Early-stage Vc Firm 8iventures Has Launched Its Second Fund That Seeks to Raise $50m.

Founders of the company

Vishwanath V is an IT Specialist at IBM and lives in Bengaluru, Karnataka, India. He has studied at SJIT College of Engineering.

Vikram Chachra lives in Mumbai, Maharashtra, India. Mr. Chachra is a Co-Founder of Eight Capital and worked as the Chief Operating Officer in the company.

What is 8iVentures?

8iVentures was founded in 2019 by Vikram Chachra and Vishwanath V. The company is Mumbai and Bangalore based for early-stage funds that support the founders creating fintech and consumer category leaders for India.

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There are four types of fintech; digital lending, payments, blockchain, and digital wealth management. The company partners backed 28 seed to early-stage startups, and they have made more than a billion dollars value for their shareholders.

The Previous funds received by 8iVenture

8iVenture had received their first fund of $13M .1st fund had startups like slice, M2P, EaseBuzz, and Blue Tokai. 8i has funded a total of 7 startups which also include Difenz (digital risk and fraud management), EaseBuzz (online payment collector), and Better (Indian supplements brand).

8iVenture
8iVenture

According to the VC firm, 3 out of 6 startups seeded by the 1st fund have multiplied their GMV by 7 times to 28 times in the last 18 months. It is expected that several other 1st fund companies are to achieve an initial public offering (IPO) scale in the next 24-36 months. The first close is a milestone for 8iVenture and private equity firms, after which they start to deploy capital.

Developments of the company

8i Ventures has launched a second fund of $50 M. The 2nd fund is targeted for a more extensive portfolio with higher ownership. It will allow VC firms to focus on early-stage startups and make bigger bets. The investments will range between $500K to $5M for every company depending on its growth.

The closing of the funds is expected in the first quarter of 2022. ‘We now have the firepower to lead Seed and A deals and support our companies till they break out and attract late-stage VCs,’ says Vikram Chachra. The Bengaluru-based fintech startup raised $220 M in a Series B round led by Tiger Global and Insight Partners at a billion-dollar valuation. 

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In the week of November, the Indian startup ecosystem ended with investments totaling about 1.8B made across 38 deals. the 2nd fund is set to hold its first close in early 2021. According to a report, it will inject capital into 15 to 20 emerging startups in the financial technology and consumer e-commerce sectors.

After seeing their interest in American and Latin-American countries, Vikram has decided to invest in fintech firms. On a trip to Brazil, he met the founder of a neobank firm.

Continuous growth across the sector

Amid a COVID-19 pandemic, the lockdown tech sector boomed across Southeast Asia. AC Ventures managing partner Adrian Li told Reuters: “Since COVID-19, there has been unprecedented interest in Indonesia and Southeast Asia, with VC firms from all over the world -including top Silicon Valley firms- looking to the region, so the checks in promising startups are now faster and bigger,”.

Data from Refinitiv shows public equity capital raising by Southeast Asian firms has increased to a four-year high of $8.4 billion this year; data taken from Refinitiv. Region’s internet economy is forecast to hit $360 billion by 2025 from an estimated $174 billion in gross merchandise volume (GMV) by the end-2021, according to a 2021 report from Google, Temasek, and Bain & Company.

The portfolio companies have also raised more than $500 million. This gives the firm a more objective and consistent way of ranking early-stage startups.

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