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How much did Indian Angel Network make from Spinny exit?
Photo Credit: VCCircle

The Indian Angel Network (IAN) said on Tuesday it has fully exited pre-owned cars platform Spinny, marking its third liquidity event this year.

The angel network exited when Spinny raised about Rs 92 crore ($13.2 million) in its Series A round of funding led by multi-stage investor SAIF Partners and venture capital firm Accel in May.

The IAN had put in Rs 1.67 crore in Spinny three years ago and it made 3.2 times return on this investment, the angel network said in a statement.

It recorded an internal rate of return (IRR), or annualised return, of nearly 45% from the exit, according to VCCircle estimates. Venture capital investors and private equity firms typically chase 20-30% IRR in rupee terms, though the benchmark could be different for angel investors.

Spinny, which is operated by ValueDrive Technologies Pvt. Ltd, was founded in 2015 by Niraj Singh, an alumnus of the Indian Institute of Technology-Delhi.

It had raised $1 million (around Rs 6.4 crore) in a seed round of funding led by Blume Ventures in June 2017. The IAN and Freecharge co-founders Kunal Shah and Sandeep Tandon had also participated in the round then.

This is the IAN's third exit this year. It said that it previously made multifold gains from Noida-based online women's fashion brand FabAlley.com and Bengaluru-based machine learning startup TagBox. It didn’t provide any details.

The exit from Tagbox was facilitated after TVS Motor Co. Ltd invested $3.85 million (nearly Rs 27 crore) in the company as part of its Series A funding round in May. The exit from FabAlley followed SAIF Partners’ investment in the startup in late December.

The IAN is one of the most active angel networks in India. It has invested in more than 110 startups including Druva Software, Sapience Analytics, SP Robotics, FarEye and Unboxd Ltd.

Its investments this year include intra-city logistics aggregator Cogos, cataloguing startup Flatpebble, local discovery and e-commerce platform Little Black Book and data analytics firm Clootrack.

The network has also launched its own Rs 450 crore IAN Fund, which has raised the targeted corpus and is looking to make the final close soon.

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