Reliance Venture Asset Management, the corporate venturing unit of India-based industrial conglomerate Reliance ADA Group, is making its first exit by selling its stake in portfolio company Dhama Innovations, a maker of specialized clothing.
Reliance and individual investor network Mumbai Angels provided an undisclosed amount to Dhama in June 2009, 18 months after Kranthi Vistakula founded the company.
In an article by news provider VCCircle, Harshal Shah, chief executive of Reliance Ventures, said two private equity firms were picking up its stake in Dhama.
Reliance Ventures is also floating Sequans Communications, a French chipmaker, US-based Stoke and Yatra, the corporate venturing unit’s first investment. Reliance invests between $5m and $15m in each company and is expected to invest up to $150m this year in nine to 10 deals, Shah added to VCCircle.