growX Ventures Fund makes 17X return on partial exit from Pixxel

growX Ventures Fund announced its first exit from its $25 million Fund I by partially selling its stake in space tech startup Pixxel.

This exit brought in 17 times the amount originally invested, with a 68% annual return over 5.5 years.

growX was one of the earliest backers of Pixxel, supporting it when India’s space tech sector was just starting. While it has sold part of its stake, the firm still holds a significant investment in the company. So far, Pixxel has raised $95 million across nine funding rounds.

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“For an early-stage fund, translating bold, pioneering bets into realised returns is a powerful validation. This partial exit allows us to return capital while continuing to stay meaningfully invested in Pixxel’s long-term growth," said Manu Rikhye, Partner at growX Ventures Fund I and Merak Ventures.

"But the idea was audacious, and the clarity was unmistakable - from a 2050 vision to the first 50 hires already mapped out. This wasn’t a category you could hedge or pivot out of. We believed in the ambition and the discipline behind it. Watching that conviction translate into real outcomes is deeply meaningful." he added.

Sheetal Bahl, Partner at growX Ventures Fund and Merak Ventures, shared that when they invested in Pixxel back in 2019, there was no clear path for building a full-stack space tech company in India.

About Pixxel 

Founded in 2019 by Awais Ahmed and Kshitij Khandelwal, Pixxel is building a network of high-resolution satellites that use hyperspectral imaging, along with software to analyze Earth observation data. 

Its technology is already being tested in sectors like agriculture, mining, energy, and environmental monitoring. The company plans to launch its first six satellites and start commercial services later this year.

About growX Fund

Launched in 2019, growX Fund I invests in early-stage B2B tech startups in areas like deep tech, fintech, SaaS, healthtech, and space tech. Some of the companies it has backed include Bellatrix Aerospace, Progcap, Zuddl, AdvantageClub.ai, CynLr, Lightspeed Photonics, and 4baseCare.

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