KONNECT - IVCA€¦ · NCR Delhi topped the chart for most investments in a city (by value). ......

ADVOCACY

RESEARCH

EDUCATION

KONNECT

KONNECT

IVCA PRIVATE EQUITY -

VENTURE CAPITAL REPORT

JANUARY 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

January 2020 registered 61 Private Equity (PE) investments worth about ₹20,427 Cr ($2.9 Billion).

The largest PE investment was the ₹4,050 Cr ($567 million) investment in distressed power

generation company RattanIndia Power by Varde Partners and Goldman Sachs.

Funds with AIF vehicles participated in 27 investments.

Energy topped the industry table (by value).

NCR Delhi topped the chart for most investments in a city (by value).

The month witnessed 10 PE exits that harvested about ₹5,852 Cr ($821 million).

The largest was the ₹1,421 Cr ($200 million) exit by investors from Byju’s Classes via a secondary

sale to Tiger Global.

Venture Capital (1) Investments & Exits

January registered 30 investments worth about ₹869 Cr ($122 million).

The largest VC investment was the $20 million Series A round in income sharing agreement based

education startup InterviewBit Academy by Sequoia Capital India, Tiger Global and Global Founders

Capital.

Funds with AIF vehicles participated in 18 investments.

8 DPIIT-registered startups raised funding during the month.

IT & ITeS companies topped the industry table (by volume & value).

Bangalore topped the chart for highest investments (by volume) in a city.

The month witnessed 5 VC exits that harvested about ₹2,795 Cr ($392 million).

Angel Investments

Super Angels and Angel Networks made 22 investments.


January 2020 registered 55 Private Equity (PE) investments worth about ₹15,567 Cr

($2.2 Billion).

Private Equity Investments in Jan 2020: 55 Deals, $2.2 Billion (₹15,567 Cr)

The largest PE investment was the ₹4,050 Cr ($567 million) investment in distressed power

generation company RattanIndia Power by Varde Partners and Goldman Sachs.

The second largest were the ₹1,457 Cr ($200 million) sized investments by Brookfield in

NBFC IndoStar Capital Finance (for 40% stake) and by Tiger Global in edtech unicorn

Byju’s Classes.

The third largest investment was the ₹1,060 Cr ($150 million) investment by Ant Financial,

affiliate company of Alibaba Group, in Zomato.

Funds with AIF vehicles participated in 27 PE investments worth $1.1 Billion. The largest

such investment was the $567 million investment by Goldman Sachs and Varde Partners.

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)


Energy companies topped the Industry chart with investments worth $567 Billion (₹4,050

Cr) led by the investment in RattanIndia Power.

BFSI (Banking, Financial Services and Insurance) stood second led by the Brookfield

investment worth $200 million (₹1,457 Cr) in IndoStar Capital Finance which was followed

by digital insurance company Digit which raised its first external round of funding worth

₹594 Cr ($84 million) from TVS Capital, Faering Capital and A91 Partners.

Education companies came third with investments worth $203 million (₹1,450 Cr) led by

the investment in Byju’s Classes.

5

$567 M

$477 M

$405 M

$203 M

$531 M

Energy

BFSI

IT & ITES

Education

Others

By Industry


6

$878 M

$702 M

$356 M

$56 M

$191 M

By Region

$122 M

$527 M

$529 M

$195 M

$245 M

VC

Growth-PE

Late

Buyout

PIPE

By Stage

15

8

5

8

6

8

5

<$2M

$2-5M

$5-10M

$10-25M

$25-50M

$50-100M

$100M+

By Size


In January 2020, VC-type investments* recorded 30 deals worth $122 million (₹869 Cr).

(*See Appendix for Venture Capital definition.)

The largest VC investment was the $20 million Series A round in income sharing

agreement based education startup InterviewBit Academy by Sequoia Capital India, Tiger

Global and Global Founders Capital.

The second largest investment was the $18.3 million Series B round in cosmetics brand

Mamaearth led by Sequoia Capital India.

