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Mon, 17 Jun 2019
IIFL Wealth makes LP-style bet on US-based venture capital firm

India’s IIFL Wealth Management Limited. has injected an undisclosed sum in the second fund of California-headquartered CerraCap Ventures, which makes early-stage technology bets.

This investment in CerraCap Ventures Fund II complements IIFL Wealth’s strategy to connect to the world’s promising startups, said a company statement.

“We like the sharp focus of the CerraCap team on emerging technology areas. Our relationship with CerraCap Ventures will give us access to investment opportunities in the best technology businesses on a global front,” said Karan Bhagat, MD & CEO of IIFL Wealth.

CerraCap Ventures focuses on cyber security, AI and digital health leveraging sales and scale business model. Besides providing capital to early-stage companies, it also claims to help startups sell into large enterprises through an ecosystem of decision makers.

On partnering with IIFL, Vikas Datt, MD and Partner at CerraCap Ventures, said, “Technology startups need a lot more than just capital and guidance, provided by most investment firms, to realize their complete potential.”

Meanwhile, Mumbai-based IIFL Wealth is one of the leading private wealth management firms in India with an AUM of around $24 billion. It employs more than 1000 employees across 26 locations worldwide. IIFL counts private equity firm General Atlantic among its list of backers.

Other investors in the company include WF Asian Reconnaissance Fund (a fund managed by Ward Ferry), Rimco Mauritius, Amansa Holdings Pvt Ltd, Steadview and HDFC Standard Life Insurance. In June last year, IIFL Wealth had raised Rs 746 crore (about $110 million) from a clutch of investors.

The Indian company has been quite active on the acquisitions front.

In October last year, it announced the acquisition of Chennai-based Wealth Advisors India Pvt Ltd. A month prior, it acquired Bengaluru-based fintech company Altiore Advisors.

Source: DealStreetAsia





Last updated by: anil.mascarenhas on Mon, 17 Jun 2019 5:39 PM