KONNECT - IVCA
KONNECTADVOCACYRESEARCHIVCA PRIVATE EQUITY VENTURE CAPITAL REPORTEDUCATIONKONNECTFEBRUARY 2020NEW DELHI MUMBAI BANGALORE
CONTENTSExecutive Summary03Private Equity Investments04Venture Capital Investments07Exits09Angel Investments10Investments involving AIFs12Appendix & Tables13150 MEMBERS & GROWING.
Executive SummaryPrivate Equity(1) Investments & ExitsFebruary 2020 registered 49 Private Equity (PE) investments worth about 12,900 Cr ( 1.8 Billion).The largest PE investment was the 3,000 Cr ( 415 million) acquisition of solar energy assets of 600megawatt capacity from Acme Cleantech Solutions by Actis.Funds with AIF vehicles participated in 21 investments.IT & ITES topped the industry table (by value).NCR Delhi topped the chart for most investments in a city (by value).The month witnessed 15 PE exits that harvested about 3,609 Cr ( 504 million).The largest was the 1,001 Cr ( 200 million) exit by investors from Intas Pharmaceuticals via asecondary sale.Venture Capital (1) Investments & ExitsFebruary registered 24 investments worth about 987 Cr ( 138 million).The largest VC investment was the 20 million Series A round in data annotation and enrichmentcompany iMerit led by CDC Group with participation from existing investors.Funds with AIF vehicles participated in 10 investments.6 DPIIT-registered startups raised funding during the month.IT & ITeS companies topped the industry table (by volume & value).NCR Delhi topped the chart for highest investments (by volume) in a city.The month witnessed 9 VC exits that harvested about 594 Cr ( 83 million).Angel InvestmentsSuper Angels and Angel Networks made 14 investments.
Private Equity InvestmentsPrivate Equity Investments in Feb 2020: 49 Deals, 1.8 Billion ( 12,900 Cr)Projected (Q1)Amount( B)DealsProjected (Q1) 12 B270 10 B225 8 B180 6 B135 4 B90 2 B45 ry 2020 registered 49 Private Equity (PE) investments worth about 12,900 Cr( 1.8 Billion).The largest PE investment was the 3,000 Cr ( 415 million) acquisition of solar energyassets of 600 megawatt capacity from Acme Cleantech Solutions by Private Equityinvestor Actis.The second largest was the 1,427 Cr ( 200 million) investments by General Atlantic inedtech unicorn Byju’s Classes.The third largest investment was the 1,080 Cr ( 150 million) investment by WarburgPincus in publicly listed Apollo Tyres Ltd.Funds with AIF vehicles participated in 21 PE investments worth 493 Million. The largestsuch investment was the 110 million investment by General Atlantic and existinginvestors in edtech startup Unacademy.4
Private Equity InvestmentsBy IndustryIT & ITES 662 MEnergyEducationManufacturing 415 M 205 M 151 MOthers 369 MIT & ITES companies topped the industry chart with investments worth 662 million( 4.738 crore) led by 113 million investment in food delivery major Swiggy fromNaspers, Wellington Management and others.Energy company stood second with 415 million ( 2,971 crore) investment in ACMECleantech Solutions.Education companies stood third with investment worth 205 million ( 1,470 crore) led bythe 200 million investment in edtech unicorn Byju’s Classes.5
Private Equity InvestmentsBy Region 953 M 569 M 153 M 88 M 39 MNCR DelhiBangaloreMumbaiVadodaraBy StagePIPEBy Size 185 MBuyoutOthers 100M 5 50-100M5 415 M 25-50MLate 461 M6 10-25M10 5-10MGrowth-PE 2-5MVC7 602 M 138 M 2M6610
Venture Capital InvestmentsVenture Capital Investments in February 2020: 24 Deals, 138 Million ( 987 Cr)Projected (Q1)Amount( B)DealsProjected (Q1) 700 M240 600 M200 500 M160 400 M120 300 M80 200 M40 100 M 0 M0Oct-DecJan-MarApr-JunJul-SepOct-DecJan-MarIn February 2020, VC-type investments* recorded 24 deals worth 138 million ( 987 Cr).(*See Appendix for Venture Capital definition.)The largest VC investment was the 20 million Series A round in data annotation andenrichment company iMerit led by CDC Group with participation from existing investors.The second largest investment was the 19 million investment in Onsitego by Avendus viaZodius Growth Fund and existing investors.Funds with AIF vehicles participated in 10 VC investments worth 50 million ( 358 Cr).6 DPIIT-registered startups raised 24 million ( 172 Cr). Among DPIIT registered startups,Smart learning app doubtnut.com raised 15 million ( 106 crore) and e-learning platformCodingNinjas raised 5 million ( 35 crore).7
