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IIFL Fintech floats Rs 500 Cr Fund II

EntrackrEntrackr · 2m 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.

Leegality posts two-fold growth in FY23, controls burn

EntrackrEntrackr · 2y ago
Leegality posts two-fold growth in FY23, controls burn
Medial

Leegality, a document infrastructure platform, secured $5 million in funding led by IIFL Fintech Fund, resulting in a two-fold growth in operating scale during FY23. The company offers eSign, eStamp, compliance, document security, and automation tools to businesses. Its operating revenue increased by 2.05X to Rs 33.5 crore in FY23. Leegality's major revenue channels were income from e-sign, subscription, and stamp, while employee benefits accounted for the largest cost center. Despite the growth, the company managed to reduce its costs, resulting in a 38.5% increase in losses. Leegality has raised a total of $6.63 million in funding and is valued at $38 million. It competes with other legaltech startups in India.

Former Peak XV MD Piyush Gupta launches secondary-focused fund

EntrackrEntrackr · 1y ago
Former Peak XV MD Piyush Gupta launches secondary-focused fund
Medial

Piyush Gupta, former Peak XV Partners Managing Director, has launched an investment firm, Kenro Capital, which will focus on secondary transactions. In secondary transactions, shares are exchanged between investors at a mutually agreed price, without involving the infusion of new capital into the company or the issuance of additional shares. The development comes seven months after Piyush Gupta left Peak XV. He joined the venture capital firm (formerly known as Sequoia Capital) in 2017 as managing director at Strategic Development. Before that, he was at Morgan Stanley and Deutsche Bank for more than a decade. Gupta launched the new fund with Norbert Fernandes, a seasoned India-focused private equity professional with over 17 years of investing experience across Temasek, IvyCap Ventures, and TR Capital. Kenro Capital will invest in companies in India and Southeast Asia. As per media reports, Kenro has raised an undisclosed amount, is domiciled in Singapore, and will be investing around $20-30 million in growth secondary transactions. The fund aims to acquire minority stakes in growth companies with scaled revenues, profitability or near-profitability, and strong potential for public listing within 2-3 years. Recently, domestic financial investors Oister Global and Tribe Capital India partnered to launch their secondary franchise in India, with plans to invest $500 million over the next two years. In May, 360 ONE Asset Management, formerly known as IIFL Asset Management Ltd, also launched a $480 million worth secondary fund.

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