IIFL Wealth Management Ltd. plans to raise up to INR 10 billion for a seed venture fund to invest in the start-up space. This is the first time that the wealth management team will raise capital to invest in the fast-growing start-up space. "We plan to do the first close by September end.

We have commitments from our wealth clients, across cities. We should be able to talk about our anchor investors post the first close," said Karan Bhagat, Managing Director of IIFL Wealth Management.