IIFL Fintech Fund raises Rs 200 Cr through second fund
The IIFL Fintech Fund Series - II fund has a special focus on generative AI in the financial services space.
IIFL Fintech Fund has closed its second fund IIFL Fintech Fund Series - II after raising Rs 200 crore, as it aims to invest in next-generation fintech firms, especially in the generative AI space.
The fund witnessed participation from top family offices in the country, ultra high networth individuals (HNI)and high networth individual (UHNI) investors.
"Through our Series – II, there is a special focus on generative AI in financial services space. Generative AI is picking up pace, and is likely to aid the growth of the financial services space. Backed by over three decades of experience of our group in the financial services space, we are better poised to identify the winners,” said Mehekka Oberoi Kohli, Fund Manager, IIFL Fintech Fund.
IIFL Fintech Fund is an early-stage fund dedicated to the fintech sector. It was established in 2021 to invest in fintech startups, explore collaborative synergies, and foster innovation.
The portfolio has delivered a 22.5x revenue growth in the last three years. About 40% of the portfolio is EBITDA positive and has 0% write-offs, according to a statement.
"We have seen very good response from HNIs, UHNis and family offices for our IIFL Fintech Fund Series – II. 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," noted Prakash Bulusu, Joint CEO, IIFL Capital Services limited.
The series - I fund invested in 14 startups over the last three years: Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.Ai, EasyRewardz, Multipl, Riskcovry, and TrustCheckr.
Edited by Swetha Kannan