Venture Capital InvestmentsBy Industry162IT & ITESEducation11Agri-businessManufacturingBy SizeBy CityNCR Delhi9Bangalore 10-20M74 5-10MMumbai4 2-5MOthers4 2M8659
Private Equity ExitsPrivate Equity Exits in February 2020: 15 Deals, 1.2 Million ( 8,733 Cr)Projected (Q1)Amount( B)DealsProjected (Q1) 4 B60 3 B45 2 B30 1 B15 ry 2020 saw 15 PE-VC exits that harvested 3,609 Cr ( 504 million).The largest exit was the 1,001 Cr ( 140 million) exit by Capital International from IntasPharmaceuticals via a secondary sale.The second largest exit was the 721 Cr ( 101 million) part exit by Baring India frompublicly-listed Manappuram Finance via Open Market Transaction.By IndustryBFSI 272 MHealthcareIT & ITES 140 M 35 M9
Venture Capital ExitsVenture Capital Exits in February 2020: 9 Deals, 83 Million ( 594 Cr)Projected (Q1)Amount( B)DealsProjected (Q1) 2.5 B30 2.0 B24 1.5 B18 1.0 B12 0.5 B6 0.0 ry 2020 witnessed 9 VC exits that harvested 83 million (594 Cr). The largest VC exitwas the 23 million ( 162 Cr Cr) exit by JM Financial from publicly listed Spandana SphoortyFinancial.Angel Investments*685560In February 2020, super angels and angelnetworks made 14 investments.5739The largest investment involving angelinvestors was the 110 million investment byKalyan Krishnamurthy and Sujeet Kumar inedtech startup Unacademy with participationfrom General Atlantic and existing investors.38Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar*Investments by Super Angels & Angel Networks10
Annual PE-VC InvestmentsPrivate Equity in 2020 (YTD): 108 Deals, 4.2 Billion ( 29,795 Cr)Amount( B)Deals 40 B12501000 30 B750 20 B500 10 B250 B0201120122013201420151120162017201820192020
Investments involving AIFs*Deal value includes share of Non-AIF investors participating in the round.CompanySectorInvestorsUnacademyE-Learning & Test PreparationSteadview Capital, Blume Ventures, Nexus VenturePartners, Sequoia Capital India, General Atlantic,Others110InnovaccerEnterprise Software (DataAnalytics - Healthcare)Mubadala Investment, M12, Steadview Capital,Dragoneer Investment Group, WestBridge, TigerGlobal, Others70Religare HealthInsuranceInsuranceKedaara Capital56Pepperfry.comConsumer Shopping - Furniture & State Street Global Advisors, Norwest, GoldmanHome ProductsSachs, Others40Ami LifesciencesPharma (API products)39WayCoolAgri LogisticsMoEngageEnterprise Software (SaaS - CLM - Ventureast, Matrix Partners India, Eight RoadsAnalytics & Engagement)Ventures, OthersKedaara CapitalInnoVen Capital, Lightbox, LGT Lightstone Aspada,FMOAmount(US M)3225Leap India Food andAgri LogisticsLogisticsIFU, SBICAPS Ventures23Ummeed HousingFinanceNBFC (Home Loans)LGT Lightstone Aspada, Morgan Stanley23ChaayosRestaurants (Tea Cafe)Integrated Capital, Think Investments, InnoVenCapital, Iconiq Capital, Tiger Global, SAIF, Others22OnsiteGoAfter Sales Services (Electronics) Accel USA, Avendus PE, Accel India19DotPEOnline Services (Payments)Fosun Group, Naspers, Info Edge, Others7.8EsperEnterprise Software(Development Tools - Android)Roots Ventures, Others7.6Clover VenturesPrecision Agriculture (Fruits &Vegetables)Omnivore Partners, Accel India, Mayfield5.3CodingNinjasTraining & Certification (Coding) Info Edge4.9Qyuki Digital Media Content (Digital)Info Edge3.5Fullife HealthcarePharmaceuticalsSixth Sense Ventures, Rare Enterprises3.2Avalon MetaTraining & CertificationPurvi Capital, Others0.4Near.StoreOnline Services (B2B Hyperlocal)Sauce VC, Others0.3CamComEnterprise Software (ComputerVision, Artificial Intelligence Auto, Manufacturing)Triton FundN.AElecTorqAutomobiles (Electric Vehicles Two Wheelers)AdvantEdge PartnersN.A12
Appendix - Top PE InvestmentsCompanySectorInvestorsACME CleantechSolutions (SolarAssets)Renewable Power Projects(Solar)Actis415Byjus ClassesTest PreparationGeneral Atlantic200Apollo TyresAuto Components (Tyres)Warburg Pincus150Swiggy.comConsumer App (Food DeliveryWellington Management, Naspers, OthersServices)113UnacademySteadview Capital, Blume Ventures, NexusE-Learning & Test Preparation Venture Partners, Sequoia Capital India,General Atlantic, Others110Lava International Mobile HandsetsAmount(US M)Gem India Advisors90BharatPeOnline Services (Payments UPI)Coatue Management, Ribbit Capital,Steadview Capital, Insight VenturePartners, Others75InnovaccerEnterprise Software (DataAnalytics - Healthcare)Mubadala Investment, M12, SteadviewCapital, Dragoneer Investment Group,WestBridge, Tiger Global, Others70RupeekOnline Services (Lending - Gold GGV Capital, KB Investment, TanglinLoans)Venture Partners, Others60Religare HealthInsuranceInsuranceKedaara Capital56Pepperfry.comConsumer Shopping Furniture & Home ProductsState Street Global Advisors, Norwest,Goldman Sachs, Others40Ami LifesciencesPharma (API products)Kedaara Capital39WayCoolAgri LogisticsInnoVen Capital, Lightbox, LGT LightstoneAspada, FMO32Sequoia Capital India, Eight RoadsVentures, Cisco, Others32IFC30WhatFixFuture LifestyleFashionsEnterprise Software (SaaS Digital Adoption Platform)Discount Retail (BrandedApparel)13
