IIFL Fintech Fund, the early-stage investment vehicle of IIFL Group, has invested `50 crore for a 51% stake in Xtracap Fintech India Private Ltd, a supply chain finance platform that focuses on channel financing. This is IIFL Fintech Fund’s first investment in a supply chain finance company.
Xtracap Fintech offers e-invoice financing in real time to partners, distributors, and suppliers on both downstream and upstream server channels.
Mehekka Oberoi, Fund Manager at IIFL Fintech Fund, said, “Supply chain finance is a large and growing market in India. Xtracap Fintech is a well-positioned player in this market with a strong technology platform and a proven track record. We are excited to partner with Xtracap Fintech to help them grow their business and expand their reach to more MSMEs.”
Mohammed Riaz, CEO of Xtracap Fintech, said, “We are thrilled about the infusion of capital from IIFL Fintech Fund. This investment will help us accelerate our growth and expand our reach to more MSMEs across India. We are committed to providing innovative and accessible financial solutions to MSMEs, and we believe that this investment will help us achieve our goals.”
According to PwC’s 2023 India Supply Chain Finance Market Report, the Indian supply chain finance market is expected to reach INR 10 trillion by 2026, growing at a CAGR of 20%.
IIFL Fintech Fund was established in August 2021 with a corpus of Rs.210 crore. The fund is sponsored by two group companies of IIFL – IIFL Finance and IIFL Securities. The fund’s investment thesis is to invest in early-stage fintech companies that are using technology to solve real-world problems. The fund’s investments include Trendlyne, Leegality, FinBox, DataSutram, Multipl, Finarkein, TrustCheckr, Finvu, Insurance Samadhan, and EasyRewardz.
IIFL Fintech Fund Invests Rs 50 crore in Supply Chain Finance Platform Xtracap Fintech
Xtracap Fintech offers e-invoice financing in real time to partners, distributors, and suppliers on both downstream and upstream server channels.
This article was first uploaded on September fourteen, twenty twenty-three, at thirty-seven minutes past three in the night.