Advantedge, a mobility-focused enterprise funding agency, has recorded one in all its strongest returns so far after a partial exit from Rapido, India’s largest ride-hailing platform.

The exit, mixed with the worth of its remaining holding, has delivered practically 30X returns on the agency’s preliminary funding within the Bengaluru startup.

Advantedge first backed Rapido in its seed spherical in 2016, investing about $2.5-3 million. Founder Kunal Khattar informed ET that Fund I, sized at $10–11 million and launched in 2015, has now returned virtually $30 million to restricted companions, translating to an 11.5X MOIC and over 3X DPI.

The fund’s efficiency was considerably accelerated by the current $28 million partial exit from Rapido, whereas Advantedge continues to carry shares presently valued at $60-65 million. The funding has delivered an IRR of 67% and a 111X return on the preliminary test.

Khattar stated the agency is working to shut out Fund I over the following 12 months however will proceed to carry Rapido for the foreseeable future. Advantedge has additionally recorded profitable exits in Wigzo, acquired by Shiprocket in a $25 million all-cash deal in 2022, and iimjobs.com, acquired by Data Edge for $12 million in 2019.

The agency’s backers embody the household workplaces of Motherson and the Hero Group. Advantedge closed its second fund at $30 million in 2020 and has since totally deployed the capital into corporations together with Park+, primarily based in Gurugram, and battery-tech startup Exponent Power. It’s now elevating a 3rd fund focusing on $60 million, with plans to make $0.5-1.5 million early-stage investments and proceed supporting top-performing Fund II portfolio corporations.

Rapido has been driving elevated secondary deal exercise. Swiggy exited its about 12% (11.8%) stake in September for round ₹2,400 crore, whereas TVS Motor bought its holding earlier this month for ₹288 crore, ending partnerships that started in 2022.