Florintree Advisors, led by former Blackstone India head Mathew Cyriac, has invested about $2 million ($16.5 million) for a minority stake in Cybrilla Technologies Pvt. Ltd, which provides fintech infrastructure to mutual fund distributors and asset management firms.
The round also saw participation from a few angel investors.
With this, Cybrilla has raised a total of ₹20 crore in its Seed round so far, said Satish Perala, the firm’s chief executive.
Bhalchandra Joshi, who was earlier chief operations officer at White Oak Capital, also invested ₹2 crore and joined Cybrilla as head of global strategy and operations.
Cybrilla will primarily use the capital to grow its product suite, expand tech staff, and acquire more customers.
The company was launched in 2010 by Perala and Anchal Jajodia.
“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 said. Cybrilla is also in talks with a few strategic investors to raise more capital, he added.
“Cybrilla is on a mission to re-imagine digital infra for multiple asset classes in India,” Syriac said.
“They currently power end-to-end digital backend systems for some of the fastest growing asset managers and fintechs in the country,” he added.
Founded in 2014, Florintree Advisors is a growth-stage private equity firm that invests in technology-backed companies. Some of its latest investments include digital marketing startup Logicserve Digital, D2C footwear brand Plaeto and aerospace and defence- focussed startup Avasarala.
Its portfolio also includes listed firms such as microfinance firm Satin Creditcare Network Ltd and Chennai-based defence supplier Data Patterns (India) Pvt. Ltd. Florintree’s most successful exit so far has been from MTAR Technologies Pvt. Ltd, which went public in March 2021.
Several SaaS-based startups across categories have raised capital in recent months.
In November, SaaS startup Impact Analytics raised $10 million as a part of its Series B round from existing investor Argentum Capital Partners.
In August, Emitrr raised $4 million in a pre-Series A round led by existing investors Chiratae Ventures, Venture Highway, FortyTwo VC, and Axilor Ventures.
