IIFL Fintech Fund Exits Finarkein Analytics With Over 2X Return in 3 Years
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IIFL Fintech Fund, an early-stage fund focused on the fintech sector, has announced a successful exit from its investment in Finarkein Analytics, a financial data analytics firm.
The exit, achieved at more than double the valuation in just three years, marks the fund's second profitable exit, following the sale of fraud detection firm TrustCheckr to global caller identification platform Truecaller in October 2023. The fund earned ~80% returns on the TrustCheckr investment in only 18 months.
Finarkein Analytics enables enterprises to build data products leveraging India's emerging digital public infrastructure (DPI) such as the Account Aggregator ecosystem, ONDC-Financial Services, and OCEN.
"With Finarkein also, we went beyond the business aspect to enhance their overall product and platform to ensure faster business adoption," said Mehekka Oberoi, Fund Manager at IIFL Fintech Fund. "Attaining a more than 100% return and ensuring liquidity to our investors underscores our commitment. We had earlier successfully exited TrustCheckr within 18 months. The fund is committed to giving cashflows to investors from time to time."
Launched in 2021, IIFL Fintech Fund has invested in 14 fintech startups including Leegality, FinBox, DataSutram, Finvu, Trendlyne, and Vitra.AI. The fund boasts a 26.2X revenue growth across its portfolio over three years, with 40% of the startups being EBIDTA positive and no write-offs or deadpool cases.
Recently, IIFL Fintech Fund also announced the first close of its Series II fund, securing over INR 200 crore. The new fund aims to back the next wave of fintech innovation in India, including ventures in generative AI.
The Indian fintech ecosystem continues to present vast opportunities. "There is a 3-5X gap between India and developed markets in areas like insurance, lending, and mutual fund assets," the fund said in a statement. "This makes fintech one of the most promising sectors in India's growth story."
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