11.5x Fund-I Return Validates India’s Mobility Thesis

Announcements

PRESS RELEASE

Partial exit from Rapido delivers one of India’s strongest-ever early-stage fund returns.
Fund I success powers Fund III to fuel mission to accelerate India’s EV transition.

NEW DELHI – November 26, 2025 – AdvantEdge Founders, India’s leading mobility-focused venture capital firm, today announced the exceptional performance of its first fund, validating the firm's thesis-driven investment strategy over the last decade.

AdvantEdge Fund I has achieved a Multiple on Invested Capital (MOIC) of 11.5x and has distributed over 3x of the Paid-In Capital (DPI) to its limited partners. This outstanding result firmly establishes AdvantEdge’s track record in identifying and scaling category-defining mobility startups within the Indian market.

The remarkable return multiple was significantly accelerated by a recent partial exit from Rapido, the nation’s leading bike-taxi and shared mobility platform, which AdvantEdge has been backing since leading their seed round in 2016. The Rapido investment delivered an Internal Rate of Return (IRR) of 67%, including a 111x return on their initial investment.

This strategic exit is a powerful demonstration of the firm’s ability to generate superior returns through early, high-conviction investments in companies addressing core market inefficiencies. AdvantEdge has cultivated one of India’s most comprehensive mobility portfolios, with investments in multiple category-leading companies across:

Shared Mobility: Rapido, Chalo, Zingbus
Auto Aftermarket: Park+, TyrePlex
Deep Tech & EV: Exponent Energy, Baaz, Moonrider, Zeno, Astranova, and Pulse Energy.

Kunal Khattar, Founding Managing Partner at AdvantEdge Founders, emphasized the role of the firm’s legacy and vision: “Our firm was founded on the principle of relentless purpose—a quality that defines great founders and enduring firms. The extraordinary performance of Fund I validates our conviction in India’s complex, high-potential mobility markets. We continue to see significant unrealized potential across our portfolio as India embarks on its decisive journey toward electrification and advanced infrastructure. Our team’s resilience, particularly navigating the volatility of Fund I through the pandemic, has positioned us perfectly for the next decade.”

Following the success of its earlier funds, AdvantEdge is currently raising its third fund. Fund III is strategically focused on AdvantEdge's core mission: to accelerate India’s transition from Internal Combustion Engine (ICE) to Electric Vehicles (EV).

This mission encompasses investing across the deep-tech EV value chain, including battery technology, energy solutions, charging infrastructure, and novel vehicle platforms. The firm is pleased to confirm re-up commitments from all existing limited partners, including esteemed industrial families such as the Motherson and the Hero Group, alongside strong engagement from new domestic and international investors.

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