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8X Ventures Launches Rs 200 Crore DeepTech Fund to Boost Indian Startup Ecosystem

Updated: Jun 22, 2024 04:58:59pm

8X Ventures Launches Rs 200 Crore DeepTech Fund to Boost Indian Startup Ecosystem

New Delhi, Jun 22 (KNN) In a significant move for India's technology startup ecosystem, 8X Ventures has announced the first closing of its Rs 200 crore DeepTech Fund.

The fund, which includes a greenshoe option of Rs 100 crore, aims to invest in early-stage Indian DeepTech startups over the next three years.

According to 8X Ventures, the fund has already secured commitments exceeding Rs 60 crore, signalling strong investor interest in India's burgeoning DeepTech sector. 

The company plans to invest in 18-20 startups, with initial investments ranging from Rs 2-5 crore each. For 8-10 high-potential startups, total investments could reach up to Rs 20 crore.

Established in 2021 and headquartered at the IIT Madras Research Park, 8X Ventures has already demonstrated its investment acumen. 

The firm's global fund has delivered an impressive 2.1X Multiple on Invested Capital (MOIC) with a 40+ per cent Internal Rate of Return (IRR) since 2022.

The company's portfolio showcases a diverse range of innovative startups, including Solinas Integrity (robotics and sanitation), D-Nome (molecular diagnostics), Lightspeed Photonics (next-gen computing), XYMA Analytics (Industrial IoT), Zenpulsar (social media AI), and Pantherun Technologies (real-time AI encryption).

8X Ventures' investment strategy focuses on identifying cutting-edge technologies with significant market potential. 

This approach has led to successful investments like Solinas Integrity, which is boosting public sanitation through robotics and computer vision, and XYMA Analytics, which utilises waveguide technology for data capture in extreme conditions.

While based in Chennai, 8X Ventures is actively scouting for innovations across India. The fund prioritises startups with developed technologies, sustainable competitive advantages, and ready markets. 

Leveraging its international connections, particularly in the Middle East and Europe, 8X Ventures aims to facilitate global expansion for its portfolio companies and attract regional investors for larger follow-on rounds.

This new fund launch by 8X Ventures underscores the growing importance of DeepTech in India's startup landscape and could potentially accelerate the country's technological advancement in various sectors.

(KNN Bureau)


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