Cedar-IBSi Capital announced on Saturday (November 16) that it plans to invest in 10 to 15 startups working in the banking sector and insurance technology segment to expand its presence in the country.
“The fund plans to build a portfolio of companies, allocating a budget between Rs 4 and 10 crore, with a focus on financial strengthening of eight to 10 high-performing companies,” he said. The fund has already gathered commitments in the range of Rs 50-75 crore from its Rs 240 crore seed fund launched in 2023, he added.
“We are focused on investing in startups that offer unique products and innovative technologies to help improve the efficiency of financial institutions. We have made our first investment in Cogniquest AI, an intelligent document processing technology company and we look forward to announcing our second investment soon. “Sahil Anand, Founder and Managing Partner, Cèdre-IBSi Capitalsaid.
Disruption in business-to-consumer commerce has occurred over the past five to eight years, but the core software and infrastructure of banks, insurance companies and others remains outdated and outmoded, a- he added.
“We will aim to fill the void in this space,” Anand said.
The company said it will look to invest in early-stage startups focused on banking technology as they seed for Series A rounds. “The fund will focus heavily on supporting seasoned entrepreneurs who are creating solutions and technologies in the field of BFSI technology (banking, financial services and insurance); fintech“, he added.