Archive · 11 Nov 2025
Kae Capital's Maiden Fund Achieves Over 5x Return Through Exits
Imagine Kae Capital is like a gardener who planted tiny seeds (money) in new plant starts (companies) a long time ago.
Their first set of seeds, planted in a $25 million pot, has grown really well!
Two of their favorite plants, called Porter and HealthKart, have recently been sold to new gardeners, which means Kae Capital got much more money back than they put in – over five times more!
Their special pot for India has completely sold all its plants and given back 3.6 times the money.
This is great news because it shows they are good at picking promising young companies and helping them grow.
Investors, called LPs, look at this success to decide if they want to give Kae Capital more money to plant even more seeds in the future.
Kae Capital's goal is to find amazing people who start companies and support them for a long time.
Kae Capital's $25 million maiden fund has achieved over a 5x return on investment.
The fund's India vehicle fully exited with a 3.6x DPI as of September 2023.
Performance was boosted by secondary transactions in early investments, Porter and HealthKart.
Kae Capital's maiden fund backed 32 companies across India and the US.
The firm aims to back extraordinary founders at the earliest stages with patient capital.
- Who
- Kae Capital
- What
- Kae Capital's $25 million maiden fund has delivered over a 5x multiple on invested capital, with its India vehicle fully exiting with a 3.6x distribution to paid-in capital (DPI). This performance is attributed to secondary transactions in portfolio companies Porter and HealthKart.
- When
- As of September 2023 for the India vehicle's DPI, and the fund was launched in 2012.
- Where
- India and overseas (US) vehicles for Fund I.
- Why
- The strong performance is due to successful early-stage investments and subsequent exits or secondary transactions in companies like Porter and HealthKart, reflecting Kae Capital's strategy of backing founders at the earliest stages.
- Fund Size
- $25 million
- Multiple on Invested Capital
- Over 5x
- India Vehicle DPI
- 3.6x (as of September 2023)
- Launch Year of Maiden Fund
- 2012
- Number of Companies Backed by Fund I
- 32
- Total Enterprise Value of Portfolio
- Over $2.7 billion