The first close of Cedar Capital’s Rs 240 crore ($30 million) FinTech Venture Capital fund has been announced. The fund aims to raise between Rs 50 and Rs 75 crore. Cedar Capital is the fintech-focused venture capital arm of management consultancy firm Cedar and fintech market intelligence platform IBS Intelligence.
The fund has gathered commitments in the range of Rs 50-75 crores ($6-9 million). LPs include leading family offices and institutional investors in India and the Middle East, including a leading Indian Financial Services institution that has backed the fund. For the next phase of the fundraise, there is a strong pipeline of investors currently evaluating the fund in light of its uniqueness and BankTech sector expertise and focus.
“Despite the negative venture capital environment, we have had success in attracting interest for our fund in light of our BankTech and B2B sector-specialist focus and our global research and consulting reputation over 60+ years.” said Sahil Anand, the fund’s Founder and Managing Partner, who has prior investing experience in Everstone Capital’s PE team.
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Using its global consulting teams, in-house FinTech Lab, proprietary research and intelligence, deep understanding of CTO and technology buyer mindsets, and remarkable ability to add real value to Founders and portfolio companies as they grow in multiple areas, the fund has a distinct competitive advantage.
About Cedar Capital
The global management consulting business Cedar and the global FinTech market intelligence provider IBS Intelligence are the brains behind Cedar Capital, a venture capital fund that focuses on BankTech and B2B FinTech.
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