Exfinity Venture Partners Announces Partial Exit from CloudSEK, Delivering 13x Returns

Exfinity Venture Partners, an early-stage investor in Deep-Tech & B2B tech, has announced a partial exit from its investment in cybersecurity platform CloudSEK, delivering a 13x multiple on invested capital (MOIC) and an internal rate of return (IRR) of more than 40%. The transaction was executed as a secondary sale to existing investors, while Exfinity continues to retain a meaningful ownership stake in the company.

Exfinity was the first institutional investor in CloudSEK, backing the company during its pre-Series A round and supporting its vision of building a predictive, intelligence-led cybersecurity platform at a time when the market was still largely oriented around reactive threat detection. Since then, CloudSEK has evolved into a comprehensive AI-driven threat intelligence platform, helping enterprises proactively identify and disrupt cyber threats across digital risk, attack surface, and supply chain layers. At its core, the platform models cybersecurity not as isolated alerts but as connected attack paths across identity, exposure, and trust relationships-enabling organizations to predict and disrupt attacks before execution.

CloudSEK has demonstrated strong commercial momentum, having recently crossed USD 15 million in ARR and consistent year-on-year growth. The company has increasingly established itself as a global cybersecurity partner, with over 60% of its net new revenue driven from international markets and the United States emerging as its fastest-growing region. Its customer base includes leading enterprises across banking, telecom, aviation, and digital platforms, reflecting strong product-market fit in complex, large-scale environments.

In early 2025 the company had raised over $20 million across its Series B rounds, including participation from global investors such as Commvault (NASDAQ: CVLT) and Connecticut Innovations Fund (State of Connecticut Fund). Its strategic relationship with Commvault is expected to significantly strengthen CloudSEK’s global go-to-market motion, particularly in the US, enabling deeper enterprise penetration and accelerating its next phase of growth.

The rise of AI-native threats is fundamentally reshaping the cybersecurity landscape, with attackers increasingly leveraging autonomous systems to identify and exploit vulnerabilities across interconnected environments. CloudSEK’s platform is designed for this new paradigm, shifting enterprises from reactive detection to predictive resilience by using AI to simulate, validate, and disrupt attack paths before they materialize. This positioning places the company at the forefront of the next generation of cybersecurity infrastructure.

CloudSEK also represents a compelling example of reverse innovation, built and refined in India and now solving mission-critical cybersecurity challenges for enterprises globally. With

R&D anchored in India and a growing international footprint, the company exemplifies the emergence of India-origin deep-tech platforms scaling successfully across global markets.

“CloudSEK is one of the clearest examples of what Indian deep-tech can achieve on the global stage. Our early conviction in Rahul and his team has been validated by the company’s ARR trajectory, enterprise client quality, and now, by the confidence of a global strategic player like Commvault. This is a calibrated partial exit - we remain invested and excited about what comes next,” said Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners.

“Exfinity was our first institutional investor and backed us at a time when few were willing to take a bet on a cybersecurity platform emerging from India. Beyond capital, they have been a true partner, supporting us across early customer introductions, follow-on fundraising, and strategic direction as we scaled globally. This journey reflects what long-term, hands-on venture partnership should look like, and we are excited to continue building the next phase together” added Rahul Sasi, Founder & CEO at CloudSEK. 

This transaction marks the latest in a series of liquidity events for Exfinity’s 2016 vintage Fund II, including full exits from Kinara.ai and Locus, and a prior partial exit from Pixis. The fund has already crossed key DPI milestones through these exits, and this secondary adds further distributions to Limited Partners, while retaining meaningful upside across the remaining portfolio. These outcomes reinforce Exfinity’s belief in building globally competitive deep-tech companies from India.

About Exfinity Ventures

Exfinity Venture Partners is an early-stage venture capital firm focused on backing category-defining startups in deep-tech, enterprise technology, semiconductor, AI, and frontier technology sectors. The firm invests in companies building globally relevant technologies from India and has backed several high-impact startups across enterprise and industrial innovation.

To know more about Exfinity, visit https://www.exfinityventures.com/

Maharashtra Defence and Aerospace Venture Fund (MDAVF) Successfully Exit from Two Portfolio Companies

The Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund (AIF) managed by IDBI Capital Markets & Securities Limited (ICMS) focused on supporting innovative companies in the defence and aerospace sectors, recently announced its successful exit from two of its portfolio companies, viz., Cyronics Innovation Labs Private Limited (CILPL) and JSR Dynamics Private Limited (JSR Dynamics) realizing ₹14.46 crores and ₹59.15 crores respectively.

