Guide to the Venture World: What is an Exit and Why It Is Important for Startups

An exit is the primary goal of any startup. For founders, it represents recognition of success; for investors, it is the opportunity to generate returns. In this article, we will explore what an exit is, why it is necessary, and examine existing examples from around the world and in Central Asia.

Main forms of exit:

— Sale of the startup to a large company. When a corporation acquires the entire startup or purchases a controlling stake in its shares.
— Going public via an IPO. When a company lists its shares on the stock market, opening access to investments for the general public.
— Buyout of shares by new investors. When fresh capital enters the company, and some existing shareholders sell their stakes.

For founders, an exit signifies recognition that their project has become a serious business. For investors, it is a crucial stage that allows them to convert high investment risk into concrete profits.

Why exits are so important:

— Financial reward. An exit provides the opportunity to profit from the efforts and risks invested in the startup.
— Confirmation of success. A profitable exit demonstrates that the product or service is genuinely in demand by the market.
— Ecosystem growth. Successful exits stimulate the emergence of new startups and attract investors to the region.
— Business scaling. Many exits are accompanied by new opportunities, partnerships, and expansion.

Notable examples of exits in global practice

— In 2012, Instagram was sold to Facebook for $1 billion. For founders Kevin Systrom and Mike Krieger, this was a triumph, and for investors, it represented a 100-fold return on investment.
— In 2014, Meta acquired WhatsApp for $19 billion, marking one of the largest deals in IT history.
— The British AI startup DeepMind was acquired by Google in 2014 for $500 million, enabling the company’s technology to form the foundation of Google’s current AI services.
— Adobe announced the acquisition of Figma in 2022 for $20 billion. Although the deal was not approved, the acquisition itself underscored the company’s level.

Examples of exits in Central Asia

ChocoFamily
In April 2023, Freedom Holding Corp. acquired a 100% stake in the Aviata and Chocotravel services from ChocoFamily Holding LLP for $32.3 million. This is a strategic deal aimed at expanding the holding’s digital services in Kazakhstan.

HR Messenger
In December 2021, the Kazakh startup HR Messenger attracted $1.2 million in investments from Avito Rabota to automate recruitment through messengers. However, information about the sale of the company to the Russian firm Skillaz in 2021 is not confirmed by available sources.

CTOgram
In 2025, early investors exited with returns ranging from 2.5× to 10×. The startup joined the Freedom ecosystem for further development in the FinTech market.

GoChat
In 2025, the MOST Ventures Fund I announced the sale of the GoChat startup to the Spanish media holding Newry Global Media SL, demonstrating international players’ interest in regional products.

Prospects and important considerations for startups

Exits are difficult to predict, as they depend on many factors: the product, the team, the market, and external conditions.

The key to a successful exit is quality growth and scalability.

For Central Asia, exits serve as proof that local projects can compete at the international level.

Active support from accelerators and venture funds contributes to ecosystem development.