Early-stage investors reap gains; IT firms’ ‘self-funded’ deals

Also in the letter:
■ ETtech Done Deals
■ ET Money’s pivot
■ HCLSoftware’s deal spree

Smaller seed funds reap bumper returns on exits

Blockbuster listings such as Lenskart and Meesho, along with eye-catching secondary transactions, may have dominated the headlines this year. But away from the spotlight, India’s early-stage investors quietly locked in some of their biggest paydays yet.

Raking in…