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HomeStartupsIIFL Wealth Launches INR 750 Cr Fund-Of-Funds To Companion With VCs

IIFL Wealth Launches INR 750 Cr Fund-Of-Funds To Companion With VCs

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IIFL Wealth, the wealth administration arm of the diversified monetary providers firm India Infoline, will launch an INR 750 Cr fund-of-funds to companion with tech-focused VC funds

Via this partnership, IIFL Wealth will spend money on its companion VC corporations’ greatest performing digital firms

In 2018, IIFL had launched a fund in affiliation with Blume Ventures, known as the Blume Ventures (Alternatives) Fund IIA, with a capital dedication of INR 300 Cr

IIFL Wealth, the wealth administration arm of economic providers firm India Infoline, will launch an INR 750 Cr fund-of-funds to companion with tech-focused enterprise capital funds. Via this partnership, IIFL Wealth will spend money on its companion VC corporations’ greatest performing digital firms. 

The corpus can be raised from the corporate’s community of ultra-high-net-worth particular person (UHNI) purchasers and can be used to assist fast-growing tech startups meet their capital necessities for growth or scale. 

“The IIFL Fairness Alternatives Fund goals to offer a novel alternative to spend money on the best-in-class technology-focused VC funds primarily offering observe on capital to their top-performing digital firms together with different marquee traders,” Umang Papneja, CIO of IIFL Wealth, mentioned.

Papneja added that the corporate’s new fund-of-funds, a class III Various Funding Fund (AIF), is in talks with funds comparable to Orios, Blume and Kae Capital and has already acquired commitments value INR 150-200 Cr. 

The corporate has mentioned that the follow-on capital could be for firms engaged within the edtech, fintech, healthtech, ecommerce and mobility sectors that want to elevate Sequence B funding or larger. 

In 2018, IIFL had launched a fund in affiliation with Blume Ventures, known as the Blume Ventures (Alternatives) Fund IIA, with a capital dedication of INR 300 Cr. A few of the firms which the fund had invested in, embody Unacademy, Gray Orange, Dunzo, Turtlemint, Servify, Purplle, Intrcity, Milkbasket, Cashify and Tricog

In 2015, IIFL had launched an INR 400 Cr fund to spend money on digital firms, which it claims, has been totally deployed and traders at the moment are getting returns on their bets. 

In the meantime, the funding state of affairs for the Indian startup ecosystem has recovered considerably within the third quarter of 2020 after a really sluggish starting to the yr. A complete of $2.eight Bn was raised throughout 261 funding offers in Q3 2020, with deal rely rising by 46%. 

In comparison with Q2, the funding quantity in Q3 marked a 167% improve. Nonetheless, each the funding quantity and the deal rely stay comparatively low on a year-on-year foundation. As per Inc42 Plus evaluation, the annual funding quantity is estimated to plunge wherever between 11% to 36%.



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