Mumbai-based 8i Ventures raising $50M for its Fund II

Mumbai-based 8i Ventures today announced it is raising $50 million (about Rs 374 crore) for its Fund II, which aims to invest in startups operating in the fintech space. This fund is almost four times larger than its previous corpus.

Founded in 2019 by Vikram Chachra and Vishwanath V, 8i Ventures is an early-stage investment firm that primarily invests in fintech and consumer category startups in India.

According to a statement, The firm will use the raised funds to invest in fintech startups, who are making money simpler. It has recently invested in several fintech startups like Slice, a credit card issuing startup; M2P, a card-issuing platform; Difenz, a startup that focuses on digital risks and fraud management solutions.

Slice, which recently turned into a unicorn startup after raising $220 million, also counted 8i Ventures as one of the participants in its Series B funding round. Apart from this, 8i Ventures is also an investor in, HCG Global (NSE: HCG), EzeTap, Blue Tokai, MoneyTap, Online Tyari, Eatigo, Signzy, amongst others.

The early-stage investment firm had first invested in the Slice when it was valued at $200 million earlier this year and is now sitting on a 7.4x paper gain clocked in less than six months of its investment.

With the new fund, the firm expects to invest up to $5 million depending on the growth stage and maturity of the companies. “With the new fund, we will be able to seed and co-lead Series A while maintaining our pro-rata in winners… When you have a tiny fund you run out of money to maintain your ownership as a company progresses,” Founding partner Vikram Chachra said.

Also Read:

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.

More On IndianStartupNews