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Home Gadgets IIFL Wealth to open Rs 750 crore fund-of-funds for tech bets

IIFL Wealth to open Rs 750 crore fund-of-funds for tech bets


IIFL Wealth, the wealth management arm of the diversified monetary providers group, will launch a Rs 750 crore fund-of-funds (FoF), that may associate tech-focused VC funds within the nation to spend money on their portfolio’s finest performing digital corporations.

The FoF, which shall be raised from the corporate’s ultra-high-net-worth particular person (UHNI) purchasers, shall be used to assist these fast-growing corporations meet their subsequent stage of capital necessities, a senior firm government stated.

Though investments by means of FoF are widespread within the West, particularly within the Silicon Valley, it has but to choose up tempo in India. IIFL is likely one of the first funds to undertake this technique to deploy capital.

“The IIFL Fairness Alternatives Fund goals to supply a singular alternative to spend money on the best-in-class technology-focused VC Funds primarily offering comply with on capital to their top-performing digital corporations together with different marquee buyers,” Umang Papneja, CIO of IIFL Wealth, stated.

The follow-on capital shall be for corporations within the fintech, ed-tech, med-tech, ecommerce and mobility sectors that wish to increase Collection B funding and better, the corporate stated.

The class III AIF (Different Funding Fund) is already in talks with funds equivalent to Orios, Blume and Kae Capital and has reached out to different funds as effectively. “We already have commitments price Rs 150-Rs 200 crore for the brand new fund,” Papneja stated.

That is IIFL’s second fund after it raised a Rs 400-crore fund in 2015 to spend money on digital corporations.

“The earlier fund is totally deployed, and we’ve got began returning capital to its buyers,” Papneja added.

By means of the primary, it invested in funds together with Blume II, India Quotient II, Kae Capital, India Options. The fund additionally made direct investments in corporations equivalent to Uniphore, Fynd, and NeoGrowth.

Usually, a VC fund has a transparent mandate from buyers (Restricted Companions) to not exceed a sure cheque dimension in an organization. However in excessive development corporations, the capital requirement can transcend what a VC is ready to present. In such instances, partnering with FoF to additional again their finest performing portfolio corporations is a win-win state of affairs for all stakeholders.

Within the final eight to 10 years, a variety of homegrown funds have raised capital from Indian HNIs and household places of work which have been seeking to again a few of these excessive development start-ups within the nation. Other than world capital, home capital has additionally been an enormous driver for VC buyers in India.

In 2018, IIFL Wealth launched a fund in affiliation with Blume Ventures, known as the Blume Ventures (Alternatives) Fund IIA, with a capital dedication of Rs 300 crore.

Among the corporations that the fund has backed are Unacademy, Gray Orange, Dunzo, Turtlemint, Servify, Purplle, Intrcity, Milkbasket, Cashify and Tricog.

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