Capria Ventures Concludes Fundraising for India Opportunity Fund at $19 Million

Capria Ventures Concludes Fundraising for India Opportunity Fund at $19 Million

By Staff Writer, 29 April 2024

Capria Ventures, a venture capital firm specializing in investments in the Global South, has declared the successful closure of fundraising for its India Opportunity Fund, amassing a total of USD 19 million.

This milestone follows closely on the heels of a lucrative full-cash exit from their portfolio company, Awign.

The exit from Awign, India’s leading tech-driven on-demand work fulfillment platform, was facilitated through a buyout by the Japanese conglomerate Mynavi Corporation.

Capria Ventures, alongside other investors in Awign, have divested their stakes in the company.

Established in 2016, Awign has been instrumental in aiding over 175 enterprises in scaling their operations through comprehensive management and outcome-oriented execution of core business functions.

Since Capria Ventures' initial seed round investment in 2018, Awign has witnessed a remarkable 20x surge in revenue growth.

Furthermore, Awign's asset-light and adaptable tech platform have significantly enhanced the livelihoods of 1.5 million gig workers.

In February 2023, Capria marked the first close of its India Opportunity Fund, securing INR 75 crore.

Capital from this initial close was channeled into emerging leaders from its early-stage investment portfolios, including Awign, BetterPlace, Cuemath, Eduvanz, and Masai.

Commenting on the successful exit, Surya Mantha, Managing Partner at Capria, expressed, "Awign has the winning combination of a large market, healthy gross margins, and a robust tech platform. Mynavi’s acquisition of Awign not only opens untapped markets and opportunities for the company but is also a great exit for our India Fund II, where we will return more than 50% of the invested capital through this one exit. The multiple on invested capital for Awign for our India Fund II is. Additionally, our now closed India Opportunity Fund, which also invested in Awign in February 2023, will return more than 20% of the invested capital to its LPs."

Dave Richards, Co-founder and Managing Partner at Capria, echoed these sentiments, emphasizing Awign's growth trajectory as emblematic of innovative job creation and income generation within Bharat.

Richards highlighted the pivotal role Capria played in Awign's journey and affirmed confidence in delivering substantial value for investors.

He added, "This rewarding exit reinforces our confidence in our ability to unlock significant value for our investors. We are optimistic that this acquisition will prove to be a milestone for the Indian startup ecosystem and establish acquisitions as a viable exit strategy for early-stage investors."

Source: Startup Rise

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