Vineet Budki is an investor and executive who works in Web3, venture capital, and travel technology. He is the Managing Partner and CEO of Sigma Capital, a fund focused on Web3 ventures. ^[4]

Education

Budki graduated from the National Institute of Technology, Calicut, with a B.Tech in Civil Engineering in 2002. He later earned his MBA from IE Business School and Cornell Johnson Graduate School of Management in 2008. ^[10]

Career

Budki began his career in customer service as cabin crew with Emirates Airlines from 2003 to 2007. In 2008, he worked as an analytics intern at Rocket Internet’s tarifas24 in Madrid, where he focused on traffic optimization and campaign analysis. From 2009 to 2010, he served as business development manager at Tata Consultancy Services, supporting government partnerships and bid management for IT projects. He later founded Butel (D2HOnline.com), a digital distribution partner for Videocon d2h, leading its e-commerce and marketing strategies. During 2011–2012, he was general manager of business development and national sales head at Paytronic Network, where he expanded the merchant network in India’s utility and recharge aggregation sector.

Between 2014 and 2020, Budki was active in the travel and startup space, speaking at industry events across Asia, Europe, and the Middle East. In 2016, he co-founded Guiddoo World, a travel technology company targeting Indian travelers, where he held leadership roles including CEO for India and the Middle East, and country manager for China. He led efforts in international expansion, business development, and partnerships with major travel platforms. In 2020–2021, he represented BitRiver in the Middle East, supporting the company’s regional crypto mining presence, and spoke frequently at global blockchain conferences in cities such as Davos, Singapore, Hong Kong, and New York.

From 2021 to early 2025, Budki served as managing partner and CEO of Cypher Capital, directing blockchain investments and scaling the firm after its transition from Phoenix Crypto VC. Between 2022 and 2025, he also invested in several Web3 and blockchain startups, including Casper Labs, KILT Protocol, Web3Auth, and Splinterlands. In 2024, he expanded his direct investment activity through roles with Kelp DAO, Unisat, and the B2Squared Network. As of January 2025, he serves as managing partner and CEO of Sigma Capital, a $100 million fund that invests in Web3 ventures and liquid assets, with operations in Dubai, the Cayman Islands, and Singapore. ^{[4] [11]}

Interviews

Filtering the Noise

In May 2025, Budki joined the Alpha Unleashed podcast and shared insights on his four-year journey into crypto investing, which began in August 2020. He noted that identifying genuine founders amidst the noise in the industry presented significant challenges, especially during bull and bear market cycles. Budki highlighted the crucial role of venture capitalists in nurturing innovative tech ecosystems, including those in crypto, and reflected on the transition from earlier experiences as a startup founder to focusing on crypto investment. He recounted how a chance conversation led to a substantial initial investment in his fund, which grew to $100 million and was aimed at supporting various startups over three years. Budki emphasized the need to distinguish between speculative investments and those with real utility, highlighting the importance of education in the cryptocurrency space, particularly in the context of regulatory perceptions in countries like India. He expressed optimism about the evolving landscape of digital assets and the importance of infrastructure and user engagement in driving adoption, ultimately celebrating the establishment of his new fund as a significant achievement. ^[5]

Crypto Investing

In a January 2025 interview with Erhan K., Budki discussed his launch of a $100 million fund called Sigma Capital. Budki, who has previously managed investments through Cipher Capital, detailed his shift to a regulated multi-investor structure with Sigma, aimed at scaling investments and leveraging global reach. He highlighted the importance of focusing on infrastructure and user-friendly applications for future investments, particularly in decentralized finance and consumer applications. Budki shared insights on market cycles, expressing caution about speculative investments while emphasizing the need for sound risk management. He offered insights into the potential of NFTs, gaming, and AI in the cryptocurrency landscape, highlighting the importance of strong leadership and practical use cases in driving value and investor confidence. He concluded by inviting prospective project proposals through Sigma Capital, underscoring the necessity of a solid foundation and experience in founders for meaningful investment opportunities. ^[3]

