Fulcrum reaps 10x from Casa Grande exit
SME-focused private equity firm Fulcrum Venture India has reaped a money multiple of 10x from its investment in Indian real estate company Casa Grande.
Fulcrum sold its stake back to the firm's founders for INR500 million ($9.6 million), having invested just INR48 million in Casa Grande in 2004. The money multiple equates to an IRR of 54.46% over this period.
The company was established in Chennai by M. Arun Kumar and K.R. Anerudan in 2004. Casa Grande builds luxury villas and apartments mainly in Chennai, Coimbatore and Bangalore and has a turnover of INR1 billion. It is targeting revenues of INR2-2.5 billion for the financial year 2012-2013.
The proceeds from the Casa Grande sale will go towards capitalizing Fulcrum's second fund, which was launched earlier this year and will target early-stage deals. It has already invested INR150 million in Mumbai-based Richfeel Hair and Scalp.
Fulcrum's first vehicle, Fulcrum Venture India Fund I, has made investments in companies including specialty dermatology business Curatio Healthcare, spa chain The Four Fountains Spa and sales force automation solution provider SwaaS Systems.
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