Mumbai-based venture debt marketplace to launch AIF for early-stage funding
- ByStartupStory | November 7, 2022
An alternate investment fund (AIF) is being established in India by a Mumbai-based venture debt marketplace, which is also building an office in Singapore. The fund will raise USD 90 million to fund 100 businesses across 10 countries.
Ravi Chachra, the creator of 8vdx, who is based in Mumbai, stated on the sidelines of the Singapore Fintech Festival, “The AIF, a private equity fund in India, would attract money from Indian investors for the Indian companies.”
The serial entrepreneur and seasoned financial investor with a focus on credit, Chachra, said, “We have money from Indian investors and we are building up an Indian AIF, an equity fund. The 15-person Mumbai team will grow to 40 members the following year, and 10 additional fundraising specialists will be hired for offices in Singapore, which will open the following year, as well as Delaware and California.
According to him, the company has already received $10 million, some of which came from tiny investors who were eager to put as little as $10,000 into startups. Chachra and Vijay Lavhale, the other co-founder of 8vdx, are attempting to raise an additional USD 90 million over the course of the following 24 months as part of their USD 100 million capital raise.
In order to promote his early-stage funding approach to Singapore-based businesses and startups, Chachra claimed he was attending the fintech festival, which took place Nov. 2-4. This would enable startups to move forward with their products and develop a strategy for raising money.
He described the 8vdx, which was founded in 2021 after he sold his assets in significant venture capital firms, as “a startup for the startups. What we’ve created is an environment created by entrepreneurs for startups.
According to Chachra, who travels between the 8vdx offices in Mumbai and California, “the focus is on small investors and 8vdx has built three fund-raising stacks.”He stated that 8vdx had already made US$1 million investments in six firms in India and another US$1 million in startups in Singapore.
“Our goal is to provide 100 startups with US$100 million in loans over the next 24 months, with 10-15% of that amount going to startups in Singapore. As hundreds of investors are interested in supporting technology, 8vdx has already received USD 10 million of its goal, according to Chachra, a venture capitalist who has been managing startup funding since 2005.
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