Mumbai-headquartered IIFL Wealth Management has invested an undisclosed sum in the second fund of California-headquartered CerraCap Ventures, which makes early-stage technology bets.
Based in the US, CerraCap Ventures focuses on cyber security, artificial intelligence and digital health. Start-ups like Nirveda Cognition, Dathena, Fifth Demension, Bandbaajaa, Deep Instinct, Fortscale, Miqasa, Swych, Viome, AgShift and Bluedot are among the CerraCap Ventures Fund II's portfolio.
For IIFL Wealth, which manages about $24bn in high-net-worth assets in India, this investment helps the company connect to more start-ups in the technology sector.
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"
"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.
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."
IIFL Wealth made the investment through a unit, the statement said, without identifying the entity. It also did not disclose financial details.
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 ($110m) from a clutch of investor including Hong Kong-based Ward Ferry and existing private equity backer General Atlantic.