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IIFL Fintech floats Rs 500 Cr Fund II

EntrackrEntrackr · 20d ago
IIFL Fintech floats Rs 500 Cr Fund II
Medial

IIFL Group backed IIFL Fintech Fund has announced the final close of its second fund after raising Rs 500 crore from domestic family offices and high net worth individuals. The Series II fund targets early to growth stage fintech startups, with a focus on companies using generative artificial intelligence to build financial services products. The fund plans to invest in 20 to 25 startups across lending, payments, compliance, wealthtech, insurtech, and embedded finance. Around 20 to 25 percent of the second fund will be allocated for follow on investments in top performing companies from its first fund. IIFL Fintech had announced the first close of its second fund at Rs 200 crore in January 2025 and has already backed five startups through this. These include companies such as education focused fintech GrayQuest, voice AI startup Fundamento, banking infrastructure startup Knight Fintech, and a secondary share purchase in document infrastructure firm Leegality, among others. According to IIFL Fintech, it actively partners with fintech founders to help them validate, deploy, and scale their solutions within a large financial services ecosystem. The fund closed its first fund in 2022 after raising Rs 200 crore. IIFL Fintech Fund was set up in 2021 with the aim of investing in early stage fintechs that the IIFL Group could collaborate with. Over the last four years, the IIFL Fintech Fund has invested across multiple fintech segments. Its portfolio includes Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.ai, EasyRewardz, Multipl, Riskcovry, and TrustCheckr, which was sold to Truecaller.

B2B fintech startup Mysa bags $3.4 Mn co-led by Blume Ventures and Piper Serica

EntrackrEntrackr · 13d ago
B2B fintech startup Mysa bags $3.4 Mn co-led by Blume Ventures and Piper Serica
Medial

B2B fintech startup Mysa bags $3.4 Mn co-led by Blume Ventures and Piper Serica Business-to-business fintech startup Mysa has raised $3.4 million in a funding round co-led by Blume Ventures and Piper Serica, with participation from Ikemori Ventures, Raise Financial Services, QED Innovation Labs, and existing investors Antler, IIMA Ventures, and Neon Fund. The Bengaluru-based startup had previously raised $2.8 million in a seed funding round from Blume Ventures and others in February 2025. The proceeds will be used to expand its automation capabilities and launch additional banking products, including procurement tools, expense management linked to the Unified Payments Interface, and a corporate credit card, Mysa said in a press release. Co-founded in 2023 by Arpita Kapoor and Mohit Rangaraju, Mysa is a fintech startup that provides an AI-powered unified platform for business banking, expense management, and accounting automation. It helps mid-sized Indian businesses with revenue between Rs 10 crore and Rs 300 crore streamline accounts payable, vendor payments, and reconciliations. According to Mysa, its services include accounts payable automation, invoice management, expense tracking, and integrated banking through partner banks such as Yes Bank. The platform features Smart Scan for automated bill processing, expense categorisation, and real-time reconciliation. The company aims to simplify financial operations for founders and finance teams by offering a comprehensive alternative to using multiple disconnected tools. It serves customers across sectors such as quick commerce, manufacturing, hospitality, fintech, and real estate, including companies such as Dhan, Wint Wealth, Swish, DrinkPrime, and Material Depot. Mysa claims it currently processes over Rs 1,500 crore in annualised transaction volumes and facilitates payments to more than 40,000 bank accounts. It has integrations with over 15 banks, including Axis Bank, Yes Bank, IDFC First Bank, ICICI Bank, and HDFC Bank.

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