IVCA PRIVATE EQUITY-VENTURE CAPITAL REPORT...1806, 8th Floor, Akashdeep Building, Rohan Parulekar...
Transcript of IVCA PRIVATE EQUITY-VENTURE CAPITAL REPORT...1806, 8th Floor, Akashdeep Building, Rohan Parulekar...
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IVCA PRIVATE EQUITY-VENTURE CAPITAL REPORT
Delhi Office:
IVC Association
806, 8th Floor, Akashdeep Building,
26A Barakhamba Road, Connaught Place,
New Delhi – 110001
Mumbai Office:
IVC Association
One Indiabulls Centre, South Annexe,
Tower 2A, 03rd Floor, ISME Ace Senapati Bapat Marg,
Elphinstone Road, Mumbai - 400013
Contact number: 011- 49879305 | 011- 49876992
DECEMBER 2018 ADVOCACY
RESEARCH
EDUCATION
KONNECT
Missionaries
PE/ VC Report Feedback
Rohan Parulekar - [email protected]
w w w . i v c a . i n
IVCA Membership & Event Sponsorship AakritiBamniyal - [email protected]
Other Queries
IVCA Team - [email protected]
Bangalore Office:
IVC Association
Axilor Transit, 3B, West Wing Sobha
Pearl, No. 1, commissariat road,
Bangalore 560001
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Section Page No.
1. Executive Summary 3
2. Private Equity Investments 4
3. Venture Capital Investments 8
4. Exits 10
5. Angel Investments 11
6. Investments involving AIFs 12
7. Appendix & Tables 13
TABLE OF CONTENTS
155 + Members and growing…
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Private Equity Investments & Exits
• December 2018 registered 43 Private Equity (PE) investments worth
about INR 22,377 Cr ($3.2 Billion).
• The largest investment announced was the $1 Billion investment led by
Naspers in food delivery services company Swiggy.
• IT companies topped the industry table (by value).
• Bangalore topped the chart for most investments in a city (by value).
• The month witnessed 13 PE exits that harvested about INR 4,296 Cr
($607 million).
• The largest exit during the month was the INR 1,415 Cr ($200 million)
part exit by Accel India, Bessemer and others from Swiggy via Secondary
sale to Naspers, Tencent and Others.
Venture Capital Investments
• December registered 18 deals worth about INR 702 Cr ($99 million).
• The largest VC investment was the $14.2 million (INR 100 Cr) investment
in trucks aggregator LetsTransport by Bertelsmann India Investments.
• IT companies topped the industry table (by volume & value).
• Bangalore topped the chart for highest investments in a city.
• The month witnessed 7 VC exits that harvested about INR 3372 Cr ($477
million).
Angel Investments • Super Angels and Angel Networks made 7 investments (compared to 21
deals in December 2017).
• The largest angel investment involving angel investors was the $3.5
million investment by Sonny Kalsi, Amit Singhal and others in real estate
tech company BuildSupply.
EXECUTIVE SUMMARY
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December 2018 witnessed 43 Private Equity (PE) investments worth $3.2 Billion
(about INR 22,377 Cr) compared to 75 investments worth $1.5 Billion (about INR
9,490 Cr) in December 2017. The value of investments increased by 114% from
the corresponding period year-ago and 147.8% compared to the immediate
previous month of November 2018 (which registered 37 investments worth $1.3
Billion or ~INR 9,188 Cr) respectively.
Note: The PE investment figures in this Report include Venture Capital (VC) type
investments, but exclude PE investments in Real Estate.
The largest PE investment announced in December 2018 was the $1 Billion (INR
7,077 Cr) investment by Naspers, Tencent and existing investors in food ordering
and delivery company Swiggy. (See Appendix for a listing of investments during
the month.)
PRIVATE EQUITY INVESTMENTS
Private Equity Investments in December 2018: 43 Deals, $3.2 Billion (~ INR 22,377 Cr)
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IT companies topped the industry chart with $1.4 Billion led by the investment in
Swiggy, followed by $140 million in GeBBS Healthcare Solutions by
ChrysCapital.
Education companies stood second comprising the $540 million investment in
Byju’s Classes by Naspers, Canada Pension Plan Investment Board and General
Atlantic.
PRIVATE EQUITY INVESTMENTS
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VC-type investments* in December 2018 fell to 18 deals worth $99 million (INR
702 Cr) compared to 50 deals worth $187 million (INR 1,199 Cr) in December
2017. The value of the investments decreased by 47% and volume of the
investments decreased by 6% compared to the same period last year. The
largest VC investments announced during the month were the INR 100 Cr ($14.2
million) investment in trucks aggregator LetsTransport and INR 99.6 Cr ($13.8
million) investment in fintech lending company Money View. (*See appendix for
definitions)
VENTURE CAPITAL INVESTMENTS
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December 2018 saw 13 PE-VC exits that harvested INR 4,296 Cr ($607 million) -
compared to 33 deals that harvested INR 6,282 Cr ($978 Million) in December
2017.
