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Arali Ventures, a Bengaluru-based seed-stage venture capital firm, has generated a 23x return from its investment in remote digital healthcare startup HBOX after making a complete exit.
In a statement, the firm said it also achieved an internal rate of return of over 120% on the investment, which was made four years ago. The exit followed a funding round raised by HBOX from Charlesbank Technology Opportunities Fund.
This marks the second exit for Arali Ventures in the last six months.
Arali Ventures said it invested in HBOX at inception, citing confidence in the founding team's plan to improve specialty care delivery using an AI-first virtual care enablement platform. Over the years, the startup scaled its operations while maintaining capital efficiency and disciplined execution, the firm added.
"Our approach at Arali has always been rooted in early conviction and close founder partnerships, and we remain focused on backing enterprise-facing businesses that are built from India, can sustainably scale and become category leaders," said Rajiv Raghunandan, Managing Partner at Arali Ventures.
Through Arali Fund I, the firm has recorded partial exits in FinBox and complete exits in Wingman and Insent, generating an overall 2x return over six years.
Arali Ventures is currently deploying capital from its USD 35 million Fund II, backing startups including Pibit.ai, Protecto, DeepMatrix, 50Fin, FealtyX, Jidoka Technologies, Harvested Robotics, Bidaal, and Ezobooks.
Founded in 2018 by Rajiv Raghunandan and Arun Raghavan, Arali Ventures focuses on early-stage Indian B2B, AI, SaaS investments through pre-seed\seed rounds.
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