IIFL Fintech Fund announces maiden exit, secures 80% return
IIFL Group’s early-stage investment arm IIFL Fintech Fund announced its first exit on Monday, divesting its stake in fraud detection platform TrustCheckr to Swedish caller identification app Truecaller, delivering an 80% return to investors.
The fund, backed by group companies IIFL Finance and IIFL Securities, has a corpus of Rs 210 crore invested in a portfolio of 13 companies including Bengaluru-based stock analytics platform Trendlyne, document infrastructure platform Leegality, insurance technology startup Insurance Samadhan, among others.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Product ManagementVisit“We have made an 80% return on this investment, translating to a 1.8 multiple on invested capital (MOIC). We have decided to distribute these funds to the investors because we wanted to give early liquidity to them,” Mehekka Oberoi, fund manager, IIFL Fintech Fund, told ET.
The fund has previously invested close to $1 million in the fraud detection platform, she added.
“It was a strategic buyout by Truecaller, and the combination or the synergy between Truecaller and TrustCheckr will be very strong to scale this platform to the next level and become a meaningful fraud detection platform,” Oberoi commented on the stake sale.
TrustCheckr is a software-as-a-service (SaaS) platform that enables companies to verify information about customers and detect fraud risks.
In a separate development, in September 2023, IIFL Fintech Fund
