New Delhi, Dec 23: Fairfax-backed IIFL Group on Thursday said IIFL Fintech Fund is planning to invest Rs 300 crore in early-stage Indian fintech start-ups in the next two years.
The move is aimed at facilitating the creation of affordable products and technologies that aid financial inclusion, a statement said.
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 statement said.
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, it added.
IIFL Fintech Fund is in advanced stages of discussion to make investments 10 more fintech start-ups by end of March 2022, it said.
There is always need for early-stage funding to nurture the fintech start-up ecosystem, R Venkataraman, Co-Promoter of IIFL Group and Chairman of IIFL Securities Ltd, said.
“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,” Venkataraman added. (PTI)
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