8i Ventures Announces Its First Close Of 50 Mn Fund
8i venture capital firm announces the first close of its $50 million second fund. The main focus of the fund would be to invest in fintech startup
Early-stage venture capital fund 8i announces the first close of its $50 million second fund. “The fund has raised 50% of its targeted assets under management and achieved a first close of $25 million, raised largely from family offices like Salgaocars and Kothari (DSP) who were also invested in 8i Venture’s first fund,“ said by the firm
The fintech and commerce-focused fund plan to write $1.5-2 million cheques at the seed stage, going up to $10 million in subsequent rounds. It was founded by Vikram Chachra and Vishwanath V in 2019. According to the media reports it recorded one of the highest venture exits in India this April when it partially exited a seed investment in portfolio company M2P at a 36X multiple over 2 years.
“We believe fintech is the single largest venture opportunity in India. Every single friction point in India’s financial economy is a potential billion-dollar startup opportunity. Fund 2 will have 15-20 companies that we will invest in over the next 3 years. We will invest at seed, with a USD 1.5-2 million cheque, going up to series B in the winners,” said Vikram Chachra.
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