The largest exit during the month was the $200 million (INR 1,415 Cr) part exit
by Accel India, Bessemer and others investors from Swiggy via a secondary sale
to Naspers and Tencent, followed by, the $190 million part exit by Sequoia
Capital from online learning app Byju’s via secondary sale to Naspers and
General Atlantic. The two exits were also the largest VC exits during the month.
PRIVATE EQUITY EXITS
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Top Angel Investments in December 2018
Company Sector Investors Amount($M)*
BuildSupply
Enterprise Software (SaaS - ERP - Real
Estate) Sonny Kalsi, Amit Singhal, Others 3.5
OTO Capital Car Rental (Self Drive Cars) Sameer Sawhney, Venture Catalysts Angels, K Ganesh 0.7
Assure Clinic Clinics (Hair & Skin Care) Venture Catalysts Angels 0.14
*Includes share of co-investing Seed/VC investors
VENTURE CAPITAL EXITS
ANGEL INVESTMENTS
December 2018 witnessed 7 VC exits that
harvested $477 million (about INR 3375 Cr)
compared to 11 deals (that harvested $218
million) in December 2017.
In December 2018, investments by super
angels and angel networks slid to 7
compared to 21 deals in December 2017.
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Deals involving PE-VC firms which have an Alternative Investment Funds (AIF) vehicle.
Company Sector Investors Amount
($M)
Future Group
Holding Co. Holding Company AION Capital
200
Zydus Wellness Wellness Products Pioneer Investment, India Value Fund 156
Symbiotec
Pharmalab Pharmaceuticals India Life Sciences Fund, Motilal Oswal
100
Cardekho
Online Services (Classifieds -
Cars)
Trifecta Capital, Hillhouse Capital, Google Capital, Sequoia
Capital India, Others 100
Aqualite Footwear Lighthouse, IFC 35.9
APAC Financial
Services
NBFC (SME Financing, Home
Loans) Multiples PE
35
Ninjacart
E-Commerce (Marketplace -
B2B - Agri Business)
Syngenta Ventures, Neoplux, HR Capital Partners, Mistletoe,
Nandan Nilekani, Trifecta Capital, Accel USA, Qualcomm
Ventures, Accel India, Others 34.6
Sapphire Foods Restaurants Edelweiss Private Equity, Goldman Sachs 31.8
Design Cafe
Online Services (Interior Design
- Modular Kitchens, Home
Products)
Fireside Ventures, WestBridge, Others
28.5
Licious
M-Commerce - Consumer
Shopping - Meat Ordering
3ONE4 Capital, Sistema Asia Fund, Bertelsmann India
Investments, Vertex, Others 25
Shop 101
M-Commerce - Consumer
Shopping
Unilever Ventures, Stellaris Venture Partners, Vy Capital,
Kalaari Capital 10
MoEngage
Enterprise Software (SaaS -
Programming Tools - Mobile
App Engagement)
Exfinity Fund, Ventureast, Matrix Partners India, Helion
Ventures 9
Milkbasket M-Commerce (Groceries)
Unilever Ventures, Beenext, Blume Ventures, Mayfield,
Kalaari Capital 5.7
Sedemac
Mechatronics
Equipment (Electronic Speed
Governors) Iron Pillar
5
Housejoy
Online Services (Marketplace -
Handyman Services)
Vertex, Saama Capital, Qualcomm Ventures, Matrix Partners
India, Others 3.24
Generico Pharma Retail Tomorrow Capital, Whiteboard Capital 3
INVESTMENTS INVOLVING AIFs
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Company Sector Investors Amount
($M)
AVG Logistics Logistics Services Sixth Sense Ventures 0.18
Veeda Clinical
Research CRO CX Partners, Others
NA
DrStore
E-Commerce (Marketplace -
B2B - Medical Equipment) Equanimity Investments
NA
Zestl
Enterprise Software (Robotic
Process Automation) Contrarian Drishti, Others
NA
Clinikk Consumer App - Healthcare WEH Ventures NA
Appendix- Top PE Investments in December 2018
Company Sector Investors Amount
($M)
Swiggy.com Online Services (Food delivery services)
Wellington Management, Naspers, Tencent, Coatue
Management, Hillhouse Capital, DST Global, Others 1000
Byjus Classes Test Preparation Naspers, CPPIB, General Atlantic 540
Hamstede
Living Hostels Warburg Pincus
430
Future Group
Holding Co. Holding Company AION Capital
200
Zydus
Wellness Wellness Products Pioneer Investment, India Value Fund
156
GeBBS
Healthcare
Solutions
BPO (Healthcare Revenue Cycle
Management & Health Information
Management)
ChrysCapital
140
Symbiotec
Pharmalab Pharmaceuticals India Life Sciences Fund, Motilal Oswal
100
Cardekho Online Services (Classifieds - Cars)
Trifecta Capital, Hillhouse Capital, Google Capital,
Sequoia Capital India, Others 100
Fusion
Microfinance Microfinance Creation Investments, Warburg Pincus
75
Aqualite Footwear Lighthouse, IFC 35.9
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Appendix- Top VC Investments in December 2018
Company Sector Investors Amount
($M)
