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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 - rohan.parulekar@ivca.in

w w w . i v c a . i n

IVCA Membership & Event Sponsorship AakritiBamniyal - aakriti@ivca.in

Other Queries

IVCA Team - info@ivca.in

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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* See Appendix for stage definitions

PRIVATE EQUITY INVESTMENTS

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PRIVATE EQUITY INVESTMENTS

Investments by Industry

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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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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: info@ivca.in

Bangalore Office:

IVC Association

Axilor Transit, 3B, West Wing Sobha

Pearl, No. 1, commissariat road,

Bangalore 560001