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IIFL Fintech Fund, supported by the IIFL Group, has closed its second fund after raising Rs 200 crore from local family offices and high-net-worth individuals (HNIs).
The company said it will focus on investing in Indian fintech startups, including those working in the generative AI (GenAI) sector.
Founded in 2021, IIFL Fintech Fund has supported 14 startups, such as Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Riskcovry and TrustCheckr.
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Mehekka Oberoi Kohli, Fund Manager, IIFL Fintech Fund, said, "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."
"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 portfolio has seen a 22.5x revenue growth in the past three years. Around 40% of the portfolio is EBITDA positive and there have been no write-offs, according to a statement.
Earlier this month, IIFL Fintech Fund led an Rs 80 crore Series B funding round in GrayQuest, a fintech startup focused on education. Claypond Capital, the family office of Manipal Group chairman Ranjan Pai and existing investor Pravega Ventures also participated in the round.
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