Bengaluru, May 13, 2025: IIFL Fintech Fund, India’s leading early-stage fund dedicated to fintech sector, today said that it has exited the financial data analytics firm – Finarkein Analytics – at more than double the valuation in  three years of investment. This is IIFL Fintech Fund’s second exit after TrustCheckr, a fraud detection firm, which was bought by global caller identification app Truecaller in October 2023. IIFL Fintech Fund made ~80% returns on TrustCheckr investment within 18 months, when it was sold.

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.

Ms. Mehekka Oberoi (“Fund Manager”) said, “With Finarkein also, 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. We had earlier successfully exited TrustCheckr within 18 months The fund is committed to giving cashflows to investors from time to time”.

IIFL Fintech Fund-Series II recently also announced the first closure of the fund. They have successfully garnered more than Rs 200 Crore so far for its IIFL Fintech Fund – Series – II, The fund is garnering interest as it aims to invest in the next generation Fintechs of India including in the generative artificial intelligence space.

IIFL Fintech Fund was set up in 2021, with an objective to invest in early-stage Fintechs that IIFL as a group could collaborate with as well.  Over the last three years, the IIFL Fintech Fund boasts of 14 investments made across various segments in fintech. The portfolio comprises of – Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.Ai, EasyRewardz, Multipl, Riskcovry, TrustCheckr (sold to True Caller).

The fund’s portfolio has delivered a 26.2X revenue growth, in the last three years, 40% of the portfolio is EBIDTA positive, and the fund boats of 0% write-off/Deadpool.

 Opportunities in Indian Fintech ecosystem is significant as financial services penetration in India remains low. The gap between major economies and India across segments – insurance, lending, neo-banking, mutual fund assets is anywhere in the range of 3-5X. This gives enough headroom for growth in Indian Fintech space.

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IIFL Fintech Fund was set up in 2021, with an objective to invest in early-stage Fintechs that IIFL as a group could collaborate with as well.  Over the last three years, the Series – I of the fund boasts of 14 investments made across various segments in fintech. The portfolio comprises of – Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.Ai, EasyRewardz, Multipl, Riskcovry, TrustCheckr (sold to True Caller).

The portfolio has delivered a 22.5X revenue growth, in the last three years, 40% of the portfolio is EBIDTA positive, and the fund boats of 0% write-off/Deadpool.

Mr. Prakash Bulusu, Joint CEO, IIFL Capital Services limited said, “We have seen very good response from HNIs, UHNis and family offices for our IIFL Fintech Fund Series – II. Considering that India’s fintech is the only segment which is expected to grow 11X vs Indian online retail and Indian consumer tech where the expected growth is 3X and 5.8X respectively, the interest received for the fund was palpable.”

“With our deep connection with Indian’s top wealth creators, we understand their niche investment needs in alternative fund management space. This helps us to give curated offerings like the IIFL Fintech Fund, which continues to attract investor eyes for its successful track record and investment philosophy.”

Mehekka Oberoi Kohli, Fund Manager, IIFL Fintech Fund said, “Our objective in IIFL Fintech Fund – Series – II is to continue to focus on identifying future market leaders in each of the segment that we would invest in. Through our series – I, we have been able to set up a track record which boats of winners like – Leegality (market leader in document signing infra), Finvu (highest market share in account aggregator space), Trendlyne (most used stock market analytics platform), FinBox (fastest growing embedded finance platform) among others.”

“Through our Series – II, there is a special focus on generative AI in financial services space. Generative AI is picking up pace, and is likely aid further aid the growth of the financial services space. Backed by the over three decades of experience of our group in financial services space, we are better poised to identify the winners.”

Opportunities in Indian Fintech ecosystem is significant as financial services penetration in India remains low. The gap between major economies and India across segments – insurance, lending, neo-banking, mutual fund assets is anywhere in the range of 3-5X. This gives enough headroom for growth in Indian Fintech space.

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