IIFL Fintech Fund is in advanced stages of discussion to make investments 10 more fintech start-ups by end of March 2022.
Fairfax-backed IIFL Group today said that IIFL Fintech Fund is planning to invest Rs 300 crore in early-stage Indian fintech start-ups in the next two years, to facilitate the creation of affordable products and technologies that aid financial inclusion.
In August 2021, IIFL Fintech Fund was established with a dedicated Rs 140 crore sponsorship from two group companies – IIFL Finance and IIFL Securities. The financial services group with a large retail interface is aiming to offer last-mile credit with the help of cost-effective technologies. The fund sponsored by IIFL Finance and IIFL Securities has already made four investments Leegality, FinBox, Trendlyne and DataSutram – within three months of its existence.
IIFL Fintech Fund is in advanced stages of discussion to make investments 10 more fintech start-ups by end of March 2022. IIFL fintech fund is India’s first fund coming from a corporate house and focusing on the fintech startup ecosystem.
“There is always 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 Finance has a retail customer base of 60 lakh across India, which counts among the top non-banking finance companies in India. They are mostly based out of “underserved and unbanked” territories, a key focus area for financial inclusion.
Similarly, IIFL Securities, a retail focussed broking firm with 23 lakh customers has too embarked on a digital transformation. With share market soaring high, brokers can offer different capital market products across the nook and corner of the country.
The fund is an extension of #IIFLDisrupt program launched by IIFL Securities last year that aimed to provide financial, mentoring and business support to solution oriented Fintechs, as pandemic affected the economy and start-up space.
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 Mr Venkataraman.
Source: Business World