFL Group and Chairman of IIFL Securities Ltd.
Fintechs play a critical role in delivering cost-effective financial products to underserved and unbanked people, as well as expediting the financial inclusion process, according to Venkataraman
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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