“Can IIFL Finance's NBFC balance sheet become the preferred embedded credit infrastructure for India's fintech and e-commerce ecosystem?”
IIFL was founded as an equity research and broking firm in 1995, evolving into a diversified financial services group spanning broking, wealth management, and NBFC lending. The group demerged into three separate listed companies around 2015-2019, with IIFL Finance emerging as the dominant NBFC focused on gold loans, home loans, microfinance, and MSME lending. In 2021, IIFL Finance made a deliberate push into embedded/digital finance by partnering with a roster of Indian fintechs (FinBox, Khatabook, KreditBee, Lendingkart, and others) to originate and disburse credit through third-party platforms, leveraging its NBFC balance sheet as a lending-as-a-service provider.