IIFL Fintech Fund to invest Rs 300 crore in early-stage fintech startups

By Daisy On Dec 23, 2021

IIFL Fintech Fund is planning to invest Rs 300 crore in early-stage Indian fintech startups in the next two years to facilitate the creation of affordable products and technologies that aid financial inclusion.

The fund was set up in August 2021 with Rs 140 crore sponsorship from two IIFL Group firms—IIFL Finance and

. 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 of discussion to invest in 10 more by the end of the current fiscal.

“ETtech is a sharply-focused lens that brings alive India’s tech businesses & dynamic world of startups”

Kunal Bahl, Co-Founder & CEO, Snapdeal
“I read ETtech for in-depth stories on technology companies”

Ritesh Agarwal, Founder & CEO, Oyo
“I read ETtech to understand trends & the larger India technology space, everyday”

Deepinder Goyal, Co-founder & CEO, Zomato

There is always 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 said.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

For all the latest Technology News Click Here

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.