Arali Ventures gets 23x return on full exit from HBOX

Arali Ventures, a seed-stage venture capital firm, has made a 23x return after fully exiting its investment in remote digital healthcare startup HBOX.

Arali Ventures said the investment also delivered an internal rate of return (IRR) of over 120% over four years. The exit followed HBOX’s funding from the Charlesbank Technology Opportunities Fund.

This marks Arali Ventures’ second exit in the past six months.

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The VC firm said it invested in HBOX at the very beginning because it believed strongly in the founders’ vision to transform specialty healthcare using an AI-first virtual care platform. It added that HBOX has grown quickly over the years while staying disciplined and using capital efficiently.

“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, Arali Ventures.

Through Arali Fund I, the VC firm has achieved partial exits in FinBox and full exits in Wingman and Insent, delivering a 2x return over the past six years.

Arali Ventures is currently investing from its $35 million Fund II and has backed startups such as Pibit.ai, Protecto, DeepMatrix, 50Fin, FealtyX, Jidoka Technologies, Harvested Robotics, Bidaal, and Ezobooks, among others.

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