KONNECT - IVCA · 2020-03-30 · The largest exit was the ₹1,001 Cr ($140 million) exit by...

ADVOCACY

RESEARCH

EDUCATION

KONNECT

KONNECT

IVCA PRIVATE EQUITY -

VENTURE CAPITAL REPORT

FEBRUARY 2020

NEW DELHI | MUMBAI | BANGALORE

CONTENTS

Executive Summary

Private Equity Investments

Venture Capital Investments

Exits

Angel Investments

Investments involving AIFs

Appendix & Tables

03

04

07

09

10

12

13

150+ MEMBERS & GROWING..

Executive Summary

Private Equity(1) Investments & Exits

February 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 600

megawatt 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 a

secondary sale.

Venture Capital (1) Investments & Exits

February registered 24 investments worth about ₹987 Cr ($138 million).

The largest VC investment was the $20 million Series A round in data annotation and enrichment

company 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 Investments

Super Angels and Angel Networks made 14 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 (₹12,900 Cr)

The largest PE investment was the ₹3,000 Cr ($415 million) acquisition of solar energy

assets of 600 megawatt capacity from Acme Cleantech Solutions by Private Equity

investor Actis.

The second largest was the ₹1,427 Cr ($200 million) investments by General Atlantic in

edtech unicorn Byju’s Classes.

The third largest investment was the ₹1,080 Cr ($150 million) investment by Warburg

Pincus in publicly listed Apollo Tyres Ltd.

Funds with AIF vehicles participated in 21 PE investments worth $493 Million. The largest

such investment was the $110 million investment by General Atlantic and existing

investors in edtech startup Unacademy.

4

0

45

90

135

180

225

270

$ B

$2 B

$4 B

$6 B

$8 B

$10 B

$12 B

Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar

Projected (Q1) Amount($B) Deals Projected (Q1)


IT & ITES companies topped the industry chart with investments worth $662 million

(₹4.738 crore) led by $113 million investment in food delivery major Swiggy from

Naspers, Wellington Management and others.

Energy company stood second with $415 million (₹2,971 crore) investment in ACME

Cleantech Solutions.

Education companies stood third with investment worth $205 million (₹1,470 crore) led by

the $200 million investment in edtech unicorn Byju’s Classes.

5

$662 M

$415 M

$205 M

$151 M

$369 M

IT & ITES

Energy

Education

Manufacturing

Others

By Industry


6

$953 M

$569 M

$153 M

$39 M$88 M

NCR Delhi Bangalore Mumbai Vadodara Others

By Region

$138 M

$602 M

$461 M

$415 M

$185 M

VC

Growth-PE

Late

Buyout

PIPE

By Stage

10

6

7

10

6

5

5

<$2M

$2-5M

$5-10M

$10-25M

$25-50M

$50-100M

$100M+

By Size


In 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 and

enrichment company iMerit led by CDC Group with participation from existing investors.

The second largest investment was the $19 million investment in Onsitego by Avendus via

Zodius Growth Fund and existing investors.

Venture Capital Investments in February 2020: 24 Deals, $138 Million (₹987 Cr)

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 platform

CodingNinjas raised $5 million (₹35 crore).

7

0

40

80

120

160

200

240

$0 M

$100 M

$200 M

$300 M

$400 M

$500 M

$600 M

$700 M




8

16

21 1

IT & ITES Education Agri-business Manufacturing

By Industry

9

7

4

4

NCR Delhi

Bangalore

Mumbai

Others

By City

9

5

6

4

<$2M

$2-5M

$5-10M

$10-20M

By Size

Private Equity Exits

February 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 Intas

Pharmaceuticals via a secondary sale.

The second largest exit was the ₹721 Cr ($101 million) part exit by Baring India from

publicly-listed Manappuram Finance via Open Market Transaction.

Private Equity Exits in February 2020: 15 Deals, $1.2 Million (₹8,733 Cr)

9

$272 M

$140 M

$35 M

BFSI

Healthcare

IT & ITES

By Industry

0

15

30

45

60

$ B

$1 B

$2 B

$3 B

$4 B



Venture Capital Exits

February 2020 witnessed 9 VC exits that harvested $83 million (594 Cr). The largest VC exit

was the $23 million (₹162 Cr Cr) exit by JM Financial from publicly listed Spandana Sphoorty

Financial.

