# IIFL Seed Ventures

> IIFL Seed Ventures is a VC fund in Mumbai backing E-Commerce, Retail and Financial Services. See 12 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Mumbai, India
- Total investments: 12
- Last investment: May 2023
- Lead investor: 33%
- Last fund: Jun 2019
- Last updated: Aug 2026

IIFL Seed Ventures is a VC fund in Mumbai focused on E-Commerce and Retail. IIFL Seed Ventures focuses on companies across financial services, consumer, healthcare and technology segments.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| E-Commerce | 5 | 42% |
| Retail | 4 | 33% |
| Financial Services | 2 | 17% |
| Mobile | 1 | 8% |
| Fashion | 1 | 8% |

19 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 2 | 17% |
| Series B | 2 | 17% |
| Series D | 2 | 17% |
| Series E | 2 | 17% |
| Venture - Series Unknown | 2 | 17% |

7 stages tracked in total.

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Hopscotch | Hopscotch is an online store offering insider access to baby and kids brands from around the world, at unbeatable prices. F | $20M | Series E | May 24, 2023 |  |
| Neogrowth | Neogrowth operates as a non-banking financial company in India. It is focused on meeting the financial needs of small businesses which sell goods and services to consumers. It offers business financing services to small- and medium-sized retail companies that sell apparel, consumer durables and electronic items, footwear and accessories,handicrafts, gifts, and optical goods as well as to restaurants, beauty salons, hotels, gymnasiums, and health diagnostic centers. NeoGrowth began its commercial operations in 2013. | $36.2M | Series D | Dec 15, 2022 |  |
| Happily Unmarried | Happily Unmarried was anti established in 2003 with no vision and no business plan. Actually at somepoint they did make a business plan but according to that they should have retired 5 years ago.They make fun products, they do music festivals, they work with corporates when they want to do interesting work and lately they have been doing a lotof projects involving branding, communication, interiors, marketing all rolled into one (they are trying to think of a name for someone who does all that but no luck yet). | $2.1M | Venture - Series Unknown | Sep 21, 2022 |  |
| Ustraa | Ustraa is a premium brand offering grooming products and services for men including e-commerce and offline stores. | $2.1M | Venture - Series Unknown | Sep 21, 2022 |  |
| Hopscotch | Hopscotch is an online store offering insider access to baby and kids brands from around the world, at unbeatable prices. F | $25M | Series D | Sep 24, 2020 |  |
| BlueStone | BlueStone offers a diverse collection of jewellery, featuring designs in gold, diamond, and platinum. The company provides options for various occasions, catering to different customer preferences. BlueStone also introduces a flexible financing plan known as the Gold Mine 10+1 Plan, which allows customers to purchase jewellery through monthlyinstallments. This plan includes a discount on the final installment, making it accessible for a wider audience. The emphasis is on creating unique and contemporary designs that appeal to modern consumers. Overall, BlueStone focuses on delivering an extensive range of jewellery choices to meet the needs of its customers. | $2M | Series E | Jul 21, 2020 |  |
| EatClub Brands | EatClub Brands is a cloud kitchen company that allows consumers to order food from a list of handpicked food brands such as MOJO Pizza, BOX8, Itminaan Biryani, Globo Ice Creams, NH1 Bowls, ZAZA 21 Spice Biryani, LeanCrust Pizza, and Mealful Wraps. With 150+ kitchens it’s present in major cities like Mumbai, Bangalore, Pune, NCR, and Hyderabad. | $2.6M | Convertible Note | Apr 20, 2020 |  |
| EatClub Brands | EatClub Brands is a cloud kitchen company that allows consumers to order food from a list of handpicked food brands such as MOJO Pizza, BOX8, Itminaan Biryani, Globo Ice Creams, NH1 Bowls, ZAZA 21 Spice Biryani, LeanCrust Pizza, and Mealful Wraps. With 150+ kitchens it’s present in major cities like Mumbai, Bangalore, Pune, NCR, and Hyderabad. | $15M | Series C | Mar 30, 2019 |  |
| Kogta Financial | Kogta Financial (I) Ltd, one of the fastest growing NBFC in western India with its cost effective and efficient value chain for its clients financial needs is an outcome of its experienced and innovative Management Team. | $17.9M | Series B | Nov 29, 2018 |  |
| Fynd | Fynd is India's Largest Fashion O2O company with real-time inventory access to over 9000+ stores. Being a unique fashion e-commerce portal, it brings the latest in-store fashion online. The company channelizes its combined outreach to offer the best brands and fashion along with superior customer services to its ever-growing clientele.Technology plays a major part in the company's growth and APIs are the backbone of this business.Founded by Farooq Adam, Harsh Shah, and Sreeraman MG, the Mumbai-based firm was incepted in 2012 as Shopsense Retail Technologies Pvt Ltd. However, in November 2015 the company pivoted to Fynd, a unique fashion e-commerce portal offering fresh fashion to customers much ahead of any other e-commerce player.In March 2018, Fynd raised an undisclosed amount of funding in its Series C round led by Google and other existing investors including Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, Patni family office and Hong Kong-based Axis Capital among other angel investors. The latest round of funding will be utilised to improve engagement between consumers and retailers. So far, Fynd had raised $3.4 Mn funding in Series A from investor groups led by IIFL. The capital was used to reach out to more than 20 million customers and increase inventory to include more than 15 lakh products.Fynd’s capability of sourcing its products across various fashion categories directly from most prominent brands' stores in the country, enables it to develop this edge over any other e-commerce marketplace. At present, Fynd serves customers located across India and receives inventory data from stores in 42+ cities. | $3.4M | Series A | Jun 21, 2017 |  |

10 of 12 investments shown.

## Co-investors
- [Mayfield Fund](https://shizune.co/investors/profile/mayfield-fund) — VC Fund, 2 deals together
- [RPG Ventures](https://shizune.co/investors/profile/rpg-ventures) — VC Fund, 2 deals together
- [Wipro Enterprises](https://shizune.co/investors/profile/wipro-enterprises) — VC Fund, 2 deals together
- [Accel](https://shizune.co/investors/profile/accel) — VC Fund, 1 deal together
- [Amazon](https://shizune.co/investors/profile/amazon) — VC Fund, 1 deal together
- [Artha Group](https://shizune.co/investors/profile/artha-india-ventures) — VC Fund, 1 deal together

## Similar investors

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund

## FAQ

### What does IIFL Seed Ventures invest in?

IIFL Seed Ventures invests primarily in E-Commerce, Retail and Financial Services startups, most often at Series A and Series B stage. Most of the 12 investments tracked by Shizune back companies in India. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did IIFL Seed Ventures last invest?

The most recent investment recorded for IIFL Seed Ventures closed in May 2023. Shizune tracks 12 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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