Early-stage investor 8i Ventures has fully exited its investment in M2P Fintech with a solid return, after the startup closed its Series D financing round last month.
The venture capital firm, which has backed startups such as Slice, Kodo, and Blue Tokai, Friday said it clocked a 12X return of Rs 115.9 crore ($13.7 million) on its investment in the payment infrastructure platform. This translates an internal rate of return (IRR) of 131%.
8i had made an investment of Rs 9.7 crore in M2P Fintech in January 2020.
In June 2022, 8i Ventures had made a partial exit from M2P Fintech at 36x multiple with an internal rate of returns (IRR) of 415%.
On a pre-tax basis, the investment in M2P Fintech has generated 1.27 times the entire corpus of 8i Ventures' Fund I while utilising just 10% of its capital, the VC firm said.
“Our early investment in M2P has proven to be transformative,” said Vikram Chachra, founding partner at 8i Ventures. "M2P’s success has not only generated substantial returns but has also showcased our ability to leverage a small portion of our capita to create outsized impact.”
Fund I, which was launched in May 2019 and closed in July 2021, managed assets worth $15.5 million. The fund is currently up 2.5 times with an IRR of 37%, the investment firm said.
It added that out of the 15 companies invested, the fund has seen five "key winners" poised for IPOs.
