IIFL AMC

IIFL Wealth & Asset Management on Wednesday reported a 23 per cent growth in profit after tax (PAT) to Rs 173 crore for three months ended September 2022. The company had posted a PAT of Rs 140 crore in the same quarter of the last fiscal, IIFL Wealth & Asset Management said in a statement. The company's total revenue rose 12 per cent to Rs 405 crore in the second quarter of 2022-23, from Rs 362 crore in the same quarter of preceding fiscal. The company's board declared the third interim dividend of Rs 17 per share. "In the near term, we are cognizant of the global volatility which can provide both challenges as well as opportunities. We continue to look out for exciting new products and opportunity areas, while remaining relatively cautious in our approach," the company's MD and CEO Karan Bhagat said. He, further, said that people and technology remain the company's key investment themes. It would continue to add new talent and deep expertise to the organization.

Canadian billionaire Prem Watsa's firm holds over 10% stake in two AMCs

It runs a cloud service that helps digital brands to increase customer retention

Series E round was round led by IIFL Asset Management, with support from existing investors InvestCorp and Bessemer Venture Partners

The customer engagement company is looking to hit an annual recurring revenue of $200 mn over next 5 years and plans to increase its headcount by 200 over next 12 months

Unlike MFs, Category-I and II AIFs have a closed-ended structure and are not exposed to the risk of sudden redemptions

Fund will target companies started by professionals with proven track record