Arali Ventures exits HBOX with 23x returns

Arali Ventures exits HBOX with 23x returns

07 Jan 2026, 05:09 PM

The exit from HBOX was facilitated after the startup secured growth capital from Charlesbank Technology Opportunities Fund.

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Arali Ventures, an enterprise-tech focused venture capital firm, said it has fully exited Boston-based healthcare technology company HBOX Inc.

The venture capital firm has generated 23 times returns with an internal rate of return (IRR) of around 120%, it said in a statement. Venture capital and private equity firms typically chase an IRR of 20-30% in India in rupee terms.

Arali Ventures had first led a seed funding in HBOX in 2022.

The exit from HBOX was facilitated after the startup secured growth capital from Charlesbank Technology Opportunities Fund.

This is not the only liquidity event for Arali Ventures. The venture capital firm has already made partial exit from FinBox and full exits from Wingman and Insent, delivering greater than 2x of the first fund within six years. This positions the fund among top performers in its 2019 vintage year, it claimed.

"Our approach at Arali has always been rooted in early conviction and close founder partnerships, and we remain focused on backing enterprise-facing businesses that are built from India, can sustainably scale and become category leaders," said Rajiv Raghunandan, Managing Partner at Arali Ventures.

He added that the firm's portfolio demonstrates India's capabilities in building AI-driven solutions for global markets.

Arali Fund I maintains investments in companies like FinBox, Unbox Robotics, Bimakavach, and Cynlr, while its second fund backs emerging players including Pibit, Fluxgen, Harvested Labs, Quash, and 50Fin. The firm is currently deploying capital from its $35 million Fund II, focusing on seed-to-scale investments across enterprise software, industry 4.0, fintech infrastructure, robotics, and deep-tech verticals.

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