IIFL Fintech closes Rs 500-crore second fund

IIFL Fintech Fund, backed by the financial services conglomerate IIFL Group, has announced the final close of its second fund after raising Rs 500 crore from domestic family offices and high net-worth individuals (HNIs).

Also called the series II fund, this 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,” said Mehekka Oberoi, fund manager, IIFL Fintech Fund.