IIFL Fintech Fund Announces the Second Exit From The Fund Clocks More than 100% Return for Investors

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.