IAN Fund I, the maiden venture capital fund of Indian Angel Network, has announced a partial divestment from WoodenStreet with more than 10 times return at an internal rate of return (IRR) of 105 per cent.
This follows a partial divestment from Zypp Electric, which provided 6.5 times return with an IRR of 88 per cent.
The fund has retained a major shareholding in these companies, as it believes they have tremendous potential going forward.
Padmaja Ruparel, Co-Founder, IAN, and Founding Partner, IAN Fund I, said “These are exciting companies, which have exhibited impressive growth but are poised to scale even faster and have yet to realise their full potential. IAN Fund 1 therefore remains majorly invested in them and hopes to give even better returns to its investors.”
Saurabh Srivastava, Co-Founder of IAN, said, “Founders with innovative solutions to address real-world challenges will always be our top priority, and we look forward to continuing to create success stories like this.”
WoodenStreet manufactures customised home furniture, décor and furnishings, and plans to soon launch lightings, as well.
WoodenStreet’s founders, Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, have expanded the business to 100 stores pan-India.
Zypp loffers a tech-enabled shared electric mobility platform for delivery and mobility.
Akash Gupta, Co-founder and CEO of Zypp Electric, said, “Start-ups are here to return value to investors and this was a small milestone well achieved. IAN Fund has been providing continued support right from the time they invested in Zypp just before Covid-19.
“We continue to believe and work closely with the IAN team as we scale Zypp to newer heights. The Mission Zero Emission has just started with 16,000 EVs and we plan to grow this to 200,000-plus over the next three years to electrify last-mile delivery across India and beyond.”