The round also saw participation from angel investors Vikram Chachra, founding partner of 8i Ventures and Kevin Moore who has backed the likes of companies like Drip and Robinhood.
The company plans to utilise the funding towards building its tech platform and provide acceleration capital to around 250 startups in India and other countries.
Founded in 2021 by Ravi Chachra and Vijay Lavhale, 8vdx is a digital venture debt marketplace and is part of Y Combinator’s winter batch of 2022.
“Over the next 18 months, we will complete the build-out of the technology platform, provide acceleration capital to 250 startups and have an asset under management (AUM) of $75mn. We launched 8vdx with an aim to provide venture debt to startups across all sectors and geographies,” Chachra said.
The startup offers investors to participate in funding each batch of Y Combinator. The firm also plans to offer venture debt to startups beyond Y Combinator.
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8vdx claims to have an AUM of $5 million presently and is growing at the rate of 25% per week.
“We have garnered strong interest from institutional investors who want to get exposure to the debt of high growth tech companies. In addition, we plan to set up an India-specific alternative investment fund (AIF) that may invest in startups outside of Y Combinator,” Chachra said.
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