ah! Ventures has today announced its profitable exit from Entropy Innovations. The exit for the investment firm comes just within a year of its investment of an undisclosed amount in the company. The said company has now bought back the stakes from all the investors.
This exit also marks ah! Ventures’ second exit in the last two years. It had invested in Entropy Innovations in June 2015, along with Mark Mobius, Executive Chairman of Templeton Emerging Markets and AdvantEdge Incubator. Earlier, the VC firm exited from ed-tech startup Harness Handitouch, after two years of investment.
Commenting on the exit, Harshad Lahoti, Founder & CEO of ah! Ventures said,
In times when exits are hard to come by, the investors have got a good return and the founders got to consolidate their shareholding. It is a win-win for all stake-holders. Our belief in the product, the service and the entire effort of revamping bike care & maintenance, made us invest in the enterprise last year.
The clarity with which the team understood the niche market, instilled our trust in the start-up and now this exit clearly makes us appreciate that decision of ours. We wish the Entropy team tremendous success in the future.
Entropy Innovations was founded in early 2013. It is an engineering company that has disrupted the two wheeler service industry. The team has designed and manufactured automatic motorcycle wash machine – ‘Express Bike Wash’ that addresses a multitude of problems faced by an individual owner as well as a service station.
The Express Bike Wash or ‘EBW’ as it is being referred to, prides itself as being the saviour and is capable of washing the dirtiest of bikes in 2-5 minutes. Besides consumers, the product has also been a huge hit among the two-wheeler industry giants such as Honda, Hero, and Royal Enfield, says the company.
Entropy Innovation’s team has also seen a rapid growth in its headcount from an 8 member team last year to 40 member team this year. Commenting on the company’s journey, Niraj Taksande said,
Starting from one EBW store in 2015 and one machine serving an OEM service station, we have sold over 50 machines till now across India, South America, Africa and the South East Asia. With healthy cash flows now, we (founders) have consolidated our holding in the company and the investors have valued our decision. Going ahead, we are open for synergetic partners for our growth stage.
He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.