Mumbai, Nov. 11 -- Kae Capital's $25 million maiden fund has delivered over a 5x multiple on invested capital across its India and overseas vehicles, following a series of recent secondary transactions in two of its earliest bets-Porter and HealthKart.

The fund's India vehicle has fully exited with a distribution to paid-in capital (DPI) of 3.6x as of September 2023, while the overseas vehicle is on track to deliver over 5x returns, the firm said in a statement. DPI, a key metric for venture funds, reflects the cash returned to investors relative to their commitments.

"When we raised Fund I, seed investing in India was almost unheard of. Our goal was simple, back extraordinary founders at their earliest stages and stand with them across...