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The IIFL Group on Thursday announced that IIFL Fintech Fund will be investing ₹300 crore in early-stage fintech start-ups in India over the next two years, to facilitate the creation of affordable products and technologies for financial inclusion.
IIFL Fintech Fund is in advanced talks to make investments in 10 more fintech start-ups by the end of March 2022. This is the first fund from a corporate house in India that is focusing on the fintech startup ecosystem.
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R Venkataraman, co-promoter of IIFL Group, and Chairman, IIFL Securities, said, “There is always a need for early-stage funding to nurture the fintech start-up ecosystem. 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.”
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IIFL Fintech Fund was established in August 2021, with a dedicated ₹140 crore sponsorship from two group companies — IIFL Finance and IIFL Securities. The financial services group with a large retail interface aims to offer last-mile credit with the help of cost-effective technologies. The fund has made four investments — Leegality, FinBox, Trendlyne and DataSutram — in the three months of its existence.
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