Bahrain-based asset manager Investcorp has reportedly sold its entire stake in Citykart, an Indian fashion retailer, making a fourfold return on its 2019 investment.
The stake sale was part of the startup’s series B funding round, which saw Citykart raise INR5.4 billion ($63 million), local media reported.
Investcorp acquired the stake from the asset management arm of IDFC Group, a bank, six years ago. IDFC Alternatives and SME Investments, an Indian private equity company, had jointly invested INR1 billion in Citykart.
The latest round values Citykart at Rs 14 billion, the Economic Times, an Indian financial daily, reported quoting people familiar with the matter.
The company will use INR1.2 billion to expand beyond the Indian states of Uttar Pradesh and Bihar, managing director Sudhanshu Agarwal told the newspaper.
In September 2023 Investcorp exited its investment in Indian luggage maker Safari Industries, realising a total return of INR2.85 billion on invested capital.
The asset manager also exited an Indian eyecare hospital chain, ASG Eye Hospital, selling its stake in a funding round in September 2022.
