The Indian digital ecosystem is in the middle of near-exponential growth and financial services is a key engine of that growth. We are very excited, through Sparkle, to back the right founders to help drive financial inclusion to the widest possible funnel of consumers,” the spokesperson for DMI Alternatives, said.
PTI
October 01, 2021 / 08:04 PM IST
DMI Alternatives, the investment manager of DMI AIF, on Thursday announced the closure of a $ 40 million (about Rs 296.4 crore) fund for the Sparkle Fund. The Sparkle Fund, which is part of DMI Alternative Investment Fund, was set up in 2017 to participate in investment opportunities in India’s rapidly growing digital finance ecosystem, a statement said.
Sparkle has invested $ 10 million across multiple companies including M2P, Credgenics, Servify, Uni and Mobikwik, it added. “Sparkle will continue to make investments across all stages of its portfolio companies, from pre-series A to significant growth rounds, and will expect to make more than 20 investments from this fund,” it said.
Within the fintech ecosystem, Sparkle focuses on alternative lending, consumer finance, financial services IT, payments, Regtech, wealthtech and AI-ML (artificial intelligence-machine learning) platforms to drive automation.
Sparkle’s strategic relationship with DMI Finance gives its portfolio companies access to market and data insights, possibilities for product trials and model refinement, and the technological capabilities of DMI Finance’s digital financing platform, the statement said.
The Indian digital ecosystem is in the middle of near-exponential growth and financial services is a key engine of that growth. We are very excited, through Sparkle, to back the right founders to help drive financial inclusion to the widest possible funnel of consumers,” the spokesperson for DMI Alternatives, said.
