TLDR:
– Cedar Capital marks the first close of a $30 million fintech fund
– The fund will focus on banking technology, B2B fintech, insurance companies, NBFCs, and other financial services
Summary:
Cedar Capital, the fintech-focused venture capital firm, has successfully closed the first round of its INR 240 Cr ($30 Mn) FinTech Venture Capital fund. The fund aims to support early-stage startups in the banking technology, B2B fintech, insurance, and NBFC sectors. With an initial cheque size of INR 4 to 10 Cr, the fund plans to back around 15 startups through seed to Series A funding rounds. The fund follows a limited partner-general partner (LP-GP) model and has attracted family offices and institutional investors from India and the Middle East. Cedar Capital’s founder, Sahil Anand, emphasizes the fund’s sector-specialist focus and global reputation in attracting interest despite the challenging venture capital environment. The fund is set to finalize its initial deal soon and intends to invest in 8 to 10 companies from its portfolio in the future. The launch of this fund aligns with a trend of institutional investors establishing or closing funds to support India’s startup ecosystem.
