8X Ventures announces first close of INR 200 crore DeepTech fund
– Over the next three years, the fund plans to invest in 18-20 early-stage Indian DeepTech startups
– Since deploying to DeepTech startups in 2022, 8X’s maiden global fund is achieving a 2.1X MOIC (40+% IRR)
New Delhi – 8X Ventures, an early-stage venture capital firm, announces the first close of its new INR 200 crore DeepTech Fund, with an additional INR 100 crore greenshoe option. The fund has already secured commitments exceeding INR 60 crore, with a strong investor pipeline promising further contributions. Over the next three years, the fund plans to invest in 18-20 early-stage Indian DeepTech startups, offering initial cheques ranging from INR 2-5 crore each and targeting total investments of up to INR 20 crore each in 8-10 startups.
Since its establishment in 2021, 8X Ventures has firmly established itself in the Indian DeepTech ecosystem, strategically located within the IIT Madras Research Park. This strategic positioning has yielded significant results, with 8X’s inaugural global fund delivering a 2.1X MOIC (40+% IRR) since 2022. Notable portfolio companies include Solinas Integrity, a robotics and sanitation innovator, D-Nome, a molecular diagnostics pioneer, Lightspeed Photonics, a next-gen computing leader, XYMA Analytics, an Industrial IoT enterprise, Zenpulsar, a social media listening AI, and Pantherun Technologies, a real-time AI encryption startup.
Chirag Gupta, Managing Partner at 8X Ventures, underscored the transformative potential of Indian DeepTech, stating, “Indian DeepTech offers a distinct opportunity. The companies emerging from this sector are poised to address fundamental global issues and generate substantial shareholder value. This fund will concentrate on sectors such as water sanitation and hygiene (WASH), Industry 4.0, Advanced Computing, BioTech, and B2B Enterprise SaaS. We foresee Indian startups in these sectors leading the world in the next few decades. We are investing in companies that pioneer their categories, introduce fundamentally new technologies, and, most importantly, demonstrate a robust, clear strategy to achieve commercial success. We are confident that India’s bright future is rooted in DeepTech. We have the potential to nurture a generation of innovators into globally transformative companies.”
8X Ventures’ investment strategy is deeply rooted in identifying and cultivating cutting-edge technologies from India’s top research institutions. This approach has led to the discovery of Solinas Integrity in 2022, a startup revolutionizing public sanitation through robotics and computer vision, and XYMA Analytics, which leverages waveguide technology for data capture in extreme conditions.
Apart from its stronghold in Chennai, 8X Ventures actively seeks innovations across India. The fund prioritizes startups with developed technologies, sustainable competitive advantages, and ready markets. 8X Ventures also leverages its international presence, with close relationships in the Middle East and Europe, to help portfolio companies expand globally and attract regional investors for larger follow-on rounds.