Angel investing platform Inflection Point Ventures (IPV) said Tuesday it scored 14 exits in 2023, clocking an average internal rate of return (IRR) of 61% for its investors.
IPV, whose portfolio includes companies such as BluSmart, Otipy, Stage and Buyofuel, also said it aims to invest Rs 175 crore across 70 startups in 2024. Overall, it has invested Rs 650 crore across more than 200 startups.
In 2023, IPV achieved a 217% IRR with a full exit from Project Light, resulting in a money-over-money (MoM) ratio exceeding 40x. It also made full exits from Koovers (IRR of 47%) and Sportido (IRR of 11%).
In addition, it made partial exits from 11 companies, delivering an IRR ranging from 20% to 97%. These include Oorjaa, Aerem, Devnagri, Ishitva, Kazam, Mindler, Healthysure, Bored Beverages, Clensta, and Reloy.
Overall, the angel network said it has recorded 38 exits in less than five years. In 2022, it clocked an IRR of 160%.
“2022 was a euphoric year, and individuals were willing to pay premium valuations. Consequently, some of our deals generated substantial returns, contributing to an impressive 160% average for that year," Vinay Bansal, founder and chief executive officer, told VCCircle. "Our benchmark for comparison is a satisfactory 20% to 30%, and our overarching goal is to consistently generate 35% or more over an extended period."
Bansal, who launched IPV in 2018 along with Ankur Mittal and Mitesh Shah, also said the angel network is in discussions regarding potential investments in a sports firm and an electric vehicle company. He didn't disclose any names.
In 2023, IPV evaluated over 7,000 startups and participated in 56 deals, including 10 up rounds. In 2022, IPV launched the $50 million venture capital fund under Physis Capital, targeting pre-Series A to Series B investments in startups.
“Since the last quarter of 2023, we've witnessed a strong recovery and a robust funding cycle in 2024. Our active investment thesis of 2023 will persist in 2024, too,” Bansal said.
Shah, co-founder of IPV, said the network has launched IPV Ideaschool, an accelerator programme. This will further strengthen IPV's portfolio and enable startups to grow their business rapidly, he said.