More Chinese investors cash out; Mamaearth’s brand new purchase

Investors from China continue to exit their holdings in India as the frosty bilateral relations weigh on their minds. The funding boom of 2021, however, has eased their pain of early departure by giving them huge returns on the bets.

Driving the news: FinUp, a little-known Chinese fintech based out of Beijing, is selling most of its 15% stake in new-age card unicorn Slice, according to two people briefed on the matter.

In 2018, FinUp had injected Rs 24 crore ($3.2 million) into Slice at a valuation of about Rs 120 crore ($16 million).

It is retaining a stake of 1-2% while selling the rest for about $90 million. Given that the total investment was under $5 million, it is walking away with nearly 20x returns after about three years.