This is the second major institutional investor to get involved in this fund set up by management consultancy firm Cedar and fintech market intelligence platform IBS Intelligence.
The firm had announced the first close of its fund at $30 million in March this year.
HFPCG has made a sizable commitment to Cedar-IBSi Capital’s FinTech-focused vehicle, with the aim of making the fund its primary source of fintech exposure, the company said. It did not disclose the actual size of the investment.
“We are excited to welcome a respectable institutional investor such as Hades to the Cedar-IBSi Capital investor base and look forward to executing our common goal in unlocking the Indian B2B Fintech and bank tech journey,” said Sahil Anand, founder and managing partner, Cedar-IBSi Capital.
“We also take pride in the India-GCC (Gulf Cooperation Council) fintech corridor that we have facilitated over the years and see multiple synergies with Hades in this,” he added.
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With an initial cheque size of Rs 4 to 10 crore ($500,000 to a million dollars), Cedar-IBSi Capital will seek to invest in around 15 early-stage startups focused on technology in banking. “This investment aligns perfectly with our strategy to back promising early-stage companies that are poised to disrupt traditional financial services and bring transformative solutions to the market,” said Mohammed Abrar Asif, co-CEO of HFPCG.
The fund said that it will focus heavily on backing seasoned entrepreneurs who are building solutions and technology in the area of banking technology, enterprise fintechs that are solving use cases and problems within financial services companies.
