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IIFL Fintech floats Rs 500 Cr Fund II

EntrackrEntrackr · 8h 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.

Finfactor raises $15 Mn in Series A led by WestBridge

EntrackrEntrackr · 1m ago
Finfactor raises $15 Mn in Series A led by WestBridge
Medial

Finfactor raises $15 Mn in Series A led by WestBridge The Pune-based company had earlier raised $2.5 million in July 2022 from Varanium Nexgen Fund, IIFL, DMI Sparkle Fund, and others. Finfactor, the parent company of Finvu Account Aggregator, has raised $15 million in its Series A round led by WestBridge Capital, with participation from existing investors Varanium Capital, DMI Sparkle Fund, and IIFL Fintech Fund. According to the company, the new capital will be used to expand its product suite for financial institutions, enhance its analytics capabilities, and advance its goal of becoming a full-stack technology provider for banks and BFSI clients. Co-founded by Manoj Alandkar and Munish Bhatia, Finvu Account Aggregator enables secure data exchange for banks, insurers, stockbrokers, investment advisors, and other financial institutions and claims to have served more than 50 million consumers. Finfactor offers data analytics and artificial intelligence-driven solutions such as a multi AA gateway, bank statement analyser, loan monitoring and collections tools, and wealth management capabilities. It serves more than 150 BFSI clients including HDFC Bank, Axis Bank, Motilal Oswal, Canara Bank, and CRED, supported by a team of more than 120 professionals. WestBridge recently led the $40 million Series B round for credit infrastructure fintech FinBox. It has also backed enterprise AI platform UnifyApps, edtech firm SpeakX, and took part in a secondary transaction in Rapido to facilitate an exit for Swiggy.

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