Beltone VC and Citadel exit Bosta at 75% IRR

Beltone VC and Citadel have offloaded Bosta stakes at 75% IRR — just as the logistics player eyes the EGX. Beltone Venture Capital and UAE-based Citadel International Holdings exited their stake in Egyptian last-mile logistics player Bosta, netting a 75% internal rate of return, Beltone said (pdf). The buyer and valuation were not disclosed.

Why it matters: A 75% IRR is a real number in a climate where the devaluation has eaten through a lot of returns over the past three years. It also comes at a useful moment for Beltone VC, which has now booked five exits since its 2023 launch and two from its joint fund with Citadel.

What’s next: Bosta is reportedly preparing for a USD 170 mn IPO on the EGX later this year. It’s worth watching to see if the unnamed buyer is positioning ahead of that listing or whether this is a clean pre-IPO secondary.