BENGALURU, Aug. 22 -- Lightspeed India has exited its stake in healthcare artificial intelligence (AI) company Innovaccer earlier this year, two people familiar with the matter told Mint. The venture capital firm logged an internal rate of return (IRR) of over 30% on its investment, marking a profitable exit for one of the earliest institutional backers of the company.

"Lightspeed has been trying to exit the company for a while now," said one of the people cited above. "They're lucky to have made 30% finally on what was supposed to be a fund returner."

The decision to sell was largely catalysed by the entry of Kaiser Permanente to Innovaccer's capitalisation table. Kaiser is one of the US' largest healthcare providers, combining not-for...