Cedar-IBSi Capital announced on Saturday, November 16, that it plans to invest in 10 to 15 startups in the banking and insurance technology sector. This move aims to strengthen its presence across the country.
“The fund plans to build a portfolio of the companies, allocating a budget within the range of Rs 4-10 crore, with an intensified focus on financially strengthening eight to 10 high-performing companies,” it said. The fund has already gathered commitments in the range of Rs 50-75 crore from its Rs 240 crore early-stage fund launched in 2023, it added.
“We are focusing on investing in startups which offer unique products and innovative tech to help improve efficiency at financial institutions. We have made our first investment in Cogniquest AI, an intelligent document processing tech company and are looking forward to announcing our second investment shortly,” Sahil Anand, Founder and Managing Partner, Cedar-IBSi Capital, said.
Over the past five to eight years, the business-to-consumer market has witnessed significant disruption. However, the software and core infrastructure of banks, insurance firms, and other players still rely on outdated systems.
“We will aim to fill the gap in this space,” Anand said.
The company also shared its focus on early-stage startups in the banking tech space. It aims to support these startups during their seed to Series A funding rounds.
