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Indian Angel Network, IAN Fund exit TagBox with 3X return as TVS Motor rides in

twitter-logo PTI        Last Updated: May 9, 2019  | 14:13 IST

New Delhi, May 9 (PTI) Indian Angel Network (IAN) and IAN Fund Thursday said they have exited TagBox - which has received investment of USD 3.85 million from TVS Motor Company- with three times return on their investment. "IAN and IAN Fund together, received an exceptional 3X return within 18 months of investment in Bengaluru-based TagBox that is an industrial Internet of Things-focused enterprise. IAN and the IAN Fund had invested Rs 3.5 crore," IAN said in a statement. In a regulatory filing late Wednesday night, TVS Motor Company said it has invested USD 3.85 million (about Rs 26.69 crore) in TagBox as part of the latter's series A funding round. This round was entirely led by TVS Motor Company and its Singapore based subsidiary TVS Motor (Singapore) Pte Limited, it added. The filing noted that TVS Motor Company is making an investment of about Rs 11.2 crore in Tagbox Solutions India, while TVS Motor Company's wholly-owned subsidiary in Singapore is making an investment of USD 2.25 million in Tagbox Pte Ltd, Singapore. "Through this investment, TVS Motor will partner Tagbox in their exciting journey of growth driven by product innovation and research and development (R&D) and also through expanding its global footprint," the filing added. Established in 2016, Tagbox Solutions had registered a turnover of Rs 74.49 lakh in FY17-18. Its Singapore entity was incorporated in March, 2019. TagBox plans to use the funds to strengthen product innovation and R&D, while expanding its global footprint, the filing noted. PTI SR SHW ANS ANS

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