Beltone VC, Citadel exit Bosta at 75% IRR

Beltone VC and Citadel offload 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 via their joint fund, netting a 75% internal rate of return (IRR), Beltone stated (pdf). Details about the buyer and the valuation weren't disclosed.

Beltone, however, will still maintain a relationship with the logistics player. “We have exited via our joint fund with Citadel, but Beltone Venture Capital still holds an undisclosed stake in Bosta,” Ali Mokhtar, CEO & managing partner of Beltone Venture Capital, tells EnterpriseAM.

Plus: 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 Venture Capital, 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 whether the unnamed buyer is positioning ahead of that listing or if this is a clean pre-IPO secondary.