Early-stage venture capital firm Kae Capital has fully exited its first India fund with a 3.6x return on capital, led by portfolio companies Porter and HealthKart, the firm said on November 11.

The two startups have together returned the fund multiple times over through recent secondary transactions.

Which companies drove the returns?

Intra-city logistics platform Porter, which connects businesses and individuals with on-demand mini-truck and two-wheeler delivery services, delivered over twice the fund’s corpus, while health and nutrition retailer HealthKart, which sells supplements and wellness products through its online platform and stores, returned the fund once on its own, with additional unrealised value still in play.

The exits make Kae’s maiden vehicle, launched in 2012, one of

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