Venture Capital Investments in January 2020: 30 Deals, $122 Million (₹869 Cr)

Funds with AIF vehicles participated in 18 VC investments worth $85 million (₹606 Cr).

8 DPIIT-registered startups raised $150 million (₹1,070 Cr). Among DPIIT registered

startups, scooter rental company Bounce raised $97 million (₹690 Cr) and InterviewBit

Academy raised $20 million (₹142 Cr).

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

18

3 32

IT & ITES Healthcare Travel & Transport FMCG

By Industry

9

8

4

9

Bangalore

NCR Delhi

Mumbai

Others

By City

14

7

5

4

<$2M

$2-5M

$5-10M

$10-20M

By Size

Private Equity Exits

January 2020 saw 10 PE-VC exits that harvested ₹5,852 Cr ($821 million).

The largest exit was the ₹1,421 Cr ($200 million) partial exit by investors from Byju’s

Classes via a secondary sale to Tiger Global.

The second largest exit was the ₹178 Cr ($25 million) partial exit by Inventus India from

insurance aggregator PolicyBazaar via secondary sale to SoftBank Vision Fund.

Private Equity Exits in January 2020: 10 Deals, $821 Million (₹5,852 Cr)

9

0

15

30

45

60

$ B

$1 B

$2 B

$3 B

$4 B



$380 M

$200 M

$174 M

Logistics

Education

IT & ITES

By Industry

Venture Capital Exits

January 2020 witnessed 5 VC exits that harvested $392 million (2,795 Cr). The largest VC exit

was the $200 million (₹1,421 Cr Cr) exit by investors from Byju’s Classes.

Venture Capital Exits in January 2020: 5 Deals, $392 Million (₹2,795 Cr)

Angel Investments*

In January 2020, super angels and angel

networks made 22 investments.

The largest investment involving angel

investors was the $11 million investment by

Rajesh Magow, Ashish Hemrajani, Kunal Shah,

Kunal Bahl, Rohit Bansal, Deep Kalra in parking

tech startup Park+ with participation from

Sequoia Capital India and Matrix Partners India.

10

0

6

12

18

24

30

$0.0 B

$0.5 B

$1.0 B

$1.5 B

$2.0 B

$2.5 B



37

55

6659

22

66

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

*Investments by Super Angels & Angel Networks

Annual PE-VC Investments

Private Equity in 2020 (YTD): 55 Deals, $2.2 Billion (₹15,567 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)

RattanIndia Power Power Projects (Multiple Sources)Varde Partners, Goldman Sachs 567

Bounce Scooter Rentals

B Capital Group, Falcon Edge Capital, Omidyar Network, Maverick Capital, Qualcomm Ventures, Accel India, Chiratae Ventures, Sequoia Capital India, Others

97

Digit Insurance - General A91 Partners, Faering Capital, TVS Capital 84

Biocon Biologics Biotech (Biosimilars) TrueNorth 75

Centrum Capital Advisory Services Morgan Stanley 27Aye Finance NBFC A91 Partners 20

Mamaearth Personal CareSharrp Ventures, Fireside Ventures, Stellaris Venture Partners, Sequoia Capital India

18.3

Integrace Pharmaceuticals TrueNorth 16.1

Jindal Stainless Metals & Alloys (Stainless Steel) Kotak PE 13.5

Park+ Consumer App - Parking Matrix Partners India, Sequoia Capital India, Others 11

Oye RickshawConsumer App (Electric Rickshaw Booking)

Xiaomi, Chiratae Ventures, Matrix Partners India, Others

10

Pando Enterprise Software (Logistics)Chiratae Ventures, Nexus Venture Partners, Siemens, Others

9

TestBookOnline Services (Education - Test Preparation)

Iron Pillar, Matrix Partners India, Others 8

Kristal.AIOnline Services (Wealth Management)

Chiratae Ventures, Others 6

Axio Biosolutions Medical Devices (Wound Care)UC-RNT Fund, Omidyar Network, Accel India, Chiratae Ventures

5

WebEngageEnterprise Software (SaaS - CRM -Marketing Automation)