 

Mr. Amey Belorkar, Fund Manager - Defence and Aerospace Venture Fund, IDBI Capital Markets & Securities Ltd

 
Mr. Amey Belorkar, Fund Manager - Maharashtra Defence and Aerospace Venture Fund (MDAVF), IDBI Capital Markets & Securities Ltd, speaking about the exits said, “Both, Cyronics Innovation Labs and JSR Dynamics, are instrumental in driving technological progress and self-reliance within India’s defence and aerospace industries with a focus on enhancing the operational effectiveness of defence forces. MDAVF remains focused on supporting India’s journey towards self-reliance by investing in high-potential ventures that foster technological breakthroughs and enhance indigenous capabilities. These milestones reflect the strength of our investment strategy and our ongoing commitment to driving innovation in India’s defence and aerospace sectors. By backing sustainable growth in these critical industries, we’re proud to contribute to India’s defence ecosystem and the vision of Atmanirbhar Bharat.”

MDAVF, to date, has invested approximately ₹406 crore in 22 MSMEs. The fund has successfully executed full and partial exits from 12 companies, realizing divestment proceeds of around ₹281 crore and achieving a strong Internal Rate of Return that highlights the fund's disciplined and strategic approach to value creation.

Cyronics Innovation Labs Private Limited (CILPL)

CILPL, founded in 2020, operates in the AI and Machine Learning sectors, specializing in software-defined radio technologies for the defence and aerospace sectors. CILPL has served leading defence and aerospace organizations, including Kirloskar Oil Engines Ltd., Navstar Integrated Systems Pvt. Ltd. (Navy) and Theta Controls (Army), among others.

JSR Dynamics Private Limited (JSR Dynamics)

JSR Dynamics was founded in 2018 with an intention to contribute in a big way towards achieving self-reliance in the defense sector through indigenous Design, Development and Manufacture. JSR Dynamics is engaged in the development and manufacturing of advanced munitions, including glide bombs and loitering munitions. The company’s products are poised to play a significant role in both Indian and international defence markets.

These exits showcase MDAVF’s commitment to supporting high-potential ventures in the defence and aerospace industry, driving technological advancements, and generating strong returns for its stakeholders. Both exits have been marked by impressive internal rates of return (IRR), underscoring the fund’s effective investment strategy and its ability to identify high-growth companies.

Managed by IDBI Capital Markets & Securities Limited, MDAVF continues to play a transformative role in driving indigenous innovation, fostering self-reliance, and enhancing India’s global competitiveness in the defence and aerospace sectors.

For more information, visit: https://idbicapital.com/aif/Maharashtra-Defence-and-Aerospace-Venture-Fund.html

About IDBI Capital Markets & Securities Ltd (ICMS):

IDBI Capital Markets & Securities Ltd (ICMS), a wholly owned subsidiary of IDBI Bank Ltd., is a registered Portfolio Manager with Securities and Exchange Board of India (SEBI) since 1998 and is authorised to undertake Funds Management activities (Debt & Equity). These activities would be governed by Securities and Exchange Board of India. Presently, ICMS Alternative Investment Fund (AIF) is acting as Investment Manager for two SEBI registered AIF’s and is also the Project Advisor to a Scheme of Government of Maharashtra.

Softbank Exits Paytm at Loss of ~ $150 Million

Japan's Softbank investment arm, the Softbank Vision Fund, exited from fintech major Paytm during the June quarter. The exit resulted in a loss of around $150 million. Softbank had initially invested about $1.5 billion in One97 Communications, which owns the Paytm brand, in tranches back in 2017.

The exit was in line with Softbank's plan, although the company did anticipate the loss at that time. Before Paytm's initial public offering (IPO) in 2021, Softbank held around 18.5% stake in Paytm.

As of the quarter ending in March 2024, SoftBank held a 1.4% stake in Paytm. However, by June of the same year, its shareholding dropped below the 1% mark.

During the IPO, it held a 17.3% stake through SVF India Holdings (Cayman) Ltd and 1.2% through SVF Panther (Cayman) Ltd. SVF Panther sold its entire stake during the IPO for about $225 million. Paytm's share price has not matched its issue price of Rs 2,150 apiece to date.

Besides Softbank, Warren Buffett's Berkshire Hathaway haa also made an exit from its investment in Paytm-parent firm One97 Communications. The exit resulted in a loss of about 40% on the high-profile investment made more than five years ago.

Back in 2018, Berkshire Hathaway invested approximately $260 million in Paytm, acquiring a 3% stake in the financial services startup at a valuation of around $10 billion. However, the investment giant sold its remaining position in Paytm for $121.6 million, securing a return of less than $160 million on its initial investment.

Despite Paytm's IPO debut at a valuation north of $20 billion, its share price fell significantly afterward. The Indian firm has since rebounded, ending at $10.73 per share following fast revenue growth and improved finances in recent quarters. 

