8i Ventures aims to invest in 5-6 pre-seed startups through its second Origami program, with $10 Mn allocated from its second fund
The programme’s first edition invested $600K across three startups, including Cautio and Cobalt, processing over 500 applications
Promises rapid deployment with one-week initial response and four-week deal closure, focusing on complete founding teams with both tech and go-to-market capabilities
Early-stage venture capital firm 8i Ventures, which has backed startups like slice, Easebuzz and BBetter, has announced the second edition of its pre-seed funding programme ‘Origami’, to support early-stage founders.
The firm’s first edition, launched in Marchreceived over 500 applications and resulted in investments in three startups totaling INR 50.69 Cr ($600K) – Cautio, a fleet dashcam and video telematics platform; Cobalt, which provides native integrations for B2B software services; and one startup that remains in stealth mode.
“We filter incoming applications based on whether they fit our team, product, and insight criteria. Once those three are in place, we meet the founders directly or via Zoom to better understand if they can deliver on their plans,” Vishwanath V, General Partner at 8i Ventures, told Inc42.
The programme promises a streamlined process with initial responses within a week, term sheets in two weeks, and deal closure within four weeks.
“It’s intense – sleepless nights and long days. But it’s worth it because it allows us to be the fastest in terms of response. Founders loved it, especially when we could give clear feedback about why we couldn’t proceed, as opposed to dragging them on,” Vishwanath added.
The firm is particularly looking for complete founding teams that can both build and sell. “We need a team which can both build and sell. We’re looking for tech-slash product ability and go-to-market ability,” Vishwanath added.
8i Ventures has allocated $10 Mn (INR 84.49Cr) from its second fund for this initiative. While the firm’s core portfolio focuses mainly on fintech and consumer/commerce sectors, the Origami programme remains sector-agnostic within technology and consumer segments.
The application window for Origami’s second edition will remain open for two weeks in November, with deal processing continuing through December 2024.
Founded in 2019 by Vikram Chachra and Vishwanath V, 8i Ventures is an India-based early-stage venture capital fund that has backed more than 50 seed to early-stage startups, creating over $5 Bn in value for shareholders.
The firm’s first $200,000 investment in M2P Technologies yielded 36 times returns in their recent exit.
At the heart of this, several new funds have emerged in the Indian startup ecosystem. Former World Bank executive Sayan Ghosh recently launched a INR 300 Cr venture capital fund, Ortella Global Capital (OG Capital), targeting investments in over 20 early and growth-stage startups.
Additionally, former Orios Venture Partners managing partners Anup Jain and Rajeev Suri have introduced BlueGreen Ventures, a $75 Mn fund focusing on early-stage and IPO-bound companies, with its first close targeted for February 2025.
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