New Delhi: Capria Ventures on Friday said it has closed its Rs 153 crore Indie Opportunity Fund after getting multiple returns from its exit from HR tech firm Avigan.
The venture capital firm has sold its stake in Avigan to Japan-based huma resource solutions provider Mainavi Corporation.
"Capria announced the successful closing of a fundraise of Rs 153 crore (US$19 million) for its Indie Opportunity Fund. This comes after an all-cash exit from its portfolio company Avigan," it said in a statement.
In February 2023, Capria secured its first infusion of Rs 75 crore into the India Opportunity Fund. Before Capria, the fund was called Unitas Ventures India Opportunity Fund and Unitas joined hands in September 2023 to operate as a single brand, Capria.
The capital raised from the first closing of this fund was invested in the breakout leaders of its early-stage funds (Capria India Fund I and Capria India Fund II), such as Avigan, BetterPlace, Qemath, Eduvanz and Masai.
According to Capria, Avign has seen a 20x increase in revenue since Capri first led its seed round investment in 2018.
The VC firm had invested in Avigan through its Capria India Fund II in 2018 and Capria India Opportunity Fund in 2023.
Surya Mantha, Managing Partner, Capria, said that the acquisition of Avigan by MyNavi provides a great exit for its India Fund II, where Capria will return more than 50 per cent of the invested capital through this one exit.
“The multiple of invested capital for Avigan for our India Fund II is more than 7x. Additionally, our now defunct India Opportunity Fund, which also invested in Avigan in February 2023, has more than 20 per cent of the invested capital. More will return his LP." Mantha said.
The venture capital firm has sold its stake in Avigan to Japan-based huma resource solutions provider Mainavi Corporation.
"Capria announced the successful closing of a fundraise of Rs 153 crore (US$19 million) for its Indie Opportunity Fund. This comes after an all-cash exit from its portfolio company Avigan," it said in a statement.
In February 2023, Capria secured its first infusion of Rs 75 crore into the India Opportunity Fund. Before Capria, the fund was called Unitas Ventures India Opportunity Fund and Unitas joined hands in September 2023 to operate as a single brand, Capria.
The capital raised from the first closing of this fund was invested in the breakout leaders of its early-stage funds (Capria India Fund I and Capria India Fund II), such as Avigan, BetterPlace, Qemath, Eduvanz and Masai.
According to Capria, Avign has seen a 20x increase in revenue since Capri first led its seed round investment in 2018.
The VC firm had invested in Avigan through its Capria India Fund II in 2018 and Capria India Opportunity Fund in 2023.
Surya Mantha, Managing Partner, Capria, said that the acquisition of Avigan by MyNavi provides a great exit for its India Fund II, where Capria will return more than 50 per cent of the invested capital through this one exit.
“The multiple of invested capital for Avigan for our India Fund II is more than 7x. Additionally, our now defunct India Opportunity Fund, which also invested in Avigan in February 2023, has more than 20 per cent of the invested capital. More will return his LP." Mantha said.
