1

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

SEPTEMBER 2018 ADVOCACY

RESEARCH

EDUCATION

KONNECT

Missionaries

PE/ VC Report Feedback Rohan Parulekar - rohan.parulekar@ivca.in

w w w . i v c a . i n

IVCA Membership & Event Sponsorship Aakriti Bamniyal - aakriti@ivca.in

Other Queries

IVCA Team - info@ivca.in

2

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

145 + Members and growing…

3

Private Equity Investments & Exits

• September 2018 witnesses 48 Private Equity (PE) investments worth about INR

28,015 Cr ($3.9 Billion)

• The largest PE investment announced was the $1 Billion investment by Softbank

in Oyo Rooms

• Oyo Rooms and Udaan attain Unicorn status

• IT & ITES companies topped the industry table (by value)

• Delhi and Mumbai top the chart for most investments in a City (by value)

• Month witnesses 11 PE exits that harvested about INR 1,215 Cr ($169 Million)

• Early investors in legal BPO UnitedLex exit through a sale to CVC Capital Partners

Venture Capital Investments

• September 2018 witnesses 22 VC investments worth about INR 752 Cr ($104

million)

• The largest VC investment is the $16 million Series B investment in Carestack

• IT companies top the industry table (by volume & value)

• Mumbai overtakes Bangalore as top city for VC investments

• Month witnesses 9 VC exits that harvested INR 1,076 Cr ($149 million)

Angel Investments

• Super Angels and Angel Networks made 12 investments (compared to 23 deals in

August 2018)

EXECUTIVE SUMMARY

4

September 2018 witnessed 48 Private Equity (PE) investments worth $3.9 Billion (about

INR 28,015 Cr) compared to 50 investments worth $0.9 Billion (about INR 5,652 Cr) in

September 2017. The value of investments increased by 4 times from the corresponding

period year-ago and increased by 37% compared to the immediate previous month of

August 2018 (which registered 50 investments worth $2.9 Billion or ~INR 20,404 Cr).

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 September 2018 was the $1Billion (INR 7,209 Cr)

investment by Softbank in hotel aggregator Oyo Rooms. (See Appendix for a listing of

top investments during the month.)

PRIVATE EQUITY INVESTMENTS

Private Equity Investments in September 2018: 48 Deals, $3.9 Billion (~ INR 28, 015 Cr)

5

IT & ITES companies topped the industry chart with$1,961million (INR 14,135 Cr) across

29 deals led by the investment in Oyo Rooms. The second largest investment was the

$225 million Series C investment in Udaan by Lightspeed Ventures and DST Global.

Manufacturing companies with $378million stand second led by the $150million

investment by Fairfax Holdings in Sanmar Group, a Chennai-based chemicals maker.

Energy companies followed closely with $368 million (INR 2640) led by the Caisse de

depot et placement du Quebec (CDPQ) investment in CLP India.

PRIVATE EQUITY INVESTMENTS

6

* See Appendix for stage definitions

PRIVATE EQUITY INVESTMENTS

7

PRIVATE EQUITY INVESTMENTS

Investments by Industry

8

September 2018 witnessed 22 VC-type investments* worth INR 752 Cr ($104 million),

compared to 35 deals (worth INR 902 Cr) in Sep 2017. The largest VC investment

announced during the month was the $16 million (~INR 115 Cr) Series B investment by

Accel India and Eight Roads Ventures in Carestack, a dental practice & patient

management software.

(*See appendix for definitions.)

VENTURE CAPITAL INVESTMENTS

9

VENTURE CAPITAL INVESTMENTS

10

September 2018 saw 11 PE-VC exits that harvested about INR 1,215 Cr ($169 Million) -

compared to 29 deals that harvested INR 6,018 Cr ($935 Million) in September 2017.

The largest VC exit with disclosed value during the month was INR 136 Cr ($18.6 million)

exit by India Financial Inclusion Fund, Michael & Susan Dell Foundation and Unilazer

Ventures from Micro Housing Finance Corporation. (See Appendix for a listing of top

exits during the month.)

PRIVATE EQUITY EXITS

11

Top Angel Investments in September 2018

Company Sector Investors Amount

($M)

Grey Orange

Robotics

Industrial Equipment (Robotics - Warehouse

Automation) Binny Bansal,Others 140

Mamaearth Personal Care Kunal Bahl,Rohit Bansal,Others 4

Leena AI Enterprise Software (SaaS - HR) Kunal Bahl,Rohit Bansal,Elad Gil,

Others 2

NewsBytes Mobile VAS (Content - News) Mumbai Angels,Others 1

*Includes share of co-investing Seed/VC investors

VENTURE CAPITAL EXITS

ANGEL INVESTMENTS

September 2018 witnessed 9 VC exits that

harvested $149 million (about INR 1,076 Cr)

compared to 8 deals (that harvested $206

million) in September 2017

In September 2018, Super Angels and

Angel Networks made 12 investments

compared to 23 deals in August 2018.

Top Angel Investments

12

Deals involving PE-VC firms which have an Alternative Investment Funds (AIF) vehicle.

