TLDR:
- Hades Financial Private Capital Group joins Cedar-IBSi Capital as LP for $30 Mn fund
- Fund to focus on early-stage fintech startups in India, with cheques ranging from INR 4 Cr to INR 10 Cr
The article discusses Cedar-IBSi Capital’s latest development of receiving a significant commitment from Riyadh-based asset management company Hades Financial Private Capital Group (HFPCG) for its debut $30 Mn fund. HFPCG becomes the second large institutional investor to join the fintech-focused fund as a limited partner, marking the first close of the fund in March with participation from other institutional investors and family offices. The fund aims to invest in around 15 early-stage fintech startups, focusing on Indian B2B FinTech/BankTech journey.
The partnership between Cedar-IBSi Capital and HFPCG will leverage each other’s expertise and network to drive value creation. The fund plans to invest in entrepreneurs building fintech startups catering to banks, enterprises, and other financial services players. Despite the ongoing funding winter, 2023 saw the launch of 64 funds with a corpus of $5.6 Bn, indicating a positive momentum in the Indian startup ecosystem. Various other developments in the fintech sector, including the final close of other funds, highlight the growing interest and investments in the Indian startup space.
