DMI Alternatives, the investment manager of DMI Alternative Investment Fund (AIF) and an associate company of DMI Finance, has announced the closure of a $40 million (about Rs 300 crore) fundraise for The Sparkle Fund.
“So far, Sparkle has invested $10 million across multiple companies including M2P, Credgenics, Servify, Uni and Mobikwik,” the company said in a statement.
Earlier this year, Sparkle participated in a $5 million (around Rs 36.6 crore) Series A round of funding in Bengaluru-based insurance-technology startup Riskcovry.
"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," the company said.
Sparkle was set up in 2017 to participate in investment opportunities in India’s digital finance ecosystem.
The Delhi-based fund focuses on alternative lending, consumer finance, financial services IT, payments, reg-tech, wealth-tech and artificial intelligence platforms to drive automation.
Its portfolio companies have access to market and data insights, possibilities for product trials and model refinement and tech capabilities of DMI Finance’s digital financing platform.
DMI Finance, founded in 2008 by former Citigroup executives Shivashish Chatterjee and Yuvraj C Singh, has been in the real estate financing space for over a decade.
It is backed by investors such as Dabur India promoters’ Burman Family Office and Liechtenstein-based asset management firm New Investment Solutions.