LetsTransport Online Services (Aggergator - Trucks) Bertelsmann India Investments, Others 14.2
MoneyView Mobile VAS (Consumer Apps - Utility - Expense
Tracking) Ribbit Capital, Accel USA, Accel India, Others 13.8
Shop 101 M-Commerce - Consumer Shopping Unilever Ventures, Stellaris Venture Partners,
Vy Capital, Kalaari Capital 10
Wakefit Consumer Durables (Mattresses) Sequoia Capital India 9
MoEngage Enterprise Software (SaaS - Programming Tools
- Mobile App Engagement)
Exfinity Fund, Ventureast, Matrix Partners
India, Helion Ventures 9
FabAlley.com Online Services (E-commerce - Consumer
Shopping - Fashion Apparel - Women) SAIF 8.3
Facilio IT Products (SaaS - IoT for Facilities
Management) Accel India, Tiger Global 6.4
Milkbasket M-Commerce (Groceries) Unilever Ventures, Beenext, Blume Ventures,
Mayfield, Kalaari Capital 5.7
Connect India Distribution (Rural - Assisted E-Commerce) Entrust Family Office, Others 4.2
BuildSupply Enterprise Software (SaaS - ERP - Real Estate) GREE Ventures, Others 3.5
Appendix- Top PE Exits in December 2018
Company Sector Exiting Investor Acquirer/Exit Route
Amount ($M)
Swiggy.com Online Services (Food delivery
services) Accel India, Bessemer, Others Tencent, Naspers 200
Byjus Classes Test Preparation Sequoia Capital India Naspers, General
Atlantic 190
Symbiotec
Pharmalab Pharmaceuticals Actis
Motilal Oswal PE,
InvAscent 100
Aasaanjobs Online Services (Classifieds -
Jobs - Entry Level)
Chiratae Ventures, Inventus Capital
Partners, Aspada Investments OLX India BV 11.96
Satin Creditcare Microfinance MicroVest
Open Market 2.76
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Company Sector Exiting Investor Acquirer/Exit Route
Amount ($M)
Network Transaction
Amar Chitra
Katha Publishing (Comics) Elephant Capital SSG Capital 2.19
Appendix- Top VC Exits in December 2018
Company Sector Exiting Investor Acquirer/Exit Route
Amount ($M)
Swiggy.co
m
Online Services (Food delivery
services) Accel India, Bessemer, Others Tencent, Naspers 200
Byjus
Classes Test Preparation Sequoia Capital India
Naspers, General
Atlantic 190
Aasaanjob
s
Online Services (Classifieds -
Jobs - Entry Level)
Chiratae Ventures, Inventus Capital Partners,
Aspada Investments OLX India BV 11.96
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Appendix: Definitions of Stages-of-company-development used:
Venture Capital (Early Stage)
1. First / Second Round of institutional investments into companies that are:
2. Less than five years old, AND
3. Not part of a larger business group, AND
4. Investment amount is less than $20 M
Venture Capital (Growth Stage):
1. Third / Fourth Round funding of institutional investments OR
2. First/Second Round of institutional investments for companies that are >5 years old and <10 years old
OR spin-outs from larger businesses, AND
3. Investment amount is less than $20 M
Growth-PE:
1. First-to-Fourth Round Investments >$20 M into companies <10 years old, OR
2. Fifth / Sixth rounds of institutional investments into companies <10 years old
Late Stage:
1. Investment into companies that are over 10 years old, OR
2. Seventh or later rounds of institutional investments
PIPEs:
1. PE investments in publicly-listed companies via preferential allotments / private placements,
2. Acquisition of shares by PE firms via the secondary market
Buyout:
1. Acquisition of controlling stake via purchase of stakes of existing shareholders
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Knowledge Partner
Note: This report aims to provide a snapshot of the transaction
activity for the corresponding period with data available at the
time of its creation. Please refer to Venture Intelligence to
access the latest and most accurate data for your internal
presentations and other requirements.
This report is meant solely for informational purposes, not for
trading purposes or advice. IVCA and Venture Intelligence are
not responsible for decisions, damages or other losses resulting
from the use of the Information.
(C) TSJ Media Pvt Ltd. Any unauthorized distribution of this
report or its contents is a violation of copyright law.
Delhi Office:
IVC Association
806, 8th Floor, Akashdeep Building,
26A Barakhamba Road, Connaught Place,
New Delhi – 110001
Mumbai Office:
IVC Association
One Indiabulls Centre, South Annexe,
Tower 2A, 03rd Floor, ISME Ace Senapati Bapat Marg,
Elphinstone Road, Mumbai - 400013
Contact number: 011- 49879305 | 011- 49876992
E-mail: [email protected]
Bangalore Office:
IVC Association
Axilor Transit, 3B, West Wing Sobha
Pearl, No. 1, commissariat road,
Bangalore 560001