India, May 19 -- B2B and deeptech-focussed VC firm GrowX Ventures Fund has partially exited its investment in spacetech startup Pixxel with a colossal 17X return.

GrowX first participated in Pixxel's $680K pre-seed funding round in 2019. Since then, it has invested INR 11 Cr in the Google-backed startup, a source aware of the development told Inc42.

The shares sold by GrowX were lapped up by existing investors Athera Venture Partners and Spartan, said another source, requesting anonymity.

The transaction generated a 68% internal rate of return for GrowX over a 5.5-year holding period, the latter said in a statement.

"This partial exit allows us to return capital while continuing to stay meaningfully invested in Pixxel's long-term grow...