Kul Bhushan · · 1 min read🇮🇳 fintech fund to invest $39m in early-stage startups
IIFL Group, an India-based financial services group, is planning to invest 3 billion rupees (US$39 million) in the country’s early-stage startups over the next two years through its IIFL Fintech Fund.
The fund focuses on the fintech startup ecosystem in India. It was set up in August as a joint venture between IIFL Finance and IIFL Securities.
IIFL Securities chairman R Venkataraman / Photo credit: IIFL Group
Since then, it has made investments in four startups – Leegality, FinBox, Trendlyne, and Data Sutram. The fund is also in the advanced stage of discussions to invest in 10 more fintech startups by the end of March 2022.
The IIFL Group said that the fund is an extension of the IIFLDisrupt program launched by IIFL Securities last year. The program aims to extend financial, mentoring, and business support to fintech startups in the country.
“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 Securities chairman R Venkataraman said in a statement.
Currency converted from Indian rupee to US dollar: US$1 = 75.25 rupees.
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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