The venture debt marketplace has raised $10 million and is on a mission to raise another $90 million within 24 months
Mumbai-based venture debt marketplace 8vdx plans to create an Alternative Investment Fund (AIF) in India to raise $90 billion. It will utilise this to invest in 100 start-ups across 10 countries, including the UK, the US and Singapore.
Ravi Chachra, founder of 8vdx said that AIF would be used to invest in Indian start-ups after raising money from investors. "We have money from Indian investors and we are setting up an Indian AIF, an equity fund," Chachra said while attending the Singapore Fintech Festival.
In the ongoing funding winter, this private equity fund can help start-ups currently struggling to raise captial at proper valuation.
Till now, 8vdx has raised $10 million and is on a mission to raise another $90 million within the next 24 months.
To expand its business, Chachra reached out to multiple Singapore-based start-ups and discussed the business model at the recently organised fintech festival in Singapore. The company is also set to place a number of funding experts in the Singapore office. The 15-member team in the Mumbai office will also be increased to 40 within the next year.