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IAN makes it 3rd Exit in 2019 as Spinny Raises $13.2 Mn from SAIF and Accel Partners

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seed funding startup

Indian Angel Network, the single largest horizontal seed stage platform in India, has successfully received full exit from Spinny, a used car buying and selling platform. Valuedrive Technologies, which owns and operates used car retailing platform Spinny, has raised $13.2 million (about Rs 92 crore), from marquee investment firms SAIF Partners and Accel Partners.

The early investors from IAN, had invested only INR 1.67 crore – and have now a multiple of well over 3 times in just three years.

Commenting on the exit Digvijay Singh, COO IAN said, “IAN’s investment in Spinny was driven by the belief in the founding team’s vision and expertise, as well as its business model. With this exit, IAN investors are reaping the dividends of their faith in this high-potential venture, led by a team focused on execution in the auto space. IAN is delighted to have been a part of the growth that My Spinny has seen in the last three years and wish it all the very best in the future.”

Digvijay1 e1560853952913

Digvijay Singh

IAN lead investor in Spinny, Hari Balasubramanian commented, “Startups are all about discovering the right business model. Since inception Spinny had gone through several tough and near death situations . But the team led by founder Niraj Singh were relentless and went on trying to discover new approaches to satisfy customers with a compelling value proposition . This ultimately led to product market fit for Spinny. Happy to see their growth and I am confident that this startup is the dark horse in this domain due to the efficient way they have deployed capital for customer development . We as angels did our job of getting them to this stage and it gives me a sense of sadness and joy since we are exiting 100 % from this investment with a reasonable multiple.”


Hari Balasubramaniam

Hari Balasubramaniam

The Spinny IAN exit was facilitated by the Rs 13.12 crores investment from SAIF Partners and Accel, at a pre-money valuation of INR 125 crore. The development also marks the third successful exit for IAN investors in 2019, retaining its position as the top seed investment platform in India. IAN had previously secured multi-fold exits from Noida-based online women’s fashion brand FabAlley.com and a Bengaluru-based start-up TagBox.

Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s operates from 7 locations, including cities in India and UK. The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries, helping breed global footprint companies. IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include, Druva, Box8, Sapience Analytics, WOW Momos, Faballey, Consure amongst many others.

Indian Angel Network has been a pioneer in the seed and early stage investing. It has now launched a ₹450 Crores VC fund making it now, the single largest platform for seed & early stage, where entrepreneurs can raise from Rs. 25 lakhs to Rs. 50 crores (with co investors), thus making IAN the platform of choice – for both entrepreneurs & investors!

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