Exfinity Venture Partners, a deeptech-focused venture capital firm, on Wednesday said it has achieved key liquidity milestones, enabling a full capital return for its Fund II, launched in 2016.
The fund completed three strategic exits in the past 12 months, including an exit from Kinara.ai, when it was acquired by NXP Semiconductors, marking one of India’s significant deeptech M&A transactions.
Following this, the company also exited Locus when Ingka Group, the holding company of IKEA, acquired it. The acquisition is expected to enhance Ingka Group‘s last-mile logistics and delivery optimisation.
Exfinity also exited AI Palette, a portfolio company from the firm’s 2020 vintage fund, after GlobalData acquired it.
According to Exfinity, a defining contributor to Fund II’s performance has been its stake in adtech startup Pixis. The fund had previously executed a partial exit, delivering 60X MOIC (Multiple on Invested Capital), and it continues to hold a significant ownership stake in the firm.
MOIC is a key financial metric that shows how much total value an investment generates relative to the initial money put in it. A 60X MOIC means the firm earned $60 for every $1 invested in the company.
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“What we are seeing now is a clear shift in how global enterprises approach innovation and growth,” said Shailesh Ghorpade, Managing Partner at Exfinity Venture Partners.
“Repeated acquisitions of Indian-origin deeptech companies by Fortune 500 and multinational buyers show that strategic M&A has become a highly viable and lucrative exit path—on par with IPOs, growth-stage up-rounds, and private equity outcomes. For founders and investors alike, this opens up a much broader, more reliable set of global liquidity options,” he added.
The firm has initiated fundraising for its fourth fund and aims to back companies in emerging sectors, including physical AI and robotics, next-generation semiconductors, advanced cybersecurity, generative and agentic AI, quantum computing, life sciences, climate technology, and mobility.
