Mumbai, May 27 -- Bahrain-based private equity firm Investcorp earned more than four times its investment after exiting value retail chain Citykart, which raised about Rs.538 crore in its Series B funding round, led by TPG NewQuest and A91 Partners, through a mix of direct investment and share sales, a top executive said.

Investcorp invested Rs.75 crore in 2019 in the company's seed round and will now exit with about Rs.280-300 crore, Citykart's co-founder Sudhanshu Agarwal told Mint in an interview. "We undertook this entire process to give an exit to our investors. We are already cash-rich and have a healthy balance sheet, as we have been profitable since inception. While there may be some scope to raise a debt round later, there are n...