IIFL Fintech Fund, India’s early stage fund dedicated to fintech sector, on Monday announced its exit from financial data analytics firm ‘Finarkein Analytics’. The fund took an exit at more than double the valuation in three years of investment, it said in an official statement.
Notably, this is IIFL Fintech Fund’s second exit after a fraud detection firm called ‘TrustCheckr’. The fintech fund made 80% returns on TrustCheckr investment within 18 months, when it was bought by global caller identification app Truecaller in October 2023.
“With Finarkein, we went beyond the business aspect to enhance their overall product and platform to ensure faster business adoption. Attaining a more than 100% return and ensuring liquidity to our investors underscores our commitment to ensuring our investors make good returns,” said fund manager Mehekka Oberoi.
Finarkein’s data and workflow orchestration platform allows enterprises to co-create data products on India’s emerging digital public infrastructure (DPI) like the account aggregator (AA) ecosystem, ONDC Financial Services, OCEN and more.
IIFL Fintech Fund – Series II
The second part of the fintech fund has recently announced the first closure. The company even claimed to have garnered more than Rs 200 crore so far for its IIFL Fintech Fund – Series II. This new fund aims to invest in the next-generation fintechs of India, including the generative AI space.
The fund was established in 2021 with an objective to invest in early-stage fintech. Over the last three years, the IIFL Fintech Fund has made 14 investments across various fintech segments.
The portfolio comprises of various start-ups such as Leegality, FinBox, DataSutram, Finarkein Analystics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.Ai, EasyRewardz, Multipl, Riskcovry, and TrustCheckr.
The fund’s portfolio has delivered a 26.2x revenue growth, in the last three years, 40% of the portfolio is EBIDTA positive, it added.
