Reliance Ventures exits Dhama Innovations, 3 more exits in offing

MUMBAI: Anil Ambani group firm Reliance Venture Asset Management today announced its exit from portfolio company Dhama Innovations, a Hyderabad-based start-up that makes specialised clothing for adverse climatic conditions.

In addition to Dhama, Reliance Ventures is also considering exiting from 3 other investments--Sequans, a France-based 4G chipmaker, US-based Stoke, a solutions provider to mobile operators and Yatra, the company's first investment, and one of India's most successful travel portals, a press release issued here stated.

RVAM had invested between USD 5-15-million in each of these companies.

Reliance Ventures' CEO, Harshal J Shah, said, "our focus at Reliance Ventures is on creating value around businesses, and Dhama's success bears testimony to this. I am happy to say that we have recorded more than triple digit IRRs on Dhama, which is well in line with our other multi-bagger investments."

"We are also considering an exit from Sequans and Stoke, our international investments, as well as Yatra, our Indian venture, and we are currently reviewing our exit options in all. Going forward, we will be scouting for other interesting opportunities in healthcare, education, aerospace, defence and logistics," Shah said.

RVAM made its investment in Dhama in 2009, when it played a key role in bringing the company to India, for incubation at the National Design Business Incubator at the National Institute of Design (NID), Ahmedabad.