Appendix - DPIIT Registered Startups that raised g - MathAET Fund, Tencent, OmidyarNetwork, Sequoia Capital India,Others15CodingNinjasTraining & Certification (Coding)Info Edge4.9MaxWholesaleM-Commerce (B2B - Groceries)OthersJosh TalksExhibitions & Conferences (Talks)Media DevelopmentInvestment Fund, Others1.6CamComEnterprise Software (ComputerVision, Artificial Intelligence - Auto,Manufacturing)Triton FundNALetsShaveE-Commerce (Personal Care Shaving Products)Wipro VenturesNA14Amount(US M)3
Appendix - Top PE-VC ExitsCompanySectorIntas Pharmaceuticals PharmaceuticalsExiting InvestorAcquirerCapital InternationalNil140Nil101Manappuram Finance NBFC (Gold Loans) Baring IndiaDeal Amount(US M)Aavas FinanciersNBFC (HousingFinance)Kedaara CapitalNil93Hinduja LeylandFinanceNBFC (AutoFinance)EverstoneAshok LeylandLimited, Others55Spandana SphoortyFinancialMicrofinanceJM FinancialNil23Indian EnergyExchangeExchange (PowerTrading)Lightspeed VenturesNil211714Daawat FoodsRiceRabo EquitySaudi Agriculturaland LivestockInvestmentCompanyGodrej AgrovetDiversifiedTemasekNil15
Appendix - Definitions of Stages UsedVenture Capital:Early StageFirst / Second Round of institutional investments into companies that are:Less than five years old, ANDNot part of a larger business group, ANDInvestment amount is less than 20 MGrowth Stage:Third / Fourth Round funding of institutional investments ORFirst/Second Round of institutional investments for companies that are 5 yearsold and 10 years old OR spin-outs from larger businesses, ANDInvestment amount is less than 20 MPrivate Equity:PE investment figures in this Report include Venture Capital (VC) type investments, butexclude PE investments in Real Estate.Growth-PE:First-to-Fourth Round Investments 20 M into companies 10 years old, ORFifth / Sixth rounds of institutional investments into companies 10 years oldLate Stage:Investment into companies that are over 10 years old, ORSeventh or later rounds of institutional investmentsPIPEs:PE investments in publicly-listed companies via preferential allotments / privateplacements,Acquisition of shares by PE firms via the secondary marketBuyout:Acquisition of controlling stake via purchase of stakes of existing shareholders16
About Knowledge PartnerVenture Intelligence, a division of TSJ Media Pvt. Ltd, is theleading provider of data on private companyfinancials,transactions and their valuations. Our research is used extensivelyby PE/VC industry practitioners, entrepreneurs, CXOs of largecorporations, financial and strategic investors, the media as wellas government and regulatory agencies. Our customers includeleading PE/VC Firms, Limited Partners, Investment Banks, LawFirms, HR Services Firms, Corporations and Consulting Firmswww.ventureintelligence.comDelhi Office:IVC Association806, 8th Floor, Akashdeep Building,26A Barakhamba Road, Connaught Place,New Delhi – 110001Aakriti Bamniyal - 9711110011Mumbai Office:Rohan Parulekar - 9819001130Bangalore Office:Sunitha Prasad - 9972470000For Any QueriesIVCA Team - info@ivca.inwww.ivca.in
Private Equity Investments February 2020 registered 49 Private Equity (PE) investments worth about 12,900 Cr ( 1.8 Billion). Private Equity Investments in Feb 2020: 49 Deals, 1.8 Billion ( 12,900Cr) The largest PE investment was the 3,000 Cr ( 415 million) acquisition of solar energy
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Figure 2: The increased investment in 2019 is primarily due to increased deal volume, although average deal size also went up Figure 1: The 10 billion in deployed capital was the highest VC investment in India to date 40% Growth from increased deal volume 10 Growth from increased
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