Company Sector Investors Amount

($M)

More Supermarket Samara Capital 300

Grey

Orange

Robotics

Industrial Equipment (Robotics -

Warehouse Automation) Mithril Capital, Blume Ventures, Tiger Global, Others 140

SBI General

Insurance Insurance - General PremjiInvest, Others 67

PharmEasy E-Commerce (Marketplace -

Pharmacy, Diagnostic Tests)

Think Investments, Fundamentum, Bessemer, Eight Roads

Ventures, Others 35

Kissht Online Services (Personal Finance

- Loans)

Fosun Group, Sistema Asia Fund, Endiya Partners, Vertex,

Ventureast 30

Licious M-Commerce - Consumer

Shopping - Meat Ordering

3ONE4 Capital, Sistema Asia Fund, InnoVen Capital,

Bertelsmann India Investments, Vertex, Mayfield, Others 25

Stanley

Lifestyles Furnishing & Fixtures Oman India Joint Investment Fund 24

Nykaa.com Online Services (Beauty &

Wellness) Lighthouse 16

GoBolt Enterprise Software (SaaS -

Logistics Management) Aavishkaar 5.5

Upwards Online Services (Lending -

Personal Loans) Shunwei Capital, India Quotient, Mayfield 5

Mamaearth Personal Care Sharrp Ventures, Fireside Ventures, Stellaris Venture

Partners, Others 4

Sequretek IT Products (Security) Unicorn India Ventures, GVFL, Others 4

Strings.ai Enterprise Software (SaaS - CRM -

Sales) Speciale Invest N.A

Bon Online Services (Lending -

Personal Loans) Axilor Ventures, Omidyar Network, Others 1.1

Haazri Restaurants (Tea) Artha India Ventures 0.17

Slicepay Online Services (Loans - E-

Commerce Puchases by Students) Das Capital, Simile Venture Partners, Blume Ventures, Others N.A

INVESTMENTS INVOLVING AIFs

13

DailyNinja M-Commerce (Groceries) Saama Capital, Matrix Partners India, Sequoia Capital India N.A

BabyChakra Online Services (Marketplace -

Parenting, Babycare) Equanimity Investments, Artha India Ventures, Others N.A

SoftTech

Engineers Enterprise Software (ERP) SIDBI VC N.A

Appendix- Top PE Investments in September 2018

Company Sector Investors Amount

($M)

Oyo Rooms

Online Services (Aggregator - Budget

Hotels)

Greenoaks Capital, SoftBank Corp, Lightspeed

Ventures, Sequoia Capital India 1000

CLP India Power Projects (Solar, Wind, Coal) CDPQ 367

More Supermarket Samara Capital 300

Max Healthcare

Institute Hospitals KKR 293

Udaan E-Commerce (Marketplace - B2B) DST Global, Lightspeed Ventures 225

CAMS Registrar & Transfer Agent Warburg Pincus 173

Sanmar Group Chemicals Fairfax Holdings 150

Grey Orange

Robotics

Industrial Equipment (Robotics -

Warehouse Automation) Mithril Capital, Blume Ventures, Tiger Global, Others 140

Dream11.com

Online Services (Gaming - Fantasy

Sports) Tencent 100

Sharechat

Mobile VAS (Consumer Apps - Social

Networking - Content Sharing)

Morningside Ventures, Xiaomi, Shunwei Capital, DST

Global, Lightspeed Ventures, SAIF 100

RR Kabel Cables & Wires TPG Capital 88

SBI General

Insurance Insurance - General PremjiInvest, Others 67

Ola

Mobile VAS (Consumer App - Taxi

Booking) Sailing Capital, Others 50

14

Appendix- Top PE Exits in September 2018

Company Sector Exiting Investor Acquirer Amount

($M)

Micro Housing Finance NBFC (Housing Loans)

India Financial Inclusion Fund, Michael & Susan Dell Foundation, Unilazer Ventures

Svatantra Holdings Private Limited 18.56

Nykaa.com E-Commerce - Beauty & Wellness TVS Capital Lighthouse 15.72

Hikal Pharmaceuticals IFC Open Market Transaction 9.27

UnitedLex BPO (Legal Process Outsourcing)

Helion Ventures, Canaan Partners, Madison India, Blue Lagoon Capital

CVC Capital Partners N.A

Miles Software

Enterprise Software (Financial Services) Zephyr Peacock, Lighthouse Ebix N.A

Micro Housing Finance NBFC (Housing Loans)

India Financial Inclusion Fund, Michael & Susan Dell Foundation, Unilazer Ventures

Svatantra Holdings Private Limited 18.56

Nykaa.com E-Commerce - Beauty & Wellness TVS Capital Lighthouse 15.72

Hikal Pharmaceuticals IFC Open Market Transaction 9.27

UnitedLex BPO (Legal Process Outsourcing)

Helion Ventures, Canaan Partners, Madison India, Blue Lagoon Capital

CVC Capital Partners N.A

Miles Software

Enterprise Software (Financial Services) Zephyr Peacock, Lighthouse Ebix N.A

Micro Housing Finance NBFC (Housing Loans)

India Financial Inclusion Fund, Michael & Susan Dell Foundation, Unilazer Ventures

Svatantra Holdings Private Limited 18.56

15

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

16

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:

info@ivca.in