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IIFL launched fund to invest in fintech start-ups

August 06, 2021

IIFL launched fund to invest in fintech start-ups

IIFL Group, sponsored by Prem Watsa’s Fairfax Financial Holdings Ltd., has made a dedicated ₹100-crore beginning stage fund to invest into Indian fintech start-ups.

The financial services group, which has a huge retail interface, is planning to offer last-mile credit with the assistance of cost effective technologies. IIFL Group will likewise provide mentoring, partnership and organizations to fintechs under the stewardship of its top management.

The IIFL fintech fund, sponsored by IIFL Finance and IIFL Securities, is as of now in advanced talks to invest into a couple of financial technology organizations, including Leegality and FinBox, said two individuals familiar with the matter.

Beginning stage funds are basically provided for the initial stage of an organization’s turn of events from beginning a business to gaining scale. In India, beginning stage investors generally pump in money in tranches running in a few crores of rupees.

“To make this proposition of financial inclusion viable, you need to reach clients with the help of cost-effective technologies,” Nirmal Jain, founder and chairman of IIFL Group, said.

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