An alternative investment fund (AIF) is being set up in India by a Mumbai-based venture debt market, which is also building an office in Singapore. The fund will raise $90 million to finance 100 companies in 10 countries.

Ravi Chachra, the Mumbai-based creator of 8vdx, told ET on the sidelines of the Singapore Fintech Festival: “AIF, a private equity fund in India, would attract money from Indian investors for Indian companies. “

Serial entrepreneur and seasoned credit finance investor Chachra said, “We have money from Indian investors and we are building an Indian AIF, an equity fund.

The 15-person Mumbai team will grow to 40 members the following year, and 10 additional fundraising specialists will be hired for offices in Singapore, which will open the following year, as well as in Delaware and California.

According to him, the company has already received $10 million, some of which came from small investors willing to invest as little as $10,000 in start-ups.

To promote his seed funding approach to Singapore-based companies and start-ups, Chachra said he was attending the fintech festival, which ran from November 2-4. This would allow start-ups to move forward with their products and develop a fundraising strategy.

He said 8vdx had already invested $1 million in six companies in India and $1 million in start-ups in Singapore.

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