Exfinity Venture Partners, a deeptech focused venture capital firm, said that it has reached key liquidity milestones that allow a full return of capital for its Fund II, which was launched in 2016.

The announcement follows three strategic exits completed over the past 12 months, underscoring growing global demand for Indian deeptech assets. One of the most notable exits came from Kinara.ai, which was acquired by NXP Semiconductors in a transaction seen as among the more significant deeptech M&A involving an Indian company.

The firm also exited Locus after Ingka Group, the holding company of IKEA, acquired the logistics technology provider. The deal is expected to strengthen Ingka Group’s last mile delivery optimisation capabilities. In another transaction, Exfinity exited AI Palette, a portfolio company from its 2020 vintage fund, following its acquisition by GlobalData.

Exfinity said a major contributor to Fund II performance has been its investment in adtech startup Pixis. The fund had earlier carried out a partial exit that delivered a 60X MOIC, while continuing to hold a meaningful ownership stake. MOIC, or Multiple on Invested Capital, measures the total value generated relative to the original investment.

“What we are seeing now is a clear shift in how global enterprises approach innovation and growth,” said Shailesh Ghorpade, Managing Partner at Exfinity Venture Partners. “Repeated acquisitions of Indian origin deeptech companies by Fortune 500 and multinational buyers show that strategic M&A has become a viable exit path alongside IPOs, growth stage funding rounds, and private equity outcomes,” he added.

The firm has now initiated fundraising for its fourth fund, with plans to invest across areas such as physical AI and robotics, next generation semiconductors, advanced cybersecurity, generative and agentic AI, quantum computing, life sciences, climate technology, and mobility over the coming years.