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IIFL Fintech floats Rs 500 Cr Fund II

EntrackrEntrackr · 12d 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.

Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses

EntrackrEntrackr · 6m ago
Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses
Medial

Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses Diagnostics platform Redcliffe Labs has posted a 20% increase in its operating revenue to Rs 419 crore in FY25 from Rs 350 crore in FY24 and managed to narrow its EBITDA losses, as per the company’s press release. Diagnostics platform Redcliffe Labs has posted a 20% increase in its operating revenue to Rs 419 crore in FY25 from Rs 350 crore in FY24, as per the company’s press release. The Gurugram-based firm also managed to reduce its EBITDA losses from -38% to -21% during the same period. Founded by Aditya Kandoi, Redcliffe operates a nationwide network of over 80 labs and claims to have the widest home sample collection footprint in the country. Diagnostic services contributed over 95% of the company’s revenue in FY25, with the rest coming from product sales and other operating income. The company said it diagnosed over 2.5 million cases last fiscal and continues to focus on expanding in underserved regions, with more than 70% of its testing volumes now coming from Tier II cities and beyond. On the profitability front, Redcliffe reported a gross margin of 70% in FY25 and is aiming to expand it to 74% in FY26. It has also set a revenue target of Rs 560 crore for the ongoing fiscal through organic growth and strategic acquisitions. “We are transforming lives and making diagnostics a first-line solution for millions who were previously underserved,” said Kandoi. The company plans to expand its presence to over 300 cities with 150 labs by FY28. According to startup data platform TheKredible, Redcliffe has raised $113 million to date, including a $42 million Series C round led by LeapFrog. It also acquired Bengaluru-based Celara Diagnostics in a $7 million deal. Redcliffe competes with players like PharmEasy-owned Thyrocare, Tata 1mg, and Healthians.

LEAP India, Molbio Diagnostics secure SEBI nod for IPO

EntrackrEntrackr · 1m ago
LEAP India, Molbio Diagnostics secure SEBI nod for IPO
Medial

LEAP India, Molbio Diagnostics secure SEBI nod for IPO Logistics solutions firm LEAP India and Goa-based molecular diagnostics company Molbio Diagnostics have secured approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offering (IPO). The regulator’s observations, published recently, mark a significant milestone for both companies as they prepare to enter the public markets. The approvals come months after LEAP India filed its draft red herring prospectus (DRHP) to raise up to Rs 2,400 crore. The issue comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of Rs 2,000 crore. The OFS will be led primarily by Vertical Holdings II Pte. Ltd., a promoter entity backed by global investment firm KKR, which plans to divest shares worth Rs 1,998.6 crore. Another promoter group entity, KIA EBT Scheme 3, will offload shares worth around Rs 13.8 crore. Ahead of its plans to go public, the company converted itself into a public limited entity in July 2025 and appointed independent directors to strengthen its board, a development earlier reported exclusively by Entrackr. LEAP India, which provides pallet, container, and asset-pooling solutions to large FMCG, e-commerce, and pharma companies, has been expanding its fulfilment centres and customer touchpoints to tap the surge in demand for organised supply-chain infrastructure. In FY25, the firm reported 28% YoY revenue growth to Rs 466 crore, while maintaining its Rs 37.5 crore PAT, on the back of higher asset utilisation. Meanwhile, in August 2025, Molbio Diagnostics filed its DRHP proposing a fresh issue of Rs 200 crore and an OFS of up to 1.25 crore shares. Selling shareholders include Exxora Trading LLP, Dr Chandrasekhar Bhaskaran Nair, Abdul Qadir Mohamed Theruvath, among others. Molbio, known for its Truenat point-of-care molecular testing platform deployed across TB, HPV, COVID-19, and other infectious diseases, plans to use the IPO proceeds to expand manufacturing capacity and boost R&D infrastructure. The company logged Rs 1,020 crore in revenue and Rs 138.5 crore profit in FY25, reaffirming the growing demand for decentralised diagnostics solutions in India and emerging markets.

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