Mumbai’s venture debt marketplace plans early-stage funding for startups

A Mumbai-based venture debt marketplace is in the midst of setting up an Alternate Investment Fund (AIF) in India and raise USD 90 million for funding 100 startups in 10 countries as well as opening a Singapore office.

The AIF, a private equity fund in India, will raise money from Indian investors for the Indian companies, Mumbai-based 8vdx founder Ravi Chachra said on the sidelines of Singapore Fintech Festival.

We have money from Indian investors and we are setting up an Indian AIF, an equity fund, said Chachra, a serial entrepreneur and veteran financial investor with a specialisation in credit.

The Mumbai team of 15 will be expanded to 40 next year while 10 more funding experts will be placed in offices in Singapore, to be opened next year, as well as Delaware and California.

The company has already raised USD 10 million, some of which have come from small investors such as people keen on investing as little as US$10,000 in startups, he explained.

Chachra, and 8vdx co-founder Vijay Lavhale, are on a mission to raise another USD 90 million as part of their USD 100 million fund raise over the next 24 months.

Chachra said he was at the fintech festival, held Nov 2-4, to reach out to Singapore-based companies and startups with his model of providing early-stage funding. This would support startups to progress on with their products and build a fund-raising strategy.

We are a startup for the startups, he said of the 8vdx which was established in 2021 after he exited his investments with major venture capital groups.

What we have built is an ecosystem by a startup for the startups.

The focus is on small investors and 8vdx has created three fund-raising stacks, said Chachra who shuttles between Mumbai and California offices of 8vdx.

He informed that 8vdx has already invested US$1 million in six startups in India and another USD 1 million in Singapore-based startups.

Our vision for the next 24 months is to lend 100 startups across 10 countries US$100 million, with 10-15 per cent of that going to Singapore startups.

USD 10 million of this target is already raised as 8vdx has hundreds of investors keen on supporting technologies, said Chachra who has been working with venture capital groups and managing startup fundings since 2005.

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