India Infoline Finance Limited (IIFL) Group’s IIFL Fintech Fund has celebrated a successful exit from SaaS platform TrustCheckr, generating an impressive 80% return on investment in just 18 months for its investors. The fund sold its stake in the fraud detection platform to TrueCaller, although the exact amount of the transaction remains undisclosed.
The acquisition was part of TrueCaller’s strategy to bolster its B2B offerings, particularly its enterprise risk intelligence tool. IIFL Fintech Fund initially invested in TrustCheckr in March 2022.
Mehekka Oberoi, Fund Manager at IIFL Fintech Fund, highlighted the fund’s commitment to enhancing the overall product and platform of TrustCheckr and ensuring business adoption. She stated, “Attaining an 80% IRR and ensuring early liquidity to our investors (in less than 18 months) underscores our commitment to ensuring our investors make maximum returns.”
The IIFL Fintech Fund was established in August 2021 with a corpus of Rs 210 crore and is backed by group entities, IIFL Finance and IIFL Securities. The fund has primarily focused on early-stage fintech startups, with 13 investments made in the past two years. Some of its portfolio companies include Trendlyne, Leegality, FinBox, DataSutram, Multipl, Finarkein, TrustCheckr, Finvu, Insurance Samadhan, and EasyRewardz.
Adhip Ramesh, Co-founder of TrustCheckr, acknowledged the pivotal role played by IIFL Fintech Fund in the company’s product development, business growth strategy, and the fundraising and M&A processes. TrustCheckr specializes in helping businesses verify customer information and detect fraud risks through a SaaS platform utilizing phone numbers and digital signals.
