India, Nov. 26 -- Mobility-focussed venture capital (VC) firm AdvantEdge Founders claims to have clocked 11X returns from its maiden fund (AdvantEdge Fund I). This came largely on the back of the investment firm's partial exit from Rapido.

Speaking with Inc42, AdvantEdge partner Kunal Khattar said, "We have exited about $28 Mn [from Rapido] from our initial investment of close to $3 Mn. We still hold about $60 Mn of unrealised gains in our stake in Rapido."

In a statement, the VC firm said that its Fund I achieved a multiple on invested capital (MOIC) of 11.5X and has distributed over 3X of the paid-In capital (DPI) to its limited partners. Of this, AdvantEdge's investment in Rapido raked in an internal rate of return (IRR) of 67% inclu...