Softbank May Completely Exit Paytm This Month

It is being reported that Japanese conglomerate SoftBank is in the process of exiting its investment in Paytm. Reports indicate that SoftBank's stake in the Indian payments platform has been reduced to 1.4% at the end of March 2024, and it is likely to exit completely this month. This would mark the end of a 7-year association between SoftBank and Paytm. Previously, SoftBank had sold a 4.5% stake in Paytm for about $200 million, and it has been divesting its stake over the last couple of years through a mix of block deals and open market transactions.

SoftBank Group Corp. sold a majority of its stake in Paytm before regulatory scrutiny caused the once-celebrated Indian fintech firm’s shares to dive. The decision was influenced by several factors. Uncertainty grew in India's regulatory environment, prompting SoftBank to reconsider its investment. The regulatory landscape can significantly impact a company's operations and growth prospects.

Concerns over Paytm Payments Bank Ltd.'s license also played a role. The license issues led to the suspension of much of the banking operation's business by the Reserve Bank of India, affecting Paytm's stock price.

SoftBank's executive managing partner, Navneet Govil, stated that it was prudent to start monetizing their stake in Paytm. They sold a good portion of Paytm shares before the recent stock correction.

Paytm's stock price declined by over 40% from its peak in January due to regulatory challenges and banking-related issues.

Overall, SoftBank's decision to exit Paytm reflects a combination of regulatory concerns, license uncertainties, and strategic financial considerations. The Japanese investor has been gradually reducing its stake in Paytm, and it now stands at approximately 5% as of January 2024.

The Implications of the Exit

SoftBank's decision to exit signals a lack of confidence in Paytm's future prospects. Investors often view SoftBank as a strategic and influential player, so its exit may raise concerns among other investors. The exit has already affected Paytm's stock price.

The company's shares have dipped significantly due to regulatory challenges and banking-related issues. The decline has been over 40% from its peak in January. On addition, SoftBank's exit could impact how the market perceives Paytm. Investors may question the company's stability and growth potential, especially given the regulatory hurdles it faces.

With SoftBank divesting its stake, Paytm may face liquidity pressure. The company needs to manage its finances effectively to sustain operations and growth.

Paytm will need to reassess its strategic direction without SoftBank's backing. It may seek alternative investors or partnerships to fill the void left by SoftBank.

SoftBank's exit ends a 7-year association, and its departure may have long-term consequences for Paytm's business model, expansion plans, and investor confidence.

In summary, SoftBank's exit introduces uncertainty and challenges for Paytm, but the company will need to adapt and find new avenues for growth and stability.

ASK Property Fund Announces Exit of ₹120 crore

In CY 2022, ASK makes cumulative exits of ₹1,000 crore

ASK Property Fund (“ASK”), the real estate private equity arm of the ASK Group, announced an exit of ₹120 cr from Eldeco Centre. The exit amount was ₹120 cr and has achieved multiple of 2.54x and IRR of 21%. The project is a commercial development comprising of retail and office spaces in South Delhi.

Mr. Amit Bhagat, CEO & MD, ASK Property Fund said, “We identified this counter cyclical opportunity post demonetization and decided to capitalise on South Delhi’s robust commercial demand. The healthy returns are the outcome of entry point, asset, and partner selection. In a supply-constrained market, the acquisition of city-centre built to lease commercial development provided a rewarding exit.”

“Excellent metro connectivity, established neighbourhood, availability of public transport & social amenities are the primary reasons of robust demand in the area. New Delhi is an established office market with total stock of more than 12 million sq. ft. and stable vacancy rate of around 10-12%”, he added.

With the latest exit, ASK has made cumulative exits of ₹1,000 cr in calendar year 2022. It has been an eventful year for ASK Property Fund across fund-raising, investments and exits. They’ve raised approx. ₹800 cr and are targeting ₹1,500 cr by March 2023. Out of this fund, they’ve already committed ₹500 cr.

About ASK Property Fund | ASK Property Fund, [Registered entity: ASK Property Investment Advisors Pvt. Ltd. (ASK PIA)] is the alternate asset investment arm of the ASK group set up to manage and advise real estate dedicated funds. The focus is on private equity investments in self-liquidating mid-income & affordable residential and commercial segments. ASK PIA has raised around ₹5,000 cr (US$ 800 mn) since 2009 and investors include Family Offices, Ultra High Net Worth Individuals (UHNI), High Net Worth Individual (HNI) and Institutions.

About ASK Group | ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market with over three decades of presence. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients across the globe. ASK is represented in India through its three key businesses: Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers Ltd.; Real Estate Private Equity – ASK Property Fund; and Wealth Advisory and Multi-Family Office Service – ASK Private Wealth. It has over 25 offices and branches across India, Dubai, and Singapore. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK group manages assets over ₹79,500 cr (US$ 9.8 bn) as on November 30, 2022.