Blue River invested in the Chennai-based lender as part of a consortium including Dutch development bank FMO more than five years ago, according to VCCircle.
The business is one of the oldest private sector banks in the country, with branches in Tamil Nadu, Karnataka and Kerala.
Blue River’s exit leaves it with six portfolio companies, including Wilson Sandhu Logistics, automotive components maker Rane Holdings and KMC Constructions.
The firm, which has about $140m of capital under management, focuses on Indian companies with enterprise values of between $25m and $250m, and makes equity investments of $5m to $25m at a time.
It targets growth capital, late stage venture and industry consolidation deals in the healthcare, consumer, IT, manufacturing, infrastructure and financial services sectors.
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