The Art of the Exit: How Our Partial Spinny Exit Yielded 30% of Fund II (40% for INR investors)

Blume VenturesJuly 18, 202500:01:30

The Art of the Exit: How Our Partial Spinny Exit Yielded 30% of Fund II (40% for INR investors)

Through a strategic secondary sale, we returned ~30% of Fund II to our $ investors (40% for our INR investors) through a partial stake sale in Spinny, while retaining more than half our original stake in India's largest used car platform.

In true Blume-style (transparent and candid), Karthik B. Reddy breaks down Spinny’s journey, how secondaries create meaningful exit opportunities, and what it teaches us about India's maturing startup ecosystem.

Here are 4 key insights from Spinny's journey:

- Exponential Growth Post-COVID: 15x growth in both volume and revenue over the last four years, transforming from a regional player to India's largest used car platform

- Early Conviction Pays: Our initial ₹2.6 crore (~$300K) investment for 10% stake in 2015-16 showcases how early-stage bets in large markets can create significant value

- Secondary Opportunities: Recent $150M+ primary and secondary round led by Accel US with WestBridge’s participation, enabled a meaningful secondary sale, with us generating $18M in returns

- Strategic Retention: While securing strong returns through the secondary sale, we maintain substantial equity (4.6%) for future upside potential

Watch the full breakdown to understand how India's secondary market is creating new liquidity opportunities for early-stage investors. 🎯 #Spinny #UsedCars #MarketGrowth #Investment #Startup #Unicorn #BusinessGrowth #Finance #Cars24 #Entrepreneurship