Indian Angel Network exits used-car platform Spinny

Indian Angel Network exits used-car platform Spinny
Photo Credit: Photo Credit: VCCircle
18 Jun, 2019

In its third liquidity event for 2019, seed-stage investment platform Indian Angel Network (IAN) on Tuesday said it has made a full exit from Spinny, a used-car buying and selling platform.

IAN exited as Spinny raised in May 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.

The early investors from IAN had invested Rs 1.67 crore – and have now a multiple of 3.2 times in just three years.

Gurugram-based Spinny was founded in 2015 by Niraj Singh and Ramanshu Mahaur. Customers can select a car of their choice from the online platform, and then visit the physical car hubs for a test drive. 

The Spinny development marks the third exit for IAN investors in 2019. 

IAN had made its first exit within 18 months of making an investment in Bengaluru-based machine learning startup TagBox in May 2019 when the startup had raised $3.85 million in a Series A round from TVS Motors.

IAN had secured an exit from Noida-based online women’s fashion brand FabAlley.com in January 2019.

IAN has made several investments in the last few months. 

Last week, intra-city logistics aggregator Cogos Technologies Pvt. Ltd raised $1 million (around Rs 7 crore) from IAN, Emergent Ventures and high net-worth individuals.

In early June, IAN Fund had led a Series A funding in clean-tech company Chakr Innovation.

Last month, hyperlocal news platform PublicVibe raised an undisclosed amount in a funding round led by IAN.