Unicorn India Ventures and Kalpavriksh Fund Secure 6X Returns with Strategic Exits With more than six times returns, Unicorn India Ventures and Kalpavriksh Fund, respectively, have announced their exits from Sascan Meditech and The Ayurveda Experience.

Unicorn India Ventures Announces Partial Exit from Sascan Meditech with 6X Returns

Unicorn India Ventures (UIV), a deep tech-focused fund house, recently announced a partial exit from neo-diagnostics startup Sascan Meditech, generating a 6X return on its investment.

UIV had invested INR 2 crore spread across 2 rounds. The first investment was made in 2020 and another in 2021 from its second fund of INR 300 crore.

Founded in 2015 by Dr Subhash Narayanan, Sascan Meditech specialises in affordable cancer care using biophotonics. Its flagship products include OralScan, a non-invasive device for oral cancer screening, and CerviScan, designed to replace conventional colposcopy.

Sascan aims to improve healthcare access for underserved populations and is expanding its technology to address other cancers and treatments.

Dr Sushash Narayanan, Founder CEO of Sascan, said, "Time Medical Digital Health and Imaging Ventures, a leading player in the fast-growing imaging diagnostic segment, is doing a secondary and primary in Sascan, which will enable the company to grow faster and scale up."

"We have been fortunate that we had Unicorn India Ventures as an early investor, and they believed in us and worked closely with us in the four-year journey of the company. I am happy to note that they will still carry on as investors, and with them and Time Medical, I am sure we will emerge stronger with an array of diagnostic products we have in mind," Narayanan added.

Founded in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is an early-stage venture fund in India, known for its INR 100 crore first fund and impressive 60%+ annual IRR. With subsequent funds, including the INR 300 crore Fund II and the newly announced INR 1000 crore Fund III, UIV focuses on scaling startups in sectors like global SaaS, climate tech, agritech, spacetech, and semiconductors.

Anil Joshi, Managing Partner, Unicorn India Ventures, said, "The solutions devised by Dr Narayan would help underprivileged populations in India and third-world countries in the early detection of cancer. Our decision to continue holding a significant stake in the business is a testament to Sascan's ability to bring real high-tech medical innovation, and with a new strategic investor coming onboard, we are excited for the future."

Kalpavriksh Fund Exits The Ayurveda Experience With Over 6x Returns

Kalpavriksh Fund, a VC fund managed by Acorn Fund Consultants, has announced its exit from its long-term investment in D2C beauty and health ayurveda brand The Ayurveda Experience (TAE) with over 6x returns.

Kalpavriksh Fund invested in the company in 2018 as a part of its Series A fundraise and subsequently participated in multiple follow-on rounds as well. In 2023, Kalpavriksh Fund was acquired by Prowess Advisors, a global pioneer in food and agri-business advisory services.

Rajesh Srivastava, Chairman, Acorn Fund Consultants, said, "The remarkable returns underscore Kalpavriksh's unwavering commitment to supporting innovative companies like The Ayurveda Experience that are not only redefining customer experiences in the wellness industry but also contributing significantly to the vibrancy of the Indian entrepreneurial landscape."

"We have launched a second scheme in the Kalpavriksh family of funds with a target corpus of INR 500–750 crores and focused on offering bespoke private credit products to the food, agribusiness, and sustainability sectors," he added.

Founded by Rishabh Chopra, The Ayurveda Experience is a global health, wellness, and beauty platform serving over 1.38 million customers. It offers a range of safety and efficacy-focused Ayurveda-inspired brands, including skincare, body care, hair care products, wellness supplements, and functional foods, in select markets.

TAE recently raised USD 27 million in a Series C funding round led by Jungle Ventures. This funding round brings the total amount raised by the company to over $41 million.

"The Ayurveda Experience's dedication to harnessing the power of Ayurveda for a global audience has been truly impressive. The business has scaled over 10 times since then and has significantly expanded its customer base and product portfolio. We're proud to have been a part of their journey from the very beginning, and we're confident they'll continue to revolutionise the wellness industry," added Saransh Verma, Chief Investment Officer, Kalpavriksh Fund.

Kalpavriksh Fund manages INR 900 million in assets, focusing on growth-stage investments in India's food, agribusiness, sustainability, and related tech sectors. Its portfolio includes companies like BluSmart and Littlemore Innovations.