Early-stage VC 8i Ventures to offload partial stake in M2P Fintech

8i Ventures, an early-stage venture capital fund, has made a partial exit of its seed investment in M2P Fintech at a 36X multiple clocking an IRR of 415% over 2 years.

M2P is among the portfolio winners of 8i Ventures. It offers Banking-as-a-Service (BaaS) to over 500 fintechs, along with non-banking financial companies (NBFCs), banks and other financial service companies.

Following this partial exit of its seed shares in M2P, 8i Ventures, through its Fund I and affiliates, will continue to hold more than 75% of its original stake in the company. Fund I was launched in May 2019 and had its final close on July 31, 2021. The size of the fund is $15.5 million, which comprises $13 million as assets under management (AUM) and another $2.5 million co-invest AUM.

8i Ventures’ Fund I is currently up 2.7-folds with an IRR of 122% and a Multiple On Invested Capital (MOIC) of 4X. Its portfolio already has three breakout winners in M2P Fintech, Slice and Easebuzz.

The portfolio consists of investments in 13 ventures with 80% of investible capital invested/reserved for the current portfolio. The fund invests in start-ups, which are in pre-seed to Series B stage, with cheque sizes ranging at $300,000 to $1.3 million.

8i Fund I has so far invested in fintech, consumer and web 3.0. The fund’s portfolio has received follow-on investments from VCS like Tiger Global, Insight Partners, Flourish, Omidyar, and Beenext.

The valuation of M2P Fintech has grown by 60X to $600 million since 8i Ventures led its seed round in January 2020. M2P’s clients include category leaders like Slice, Uni, Lazypay and Kodo. It has a presence in over 20 markets across Asia and North Africa, including India, Nepal, Egypt, United Arab Emirates, Bahrain, Philippines, Australia, and New Zealand.

8i Ventures seems to be a fascinating startup with motivating advancement on venture capital and private equity principals platform. I’m sure this startup would continue to flourish in its journey ahead. All the very best to the entire group of 8i Ventures. This will give them tremendous accomplishments in the future.

Shishir Gupta, Founder and CEO, StartupLanes

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