Budki’s Journey

On the Constantin Kogan podcast in January 2025, Budki shared his unconventional journey from being a cabin crew member with Emirates to becoming a successful Web3 investor managing a $100 million fund. He began by discussing his diverse career path, which included studying engineering, working in consultancy, starting a successful e-commerce venture, and eventually transitioning into the crypto space through strategic investments. After initially investing $5,000 in various cryptocurrencies, which yielded significant returns, Budki was offered the opportunity to manage a larger fund, ultimately leading to the creation of Sigma Capital, which focuses on supporting crypto projects. He emphasized the importance of long-term relationships and added value in investments, aiming to connect founders with essential resources and guidance. Throughout the conversation, he stresses the importance of strategic partnerships and the dynamic nature of investment in the cryptocurrency space, highlighting a mix of both liquid and venture investments to ensure sustainability and growth in diverse market conditions. ^[2]

Presentations

Crypto and Community

At Liberland’s 10th Anniversary event in May 2025, Budki spoke at the celebration, expressing his admiration for the event and the community's vision for a future built on freedom and liberty. He noted the excitement surrounding the early days of Bitcoin. He drew parallels to the potential for Liberland to become a recognized country if it galvanizes sufficient support and recognition from other nations. Budki emphasized the importance of education about cryptocurrency and suggested strategies for promoting the idea of Liberland, including potential collaborations and investments in projects that could aid in its recognition. He shared his own experiences in the venture capital industry. He expressed a desire to contribute to the development of the Liberland project, highlighting the need for concrete actions and collaborations to ensure its success. ^[6]

Multi-Strategy Fund

During TOKEN2049 in Singapore in October 2022, Budki discussed strategies for managing investment risks in a multi-strategy fund within the context of cryptocurrency markets. He reflected on the volatile nature of these markets, contrasting the capital deployment frenzy of a bull market—where significant investments were made in numerous projects—with the challenges faced in a bear market, where fundraising continued despite the scarcity of new investment opportunities. Budki elaborated on various strategies for maintaining cash flow, including mining, investing in nodes, and engaging in decentralized finance (DeFi), highlighting the importance of diversification and liquid assets. He underscored that maintaining substantial cash reserves in a bear market enables strategic investments and positions funds for future growth, encouraging fund managers to adapt their investment strategies to the cyclical nature of the market rather than relying solely on high-risk speculation. ^[7]

Keynote Speech

At the Davos 2023 Web3 Investor Gathering in January, Budki from Cypher Capital delivered a keynote presentation that addressed the current state of the cryptocurrency market, with a particular focus on multi-strategy asset management. He highlighted the shift from a bull market, characterized by high capital deployment and investor speculation, to a bear market, where the challenge became finding viable startups to invest in. Budki discussed his approach to risk management and the importance of diversifying investments across various assets, such as Bitcoin mining and decentralized finance (DeFi), to maintain liquidity and generate returns. He shared his personal experiences and strategies, emphasizing that investors should not wait for market bottoms but rather focus on the long-term potential of cryptocurrency adoption, as he believed that only a small percentage of the global population had entered the crypto market. Ultimately, Budki concluded by remarking on the importance of building cash flow and capitalizing on opportunities within the evolving cryptocurrency landscape. ^[8]

Panels

Web3 Investments

In June 2024, the MENA Surge podcast interviewed Budki discussing his experiences and insights into Web3 investment strategies. Budki shared that his daily routine involves attending various global events where he engages with industry leaders and assesses potential investment opportunities. He outlined his evaluation process for projects, highlighting the importance of networking and collaboration with other investors rather than focusing solely on early-stage ventures. Budki detailed the diverse sectors in which Cypher Capital had invested over the past 18 months, including gaming, decentralized finance (DeFi), and real-world assets, emphasizing the need for genuine use cases rather than speculative investments. He urged founders to focus on solving real problems and adapting to market needs, while also acknowledging the current speculative nature of the crypto market. Finally, Budki outlined his upcoming event schedule and offered advice to startups seeking investment, underscoring the importance of building for user needs and maintaining a long-term vision in the industry. ^[9]