IIFL Fintech Fund Secures 5x Returns from Partial Exit in FinBox This marks the third exit by the fund in the past year.
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IIFL Fintech Fund, an early-stage fintech-focused investment fund, has announced a successful partial exit from its investment in FinBox, a credit infrastructure and embedded finance platform.
The fund claims to achieve a five times return on the initial tranche, marking a significant milestone in its investment portfolio.
FinBox was founded in 2017 by Rajat Deshpande, Anant Deshpande, Srijan Nagar, and Nikhil Bhawsinka. Headquartered in Bengaluru, the company operates as a B2B credit infrastructure provider that enables enterprises, banks, and other financial institutions to offer digital lending and embedded financial services.
Since investing in FinBox, IIFL Fintech Fund has played an active role in supporting the company's growth by helping scale its technology and expand its partnerships with banks, non-banking financial companies, and fintech firms.
Over the years, FinBox has emerged as a key enabler of digital credit and embedded finance solutions for leading financial institutions across the country.
Mehekka Oberoi, Fund Manager, IIFL Fintech Fund, said, "This marks the third exit of our fund in the past year and underscores our commitment to identifying and backing high growth businesses with strong fundamentals. The partial exit not only validates our strategic approach but also reinforces the strength of our portfolio and the value we aim to create for our stakeholders."
Apart from FinBox (5x return), the IIFL Fintech Fund has also made a partial exit from Finarkein Analytics (over 100% return) and completed the sale of TrustCheckr to Truecaller (80% annualised return).
Established in 2021, IIFL Fintech Fund focuses on early-stage fintech startups that align with IIFL Group's vision for innovation in financial services. The portfolio comprises Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.Ai, EasyRewardz, Multipl, Riskcovry, and TrustCheckr, which was acquired by Truecaller.
