**GrowX Ventures Achieves 17x Return on Investment in Pixxel**
GrowX Ventures Fund has successfully exited a portion of its investment in the space-tech startup Pixxel, achieving an impressive 17x return on its capital. Since 2019, the venture capital firm has invested approximately ₹11 crore in Pixxel through various funding rounds.
In a recent secondary transaction, existing investors Athera Venture Partners and Sparta acquired GrowX’s stake, with a third undisclosed investor also participating. Sheetal Bahl, a partner at GrowX Ventures Fund, stated, “We have partially exited post the Series B round, with most shares purchased by Athera and Sparta. We still retain over 75% of our stake in Pixxel, as we believe in the company’s potential for rapid growth in the coming years.”
This transaction has yielded a 68% internal rate of return (IRR) over five years, marking a significant milestone for GrowX Fund I, which is a $25 million early-stage fund that has invested in 17 B2B technology startups across various sectors, including deeptech, fintech, SaaS, and healthtech. The fund’s portfolio features notable companies such as Bellatrix Aerospace and Progcap.
The exit comes shortly after Pixxel raised around $24 million in an extended Series B funding round in December, attracting new investors like M&G Catalyst and Glade Brook Capital Partners, alongside existing backers such as Google and Radical Ventures. Bahl emphasized that the partial exit was a strategic move to balance the company’s growth prospects with the need to demonstrate exit capabilities.
Manu Rikhye, Bahl’s partner, noted that the fund is actively seeking additional exit opportunities to provide liquidity to its investors. “Pixxel’s partial exit aligns with our strategy, as it represents a favorable opportunity between Series B and Series C funding rounds,” he explained.
In recent months, many investors have become more proactive in pursuing exits, driven by limited partners seeking liquidity. While GrowX remains confident in Pixxel’s long-term potential, they aim to showcase their ability to deliver returns to their investors.
**FAQ**
**What is GrowX Ventures’ investment strategy?**
GrowX Ventures focuses on early-stage B2B technology startups, aiming to identify high-growth opportunities while balancing the need for liquidity for its investors.