Venture Capital Exits in February 2020: 9 Deals, $83 Million (₹594 Cr)

Angel Investments*

In February 2020, super angels and angel

networks made 14 investments.

The largest investment involving angel

investors was the $110 million investment by

Kalyan Krishnamurthy and Sujeet Kumar in

edtech startup Unacademy with participation

from General Atlantic and existing investors.

10*Investments by Super Angels & Angel Networks

0

6

12

18

24

30

$0.0 B

$0.5 B

$1.0 B

$1.5 B

$2.0 B

$2.5 B



39

55

6860

38

57

Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar

Annual PE-VC Investments

Private Equity in 2020 (YTD): 108 Deals, $4.2 Billion (₹29,795 Cr)

11

0

250

500

750

1000

1250

$ B

$10 B

$20 B

$30 B

$40 B

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Amount($B) Deals

Investments involving AIFs

*Deal value includes share of Non-AIF investors participating in the round.

Company Sector Investors Amount(US$M)

Unacademy E-Learning & Test PreparationSteadview Capital, Blume Ventures, Nexus Venture Partners, Sequoia Capital India, General Atlantic, Others

110

InnovaccerEnterprise Software (Data Analytics - Healthcare)

Mubadala Investment, M12, Steadview Capital, Dragoneer Investment Group, WestBridge, Tiger Global, Others

70

Religare Health Insurance

Insurance Kedaara Capital 56

Pepperfry.comConsumer Shopping - Furniture & Home Products

State Street Global Advisors, Norwest, Goldman Sachs, Others

40

Ami Lifesciences Pharma (API products) Kedaara Capital 39

WayCool Agri LogisticsInnoVen Capital, Lightbox, LGT Lightstone Aspada, FMO

32

MoEngageEnterprise Software (SaaS - CLM -Analytics & Engagement)

Ventureast, Matrix Partners India, Eight Roads Ventures, Others

25

Leap India Food and Logistics

Agri Logistics IFU, SBICAPS Ventures 23

Ummeed Housing Finance

NBFC (Home Loans) LGT Lightstone Aspada, Morgan Stanley 23

Chaayos Restaurants (Tea Cafe)Integrated Capital, Think Investments, InnoVenCapital, Iconiq Capital, Tiger Global, SAIF, Others

22

OnsiteGo After Sales Services (Electronics) Accel USA, Avendus PE, Accel India 19

DotPE Online Services (Payments) Fosun Group, Naspers, Info Edge, Others 7.8

EsperEnterprise Software (Development Tools - Android)

Roots Ventures, Others 7.6

Clover VenturesPrecision Agriculture (Fruits & Vegetables)

Omnivore Partners, Accel India, Mayfield 5.3

CodingNinjas Training & Certification (Coding) Info Edge 4.9

Qyuki Digital Media Content (Digital) Info Edge 3.5

Fullife Healthcare Pharmaceuticals Sixth Sense Ventures, Rare Enterprises 3.2

Avalon Meta Training & Certification Purvi Capital, Others 0.4

Near.StoreOnline Services (B2B -Hyperlocal)

Sauce VC, Others 0.3

CamComEnterprise Software (Computer Vision, Artificial Intelligence -Auto, Manufacturing)

Triton Fund N.A

ElecTorqAutomobiles (Electric Vehicles -Two Wheelers)

AdvantEdge Partners N.A

12

Appendix - Top PE Investments

13


ACME Cleantech Solutions (Solar Assets)

Renewable Power Projects (Solar)

Actis 415

Byjus Classes Test Preparation General Atlantic 200

Apollo Tyres Auto Components (Tyres) Warburg Pincus 150

Swiggy.comConsumer App (Food Delivery Services)

Wellington Management, Naspers, Others 113

Unacademy E-Learning & Test PreparationSteadview Capital, Blume Ventures, Nexus Venture Partners, Sequoia Capital India, General Atlantic, Others

110

Lava International Mobile Handsets Gem India Advisors 90

BharatPeOnline Services (Payments -UPI)

Coatue Management, Ribbit Capital, Steadview Capital, Insight Venture Partners, Others

75

InnovaccerEnterprise Software (Data Analytics - Healthcare)

Mubadala Investment, M12, Steadview Capital, Dragoneer Investment Group, WestBridge, Tiger Global, Others

70

RupeekOnline Services (Lending - Gold Loans)

