Capria Ventures on Friday said it has closed its Rs 153 crore India Opportunity Fund after receiving multi-fold return from exiting HR tech firm Awign. The venture capital firm has sold its stake in Awign to Japan-based human resource solutions provider Mynavi Corporation.
'Capria announced the successful completion of fundraising for its India Opportunity Fund at Rs 153 crore ($19 million). This comes on the heels of a full-cash exit from its portfolio company Awign,' it said in a statement.
In February 2023, Capria achieved the first close of India Opportunity Fund at Rs 75 crore. The fund was called Unitus Ventures India Opportunity Fund before Capria and Unitus joined hands to operate as a single brand, Capria, in September 2023.
Capital from the first close 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 Awign, BetterPlace, Cuemath, Eduvanz, and Masai.
According to Capria, Awign has seen 20 times growth in revenue since Capria first led its seed round investment in 2018.
The VC firm had invested in Awign through its Capria India Fund II in 2018 and Capria India Opportunity Fund in 2023.
Capria managing partner, Surya Mantha said Mynavi's acquisition of Awign has provided a great exit for its India Fund II, where Capria will return more than 50% of the invested capital through this one exit.
'The multiples of invested capital for Awign for our India Fund II is over 7x. 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,' Mantha said.
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