IAN Fund, NB Ventures, India Quotient 3

Frog CyclesConsumer Goods (Bicycles and Toys)

Avaana Capital, Others 3

Gifskey Consumer App - Content - GIFsTouchstone Equities, AET Fund, Whiteboard Capital, Kalaari Capital, Others

2

Leverage EdtechOnline Services (Education -Admission - Foreign Colleges)

DSG Consumer Partners, Blume Ventures, Others 2

FashorE-Commerce (Consumer Shopping - Apparel - Women)

Sprout Venture Partners, Others 1

ExtraaEdgeEnterprise Software (CRM -Education)

Sprout Venture Partners, Others 1

ENGIE India Renewable Power Projects (Solar) Edelweiss Private Equity N.A.

Numocity Mobility (Electric)ABB Technology Ventures, Ideaspring, Rebright Partners

N.A.

ToddleEnterprise Software (SaaS -Education)

Matrix Partners India, Others N.A.

RipplrEnterprise Software (SaaS -Logistics)

Sprout Venture Partners, 3ONE4 Capital N.A.

AadarAlternative Medicine (Ayurvedic Medicine)

Sprout Venture Partners, Others N.A.

SEAL ProfessionalTraining & Certification (Management)

Equanimity Investments N.A.

Appendix - Top PE Investments

13


RattanIndia Power Power Projects (Multiple Sources) Varde Partners, Goldman Sachs 567

Indostar Capital Finance NBFC Brookfield 205

Byjus Classes Test Preparation Tiger Global 200

ZomatoOnline Services (Local Search -Restaurants)

Alibaba 150



97

Digit Insurance - General A91 Partners, Faering Capital, TVS Capital 84

Biocon Biologics Biotech (Biosimilars) TrueNorth 75

MoneyTapMobile VAS (Consumer App -Aggregator - Loans)

Aquiline, Prime Venture Partners, RTP Global, Sequoia Capital India, NEA, Others

70

Fusion Microfinance Microfinance Creation Investments, Warburg Pincus 70

LivSpaceOnline Services (Interior Design -Modular Kitchens, Home Products)

EDB Investments, Others 60

Allcargo Warehousing Warehousing Blackstone 54

Slayback Pharma Pharmaceuticals Everstone 50

LogiNextEnterprise Software (Saas - Data Analytics - Logistics)

Steadview Capital, Tiger Global 39

VOGO Scooter Rentals LGT Lightstone Aspada 35

ZoomCar Car Rental (Self Drive Cars) Sony Innovation Fund, Others 30

Appendix - DPIIT Registered Startups that raised funding

15




97

InterviewBit Academy

Online Services (Education -Vocational)

Global Founders Capital, Tiger Global, Sequoia Capital India, Others

20

Mamaearth Personal CareSharrp Ventures, Fireside Ventures, Stellaris Venture Partners, Sequoia Capital India

18

Oye RickshawConsumer App (Electric Rickshaw Booking)

Xiaomi, Chiratae Ventures, Matrix Partners India, Others

10

AdonmoOOH Advertising (Taxi Top Advertising)

BAce Capital, Astarc Ventures, Others 3

Leverage EdtechOnline Services (Education -Admission - Foreign Colleges)

DSG Consumer Partners, Blume Ventures, Others

1.5

AadarAlternative Medicine (Ayurvedic Medicine)

Sprout Venture Partners, Others N.A.

Multiply My LeadsEnterprise Software (CRM -Real Estate)

Frontline Strategy, Others N.A.

Appendix - Top PE-VC Exits

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Company Sector Exiting Investor AcquirerDeal Amount(US$M)

Byjus Classes Test Preparation IFC, Sequoia Capital India, Lightspeed Ventures, Verlinvest, Sofina

Tiger Global 200

Narayana Health Hospitals CDC Group Nil 39

PolicyBazaarOnline Services (Marketplace - Personal Finance - Insurance)

Inventus Capital Partners SoftBank Corp 25

Aye Finance NBFC Accion International A91 Partners 20

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

17

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