8vdX, a task debt corporation released with the aid of using Eight Capital Management’s Ravi Chachra and Vijay Lavhale, on Friday stated it has secured $three million (round Rs 23.1 crore) from Y Combinator, GMO Venture Partners, Zillionize, Cathexis and Grant Park, amongst others.
The spherical additionally noticed participation from exceptional angels Vikram Chachra (Slice, M2P, CarWale) and Kevin Moore (Drip, RobinHood, ZoomCar).
With the brand new fundraise, 8vdX keeps to being founder friendly. In the beyond 3 months, the platform has offered $2.eight million in debt to sixteen startups, which include from India, it stated in a statement.
Named after Eight Capital (eight) task debt (vd) exchange (X), 8vdX turned into based with the aid of using Chachra alongside together along with his colleague Vijay Lavahle in June 2021.
Part of US investor accelerator Y Combinator’s wintry weather 2022 batch, 8vdX allows task debt founders to reduce fairness dilution throughout sectors and geographies.
“Over the subsequent 18 months, we are able to whole the construct out of the generation platform, offer acceleration capital to 250 startups and feature an AUM of $75mn. In simply 3 months, we’ve got an AUM of $five million and are developing 25% according to week.
We have garnered sturdy hobby from institutional traders who need to get publicity to the debt of excessive increase tech companies. In addition, we plan to installation an India-unique opportunity funding fund (AIF) that could spend money on startups outdoor of Y Combinator,” stated Ravi Chachra, Co-Founder of 8vdX.
Silicon Valley investor Y Combinator, that is American generation startup accelerator released in March 2005, gives seed investment to startups and has helped over three,000 startups to take off thru its programmes.
In March, VCCircle suggested that Eight Capital chairman Ravi Chachra is about to release a task debt fund to raise $50 million thru 8vdX.