Affirma Capital, an EM-focused private equity firm operated by the former management team of Standard Chartered Private Equity (SCPE), has exited its remaining stake in India-listed manufacturer and marketer of Pepsi brand products Varun Beverages. Affirma sold approximately 1.6 million shares in Varun on the National Stock Exchange of India for INR980 million (approximately USD14 million). SCPE first invested USD56 million in Varun in July 2011 and reportedly pared its stake in the company in 2016, 2018, and March 2019.