A Rs. 375 crore fund registered with SEBI, Indian Angel Network’s inaugural VC fund, IAN Fund I, has successfully exited from some of its investments. One of the standout divestments includes Zypp, an electric mobility company.
Zypp, which specializes in providing tech-enabled shared electric mobility solutions for both last-mile delivery and general mobility, has delivered an exceptional 6.5 times return on investment to IAN Fund I, accompanied by an impressive 88% internal rate of return (IRR).
Akash Gupta, the Co-founder & CEO of Zypp Electric, expressed his satisfaction with this milestone, emphasizing the fundamental objective of startups to create value for their investors. He highlighted the enduring support provided by IAN Fund since its initial investment in Zypp just prior to the onset of the Covid-19 pandemic. Furthermore, he outlined Zypp’s commitment to the “Mission Zero Emission,” with plans to expand their electric vehicle fleet from the current 16,000 units to over 200,000 EVs within the next three years. This expansion aims to promote sustainable last-mile delivery solutions across India and beyond.
Padmaja Ruparel, Co-Founder of IAN and Founding Partner of IAN Fund I, shared her enthusiasm for these dynamic companies, acknowledging their impressive growth trajectories and potential for even more significant scaling. IAN Fund I maintains substantial investments in these companies and anticipates delivering even better returns to its investors in the future.
Source: BW Auto World