Mumbai’s venture debt market provides seed funding for startups


A Mumbai-based venture debt market is setting up an alternative investment fund (AIF) in India and raising $90 million to fund 100 startups in 10 countries as well as opening an office in Singapore.

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

We have money from Indian investors and we are setting up an Indian AIF, an investment fund, said Chachra, a serial entrepreneur and seasoned financial investor specializing in credit.

The 15-person Mumbai team will expand to 40 next year while another 10 finance experts will be placed in offices in Singapore, which will open next year, as well as in Delaware and California.

The company has already raised $10 million, some of which comes from small investors such as people willing to invest as little as $10,000 in startups, he explained.

Chachra and 8vdx co-founder Vijay Lavhale are on a mission to raise an additional $90 million as part of their $100 million fundraiser over the next 24 months.

Chachra said he was at the fintech festival, held from November 2-4, to reach out to Singapore-based companies and startups with his seed funding model. This would help startups move forward with their products and build a fundraising strategy.

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

What we’ve built is an ecosystem by a startup for startups.

The focus is on small investors and 8vdx has created three fundraising stacks, said Chachra who shuttles between 8vdx offices in Mumbai and California.

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

Our vision for the next 24 months is to lend US$100 million to 100 startups in 10 countries, of which 10-15% will go to startups in Singapore.

$10 million of that goal has already been raised because 8vdx has hundreds of investors eager to back the technologies, said Chachra, who has worked with venture capital groups and managed seed funding since 2005.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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