Another helping hand for startups! IIFL sets up Rs 1,000 crore fund for them
As high net worth Indians are interested in startups,
The firm has roped in stalwarts from the startup sector as it aims to be first-off-the block amongst peers who are planning similar moves, reported the Economic Times.
"It's an ecosystem that we cannot ignore," said
IIFL is a part of the Mumbai-based financial services company that also owns mid-market-focussed
"Their clientele, who are hearing a lot about startups, (get) access to part of the action while
Earlier this year, Radhakrishna sold his startup to market leader Ola in a deal estimated at Rs 1,250 crore.
Others who will join the initiative include
Incubation centre: IIFL Wealth also plans to set up an incubation centre for startups and will invest Rs 25-50 crore in the fund itself which expects to make a first close by September.
This move to set up a startup fund by one of India's largest wealth management companies — which manages and advises over Rs 75,521 crore in assets — could set a precedent for other financial services players such as Edelweiss Financial Services which is also eyeing the sector.
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