PE Fund Investments
IIFL Fintech Fund acquires supply chain financing platform Xtracap
IIFL Fintech Fund has acquired a majority stake in Gurugram-based supply-chain financing platform, Xtracap Fintech. This is the fund's first investment in a supply-chain financing startup. Founded in 2017 by Mohammed Riaz and Nishant Singh, Xtracap (under the brand Bridge2Capital) caters to the short-term working capital needs of businesses. It serves both downstream and upstream channel financing needs by offering e-invoice-based financing. Xtracap aims to target 2 million small businesses across India in the next four to five years.
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