Another helping hand for startups! IIFL sets up Rs 1,000 crore fund for them
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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
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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.
Valuation have jumped: Valuation of e-tailers such as
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(Image: Indiatimes)
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