IIFL Fintech Fund has invested in four fintech startups—Leegality, FinBox, Trendlyne, and DataSutram—in the first three months of its presence and is in advanced stages of discussion to invest in 10 more by the end of 2021-22.
IIFL Fintech Fund intends to invest Rs 300 crore in early-stage Indian fintech startups in the next two years to promote the innovation of affordable products and technologies that aid financial inclusion.
The fund was initiated in August 2021 with Rs 140 crore sponsorship from two IIFL Group firms—IIFL Finance and IIFL Securities. In the first three months of its establishment, it has invested in four fintech startups—Leegality, FinBox, Trendlyne, and DataSutram—in the first three months of its existence and is in advanced stages discussion to invest in 10 more by the end of the current fiscal.
There is always a need for early-stage funding to nurture the fintech startup ecosystem, said R Venkataraman, co-promoter of IIFL Group and chairman of IIFL Securities Ltd. "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," he stated.