IPV Clocks 16 Exits in FY2026, Delivers 41% IRR Despite Liquidity Crunch
- Secret Alchemist, the Samantha Ruth Prabhu co-founded aromatherapy and clean fragrance brand, leads IPV's exit slate with a standout 192% IRR and 4.56x MoM, followed by Aerem (60% IRR, 3.92x MoM), Qubehealth (49% IRR, 5.49x MoM), and Kazam (34% IRR, 4.21x MoM) among top performers.
- Exits span partial and full transactions, including strategic acquisitions of GeoiQ and AFK Gaming via sale to strategic buyers, alongside institutional co-exits with leading VC funds, demonstrating strong and broad-based buyer confidence in IPV-backed startups.
- 26 IPV startups recorded follow-on rounds in FY2026, delivering a blended IRR of 84.22% and 3.33x MoM across transactions.
IPV has built one of the few structured exit engines in India, enabling liquidity through both strategic acquisitions and engineered secondary transactions. Inflection Point Ventures (IPV), one of the most active angel investment platforms in India, today announced 16 exits in FY2026, delivering a blended Internal Rate of Return (IRR) of 41% and a Money-on-Money (MoM) multiple of 2.86x.
India's early-stage investing landscape has historically struggled with liquidity, exits remain the exception, not the rule, for most angel investors. IPV has worked hard to change that. More than 50% of IPV’s invested startups with at least a 2-year vintage have delivered either an exit or a follow-on round, a track record built on active portfolio support, long-standing acquirer relationships, and institutional co-investor confidence from funds including Blume Ventures, Unicorn India Ventures, and Avishkaar Fund VI.
“Our focus has always been on identifying and supporting businesses with the potential to scale and deliver strong returns,” said Vinay Bansal, Founder & CEO of IPV IPV-backed startups are being acquired by category leaders like Amazon, Lenskart and Nodwin Gaming, and global MNCs, validating the quality and strategic value of IPV's portfolio at exit. Generating exits is not a one-time event for us, it is a repeatable process built on disciplined investing, active portfolio stewardship, and a strong network. The 16 exits this fiscal year reflect the compounding effect of years of consistent effort.”
FY2026 was a strong year for returns across the IPV portfolio. Aerem returned 60% IRR and 3.92x MoM in a partial exit, an outcome that reflects IPV’s early and considered bet on the clean-energy transition. Qubehealth is worth noting separately; it generated two distinct exit tranches within the year, at 49% IRR, demonstrating continued and broad-based investor interest in the company. Oorjaa (53% IRR, 3.9x MoM), Indic Wisdom (44% IRR, 1.66x MoM), SnapeCabs (42% IRR, 1.48x MoM), and Kazam (34% IRR, 4.21x MoM) added further depth to what has been one of IPV’s more productive exit years.
This year's exits spanned a range of structures. Stage, Fabheads, Spardha, Hudle, and Freed saw partial exits, letting investors lock in gains while staying invested for future upside. GeoiQ and AFK Gaming were full acquisitions, giving investors complete liquidity. This mix, across sectors, stages, and investor preferences, shows how much the exit programme has grown over the past few years. A big part of what makes this noteworthy is who came back: experienced secondary buyers returning to the same platform, and to multiple companies within it, is a clear sign of portfolio quality. The strategic acquirers this year went through rigorous internal processes before choosing IPV-backed startups, that's a strong external validation. Building on this momentum, IPV is targeting higher value exits this year via structured secondaries and growing interest from leading venture capital firms.
Blended IRR: 41.01% | Blended MoM: 2.86x
For most angel investors in India, liquidity has historically meant one thing: wait for an acquisition. IPV’s pre-emptive rights programme (Follow-on) is changing that calculus, and in FY2026, the numbers tell a compelling story. Across 26 pre-emptive transactions, IPV’s investors witnessed a blended IRR of 84.22% and a MoM of 3.33x, without a single full exit event required. Standout performers also included Stylework (53% IRR, 7.62x MoM), Kazam (51% IRR, 5.61x MoM), and Conscious Chemist (86% IRR, 1.71x MoM).
These structured secondary transactions, enabling existing investors to exit partially while new investors come in during fundraising rounds, represent a clear structural differentiator that most angel platforms in India are unable to offer at this scale. It is a rare capability, and increasingly, a decisive one.
IPV’s portfolio companies also continued to attract strong follow-on interest in FY2026, with startups such as Surassa, Hudle, Ember (White.inc), Text Mercato, Moneyplanned, Regrip, and Kisah recording subsequent rounds. Notably, these rounds saw participation from leading institutional investors and prominent VCs, reinforcing confidence in the portfolio and further enhancing the value of IPV’s existing stakes.
This continued inflow of high-quality capital underscores sustained conviction in the strength and scalability of companies being built within IPV’s ecosystem.
“In India, exits don’t happen by chance, they are engineered. That’s the muscle IPV has built. What distinguishes IPV’s portfolio is not just the number of exits, but the quality of the companies and the breadth of strategic outcomes we have been able to facilitate,” said Ankur Mittal, Co-founder of IPV. “From strategic acquirers choosing our portfolio companies to institutional funds backing our consumer and deep-tech portfolio, these are not opportunistic transactions. They reflect the strength of the businesses our founders have built and our ability to connect them with the right partners at the right time. We are committed to delivering both growth and liquidity, because our investors deserve both.”
The FY2026 exit cycle produced several notable acquisitions that speak to the strategic value of IPV-backed startups. These transactions reflect the fact that IPV-backed companies are being chosen by market leaders for their technology and teams, not just their valuations.
“Our role does not end at writing the cheque, we work alongside our founders through every stage, helping them structure partnerships, navigate secondary transactions, and connect with the right strategic acquirers,” said Mitesh Shah, Co-founder of IPV. “The exit outcomes this year are the product of years of relationship building and proactive portfolio management. At IPV, a good exit is not a coincidence, it is engineered through consistent effort, strong networks.”
As IPV continues to grow across fund vintages, the FY2026 performance reinforces a simple but important point: early-stage investing in India can deliver real, repeatable liquidity when the right processes, networks, and portfolio discipline are in place. With 16 exits delivered this fiscal year and a strong pipeline of companies continuing to scale, IPV remains focused on what it has always been built to do: generate returns for its investors and opportunities for its founders. With a growing pipeline and a maturing exit engine, IPV is not just participating in India’s startup ecosystem, it is helping define how liquidity is created.
Muskaan Kapoor
