Info-tech

Exfinity Venture takes partial exit from Mad Street Den Inc

Our Bureau Bengaluru | Updated on July 27, 2021

Exfinity is now raising its third fund of about ₹500 crore

An early stage VC Fund, Exfinity Venture Fund has announced partial exit from deeptech start-up Mad Street Den (MSD). The secondaries were purchased by the company’s existing investor, FalconEdge, who led the company’s Series B funding round.

Speaking on the exit, Shailesh Ghorpade, Managing Partner and CIO, who served on the Board of MSD, said that “Exfinity funded the company in the seed stage as the founders had a clear vision of where they wanted to go. During this course, MSD has achieved a good position in the digitisation of the retail segment and bagged multi-year contracts from businesses.”

Exfinity is now raising its third fund of about ₹500 crore and has already announced its first investment in Ati Motors, a company which is building autonomous robots for material movement. Other portfolio companies of Exfinity include MoEngage, Locus, Pyxis, Vernacular.ai, Deep Vision, and Log 9 Materials among others.

Ashwini Asokan, co-founder and CEO of MSD, said, “We’ve been incredibly lucky to have the folks at Exfinity. From operational help to hiring to business development and more, Shailesh and team have been there for us through so many different milestones.”

MSD is one of the early AI companies from India. The team has built a platform called Vue.ai, which enables end-to-end automation and digital experience management for multi-billion dollar retailers including Diesel, Mercadolibre, Tata Group and more. MSD has now also launched a platform called Blox.ai, which allows the company to expand its services from retail to education, healthcare, finance and other industries.

Published on July 27, 2021

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