IIFL launches dedicated fund to invest in Indian fintech startups

Mumbai: IIFL Group, backed by Prem Watsa’s Fairfax Financial Holdings Ltd., has created a dedicated Rs 100-crore early-stage fund to invest in Indian fintech startups.

The financial services group, which has a large retail interface, is aiming to offer last-mile credit with the help of cost-effective technologies. IIFL Group will also provide mentoring, collaboration and partnerships to fintechs under the stewardship of its top management.

The IIFL fintech fund, sponsored by IIFL Finance and IIFL Securities, is already in advanced talks to invest in a few financial technology companies, including Legality and FinBox, said two people familiar with the matter.

Source-Economic Times

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