Private equity fund Fulcrum Venture India today said it has exited from the Chennai based real estate developer Casa Grande by offloading its entire 50 per cent stake for Rs 50 crore.
Casa Grande promoter Arun Kumar has bought back Fulcrum’s entire stake for Rs 50 crore, a spokesman for Fulcrum Ventures said here.
Fulcrum, started by Krishna Ramanathan as a proprietary fund in 2000, had invested Rs 5 crore in Casa Grande, one of its earliest investments, the spokesman added.
Ramnathan said the company has achieved milestones like developing 1.5 million sq ft of space, notching sales of Rs 94 crore, making it a profitable exit for Fulcrum with an internal rate of return of 54.46 per cent.
Casa Grande also has projects of over Rs 750 crore in the pipeline and is looking at expanding into Coimbatore and Bangalore shortly, a statement from Fulcrum said.