Decoded: 8i Venture’s Partial Exit from M2P Seed Investment!
8i Ventures has partially withdrawn itself from the seed investment in M2P Fintech. It has done so at the rate of 36X Fintech by clocking an IRR of 415 percent for two years. M2P is present in nearly 20 markets across North Africa and Asia. It offers BaaS to almost 500 banks, players of financial spaces, NBFCs, and fintechs. M2Ps valuation increased in January 2020 after 8i Ventures performed its seed round. It has grown to $600 million by 60X with investors like Insight Partners and Tiger Global.
The clients of the Fintech company include Lazypay, Kodo, Uni, and Slice. When 8i Ventures did a partial exit at a rate of 36X to demonstrate the efficiency of the venture model, M2P founders came up with their seed venture. They exceeded their revenue target for seven years in two years and developed a 97% market share, said the founding partner of 8i Ventures, Vikram Chachra, who believed in M2P and continued holding over 75% of their original stake.
Madhusudan R., CEO and co-founder, M2P Fintech added that 8i believed in them and backed them in every round right from seed to series B. Infact, they were more like co-founders rather than investors, he noted.
The 8i Ventures Fund was launched in May 2019 and closed in July 2021. 8i Ventures was India’s first venture capital firm to trust in the vision of M2P to build an excellent BaaS infrastructure for the whole world. It focuses more on creating new markets and removing the consumers’ friction. Current reports state that they have an IRR of 122% with a MOIC of 4X. The other portfolio firms of Venture Capital include Easebuzz and Slice.
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