GGV Capital, KB Investment, Tanglin Venture Partners, Others

60

Religare Health Insurance

Insurance Kedaara Capital 56

Pepperfry.comConsumer Shopping -Furniture & Home Products

State Street Global Advisors, Norwest, Goldman Sachs, Others

40

Ami Lifesciences Pharma (API products) Kedaara Capital 39

WayCool Agri LogisticsInnoVen Capital, Lightbox, LGT Lightstone Aspada, FMO

32

WhatFixEnterprise Software (SaaS -Digital Adoption Platform)

Sequoia Capital India, Eight Roads Ventures, Cisco, Others

32

Future Lifestyle Fashions

Discount Retail (Branded Apparel)

IFC 30

Appendix - DPIIT Registered Startups that raised funding

14


Doubtnut.com E-Learning - MathAET Fund, Tencent, Omidyar Network, Sequoia Capital India, Others

15

CodingNinjas Training & Certification (Coding) Info Edge 4.9

MaxWholesale M-Commerce (B2B - Groceries) Others 3

Josh Talks Exhibitions & Conferences (Talks)Media Development Investment Fund, Others

1.6

CamComEnterprise Software (Computer Vision, Artificial Intelligence - Auto, Manufacturing)

Triton Fund NA

LetsShaveE-Commerce (Personal Care -Shaving Products)

Wipro Ventures NA

Appendix - Top PE-VC Exits

15

Company Sector Exiting Investor Acquirer Deal Amount(US$M)

Intas Pharmaceuticals Pharmaceuticals Capital International Nil 140

Manappuram Finance NBFC (Gold Loans) Baring India Nil 101

Aavas FinanciersNBFC (Housing Finance)

Kedaara Capital Nil 93

Hinduja Leyland Finance

NBFC (Auto Finance)

EverstoneAshok Leyland Limited, Others

55

Spandana Sphoorty Financial

Microfinance JM Financial Nil 23

Indian Energy Exchange

Exchange (Power Trading)

Lightspeed Ventures Nil 21

Daawat Foods Rice Rabo Equity

Saudi Agricultural and Livestock Investment Company

17

Godrej Agrovet Diversified Temasek Nil 14

Appendix - Definitions of Stages Used

Venture Capital:

Early Stage

First / Second Round of institutional investments into companies that are:

Less than five years old, AND

Not part of a larger business group, AND

Investment amount is less than $20 M

Growth Stage:

Third / Fourth Round funding of institutional investments OR

First/Second Round of institutional investments for companies that are >5 years

old and <10 years old OR spin-outs from larger businesses, AND

Investment amount is less than $20 M

Private Equity:

PE investment figures in this Report include Venture Capital (VC) type investments, but

exclude PE investments in Real Estate.

Growth-PE:

First-to-Fourth Round Investments >$20 M into companies <10 years old, OR

Fifth / Sixth rounds of institutional investments into companies <10 years old

Late Stage:

Investment into companies that are over 10 years old, OR

Seventh or later rounds of institutional investments

PIPEs:

PE investments in publicly-listed companies via preferential allotments / private

placements,

Acquisition of shares by PE firms via the secondary market

Buyout:

Acquisition of controlling stake via purchase of stakes of existing shareholders

16

Delhi Office:

IVC Association

806, 8th Floor, Akashdeep Building,

26A Barakhamba Road, Connaught Place,

New Delhi – 110001

Aakriti Bamniyal - 9711110011

Mumbai Office:Rohan Parulekar - 9819001130

Bangalore Office:Sunitha Prasad - 9972470000

About Knowledge Partner

Venture Intelligence, a division of TSJ Media Pvt. Ltd, is the

leading provider of data on private company financials,

transactions and their valuations. Our research is used extensively

by PE/VC industry practitioners, entrepreneurs, CXOs of large

corporations, financial and strategic investors, the media as well

as government and regulatory agencies. Our customers include

leading PE/VC Firms, Limited Partners, Investment Banks, Law

Firms, HR Services Firms, Corporations and Consulting Firms

www.ventureintelligence.com

For Any Queries

IVCA Team - [email protected]

www.ivca.in

http://www.ventureintelligence.com/

KONNECT - IVCA · 2020-03-30 · The largest exit was the ₹1,001 Cr ($140 million) exit by...

Documents

Transcript of KONNECT - IVCA · 2020-03-30 · The largest exit was the ₹1,001 Cr ($140 million) exit by...