ADX-listed Abu Dhabi subsidiary of Bahraini private equity firm Investcorp Capital offloaded its entire holding in Indian budget fashion retailer Citykart to Hong Kong-based investment firm TPG NewQuest and Mumbai-based growth equity fund A91 Partners, according to disclosure (pdf). This is part of the firm’s strategy to hold asset-light opportunities across consumer & retail, healthcare, financial services, B2B and technology, it said in a separate statement.

A textbook PE exit: Investcorp scaled CityKart’s network to 137 stores, up from 37, helping the company drive topline growth to an estimated USD 102 mn for FY 2025, according to the statement. Investocorp is said to have made a 4x return on its Citykart investment, Entrackr reports, citing media reports. The move marks Investcorp’s fifth divestment from its India Consumer Growth Portfolio (ICGP), and comes as part of CityKart’s USD 63 mn Series B round, Entrackr said.

More exits to come? Investcorp is planning an IPO-led exit from health-benefits administrator Medi Assist Healthcare in India, and a partial exit from dialysis network NephroPlus.

Investcorp’s active India portfolio includes Global Dental, Wakefit, Canpac, Xpressbees, Zolo, Freshtohome, Intergrow Brands, Unilog, V-Ensure, and the buy-out of NSE IT, rechristened NuSummit among others.

Market reax: Investcorp’s share price rose 3.8% to AED 1.7 apiece on yesterday’s close.

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