Florintree Advisors, a private equity company led by ex-Blackstone India head Mathew Cyriac, has bought a minority stake in fintech firm Cybrilla Technologies.
The move comes as part of an investment round, where Florintree injected nearly $2m in Cybrilla Technologies, which offers fintech solutions to mutual fund distributors and asset administration firms.
A number of angel investors also took part in the fund-raising.
The new funding has brought the total amount of investment raised by Cybrilla in its seed round to INR200m.
Bhalchandra Joshi, former chief operations officer at White Oak Capital, also invested INR20m and became the head of global strategy and operations at Cybrilla after the investment.
Cybrilla plans to use the fresh infusion to create new products as well as add new tech staff and clients.
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It was established in 2010 jointly by firm’s chief executive Satish Perala and Anchal Jajodia.
Perala said: “The investment from trusted industry leaders like Mathew Cyriac and Bhalchandra Joshi is proof that with the right partners, we are poised to lead in providing low-cost, high-performance modular infra for global asset management and distribution.”
Perala also added that Cybrilla is having discussions with various strategic investors to raise additional capital.
Cyriac said: “Cybrilla is on a mission to re-imagine digital infra for multiple asset classes in India.”
He added, “They currently power end-to-end digital backend systems for some of the fastest growing asset managers and fintechs in the country.”
Florintree Advisors is a growth-stage private equity firm that invests in technology-backed companies.
Set up in 2014, Florintree Advisors primarily invests in technology-based companies.
Recently, the firm invested in digital marketing startup Logicserve Digital, D2C footwear brand Plaeto, among others.