23.3 C
Tuesday, May 30, 2023
No menu items!

IIFL Fintech Fund to invest Rs 300 crore in early-stage Fintech Startups

IIFL fintech fund is India's first fund coming from a corporate house and focusing on the fintech startup ecosystem. 

Must Read

Kolkata: Fairfax-backed IIFL Group on Thursday 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.

- Advertisement -

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 top non-banking finance companies in India. They are mostly based out of “underserved and unbanked” territories, a key focus area for financial inclusion.

Short-term business, affordable home loans, credit to micro-finance units are among other credit products that IIFL looks to offer through such acquisitions.

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 Venkataraman.

- Advertisement -
- Advertisement -

Latest News

“Ready to surrender medals”: Manipur’s 13 top sports stars tell Centre

Imphal: In an encouraging development, 13 sports personalities from Manipur urged the Central government to immediately bring peace and...
- Advertisement -

More Articles Like This

- Advertisement -