KONNECT - IVCA€¦ · NCR Delhi topped the chart for most investments in a city (by value). ......
Transcript of 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
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07
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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.
Private Equity 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.
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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)
Private Equity Investments
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.
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$567 M
$477 M
$405 M
$203 M
$531 M
Energy
BFSI
IT & ITES
Education
Others
By Industry
Private Equity Investments
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
Venture Capital Investments
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).
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0
40
80
120
160
200
240
$0 M
$100 M
$200 M
$300 M
$400 M
$500 M
$600 M
$700 M
Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
Projected (Q1) Amount($B) Deals Projected (Q1)
Venture Capital Investments
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)
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0
15
30
45
60
$ B
$1 B
$2 B
$3 B
$4 B
Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
Projected (Q1) Amount($B) Deals Projected (Q1)
$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.
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0
6
12
18
24
30
$0.0 B
$0.5 B
$1.0 B
$1.5 B
$2.0 B
$2.5 B
Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
Projected (Q1) Amount($B) Deals Projected (Q1)
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)
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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
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Company Sector Investors Amount(US$M)
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
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
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
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Company Sector Investors Amount(US$M)
Bounce Scooter Rentals
B Capital Group, Falcon Edge Capital, Omidyar Network, Maverick Capital, Qualcomm Ventures, Accel India, Chiratae Ventures, Sequoia Capital India, Others
97
InterviewBit Academy
Online Services (Education -Vocational)
Global Founders Capital, Tiger Global, Sequoia Capital India, Others
20
Mamaearth Personal CareSharrp Ventures, Fireside Ventures, Stellaris Venture Partners, Sequoia Capital India
18
Oye RickshawConsumer App (Electric Rickshaw Booking)
Xiaomi, Chiratae Ventures, Matrix Partners India, Others
10
AdonmoOOH Advertising (Taxi Top Advertising)
BAce Capital, Astarc Ventures, Others 3
Leverage EdtechOnline Services (Education -Admission - Foreign Colleges)
DSG Consumer Partners, Blume Ventures, Others
1.5
AadarAlternative Medicine (Ayurvedic Medicine)
Sprout Venture Partners, Others N.A.
Multiply My LeadsEnterprise Software (CRM -Real Estate)
Frontline Strategy, Others N.A.
Appendix - Top PE-VC Exits
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Company Sector Exiting Investor AcquirerDeal Amount(US$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
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