EVC Ventures which is a VC fund and accelerator in Chicago generated high returns by walking out of Milbasket startup.
The fund sold its stake in Milkbasket to VC firm Blume Ventures and Lenovo technology giant but the transaction amount is undisclosed. The statement further revealed that the fund has raised IRR of 200% before exiting the startup.
In April 2016, EVC funds invested Rs. 3.3 crore in Milkbasket in pre series A funding round.
Gurgaon based firm Aaidea Solutions Pvt. Ltd operates Milkbasket has also raised investment from Lenovo via its venture capital arm Lenovo Capital and Incubator Group.
The company statement said that venture capital firm EVC Ventures has helped in start-up finance, technology, sales and marketing plans and also assigned an operating manager to witness and manage all over functioning.