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City-based venture finance player, GVFL Ltd, made yet another exit with a multi-bagger return of 7 times of its investment in a biotech solutions provider Axio Bio Solutions.
According to the transaction details, against its investment of a tad over Rs 1 crore in tranches since 2010, GVFL realised Rs 7 crore with about 39 per cent internal rate of return.
GVFL was the first VC investor that provided seed capital to Axio - medical devices company from its Biotechnology Fund.
Headquartered in Boston, Axio Bio Solutons has offices in India and US and manufactures innovative haemostatic medical solutions.
"Founded in 2008, Axio has also raised Series B round of funding of $7.4 million (approx Rs. 47 crore) led by Ratan Tata’s Fund RNT Associates for funding future growth opportunities, globally. Existing investors Accel Partners and IDG Ventures also participated in this round," a statement said here.
Axio’s flagship product Axiostat is a patented and CE approved haemostatic device. The company has multiple patents to its credit.
Sanjay Randhar, Managing Director, GVFL Ltd, said, "GVFL could spot the potential of Axio early and provided seed capital to a young entrepreneur enabling him to realise his dream at a time when such risk capital from institutional sources is generally not available. After e-infochips, this is another muti-bagger exit by GVFL in the last one month. We believe in creating substantial value for our investee companies and investors, both, and we have reaffirmed our ability to do this time and again."
Recently, made an exit from eInfochips, an Ahmedabad-based product engineering services company, with handsome 7.4 times returns on the investments, wherein Arrow Electronics Inc, a US-based player acquired eInfochips for a valuation of nearly Rs 1800 crore.
As an early and only VC investor in eInfochips, GVFL had realised around Rs 100 crore since 2008 of Rs. 13.5 crore invested through its GVFL SME Technology Fund. GVFL continues to invest in innovative technology-led business opportunities from its eighth fund, GVFL Startup Fund.
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