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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
JUNE 2018 ADVOCACY
RESEARCH
EDUCATION
KONNECT
Missionaries
650
PE/ VC Report Feedback
Rohan Parulekar - [email protected]
w w w . i v c a . i n
IVCA Membership & Event Sponsorship Aakriti Bamniyal - [email protected]
Other Queries
IVCA Team - [email protected]
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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
145 + Members and growing…
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Private Equity Investments & Exits
• June 2018 witnesses 42 Private Equity (PE) investments worth about INR 13, 580 Cr ($2 Billion)
• The largest PE investment announced is the $450 million investment (INR 3, 060 Cr) by GIC and ADIA in Greenko Group
• IT companies topped the industry table (by value)
• Delhi tops the chart for most investments in a City
• Month witnesses 11 PE exits that harvested about INR 11, 110 Cr (about $1.6 Billion)
• The largest exit is INR 5, 620 Cr ($830 million) exit by Blackstone from Intelenet
• Tata Opportunities makes a $260 million exit through Varroc Group IPO
Venture Capital Investments
• June 2018 witnesses 25 VC investments worth about INR 948 Cr ($140 million)
• The largest VC investment is the ~INR 129 Cr ($19 million) Series B investment in SigTuple
• IT companies top the industry table (by volume & value)
• Bangalore tops the chart for highest investments in a City
• Month witnesses 5 VC exits that harvest about INR 1, 395 Cr (about $203 million)
Angel Investments
• Super Angels and Angel Networks make 15 investments (compared to 8 deals in June 2017)
• The largest investment round involving angel investors, is the investment in SigTuple by Binny Bansal and Samir Sood along with VC investors
EXECUTIVE SUMMARY
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June 2018 witnessed 42 Private Equity (PE) investments worth $2 Billion (about INR 13, 580 Cr) compared to 44 investments worth $828 million (about INR 5, 330 Cr) in June 2017. The value of investments increased 155% from the corresponding year-ago period and 50% down compared to the immediate previous month of May 2018 (which registered 52 investments worth $4 Billion or ~INR 27, 230 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 June 2018 was the $450 million investment commitment (INR 3, 060 Cr) by GIC and Abu Dhabi Investment Authority in renewable power projects company Greenko Group. (See Appendix for a listing of investments during the month.)
PRIVATE EQUITY INVESTMENTS
Private Equity Investments in June 2018: 42 Deals, $2Billion (~ INR 13, 580 Cr)
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IT & ITeS companies, led by the $236 million (INR 1, 600 Cr) investment in insurance marketplace firm Policybazaar, attracted the most funding - at $550 million (INR 3, 720 Cr). Food delivery company Swiggy also raised $210 million (INR 1, 420 Cr) from DST Global, Coatue Managament, Temasek and others.
Energy companieswith $540 million (INR 3, 660 Cr) followed closely led by the investment in Greenko Group.
Retail comprising of PremjiInvest’s INR 1, 700 Cr ($252 million) stake acquisition in Future Retail came in at third.
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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June 2018 witnessed 25 VC-type investments* worth INR 948 Cr ($140 million), compared to 34 deals (worth INR 863 Cr) in June 2017. The largest VC investment announced during the month was the ~INR 129 Cr ($19 million) Series B investment in healthcare analytics company SigTuple led by Accel India and IDG Ventures India. (*See appendix for definitions.)
VENTURE CAPITAL INVESTMENTS
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VENTURE CAPITAL INVESTMENTS
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June saw 11 PE-VC exits that harvested about INR 11, 116 Cr ($1.6 Billion) - compared to 23 deals that harvested INR 4, 438 Cr ($690 million) in June 2017.
The largest exit during the month was the INR 5, 620 Cr ($830million) harvest made by Blackstone in Intelenet Global Services, as part of an acquisition by French outsourcing firm Teleperformance. This is the second time Blackstone has invested and exited the company. (See Appendix for a listing of exits during the month.)
PRIVATE EQUITY EXITS
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Top Angel Investments in June 2018
Company Sector Investors Amount($M)
SigTuple Data Analytics - Healthcare Binny Bansal, Samir Sood, Others 19
X1 Racing League Sports League (Racing) Jitendra Gupta, Kunal Shah, Others 14.8
Wicked Ride E-Commerce (Bike Rentals) Vishal Pereira, Raghunandan G, Others 9.2
Locus SaaS - Logistics Management Growx Ventures, Others 4
*Includes share of co-investing Seed/VC investors
VENTURE CAPITAL EXITS
ANGEL INVESTMENTS
June 2018 witnessed5 VC exits that harvested
$203 million (about INR 1, 395 Cr) compared
to 3 deals (that harvested $20 million) in
June 2017.
The acquisition of mobile application
platform company July Systems by Cisco,
provided an exit for the company’s long time
investors including Sequoia Capital,
WestBridge, Saama Capital and others.
In June 2018, Super Angels and Angel
Networks made 15investments- compared to
the 8 deals in June 2017.
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Deals involving PE-VC firms which have an Alternative Investment Funds (AIF) vehicle.
Company Sector Investors Amount
($M)
Future Retail Discount Retail PremjiInvest 252
PolicyBazaar Online Services (Insurance Portal) India Value Fund, Softbank Corp, Info Edge,
Others 236
Sunbeam Auto Auto Components Kedaara Capital 127
Surya Child Care Clinics (Child Care, Maternity Care) Quantum Funds, JS Capital, SeaLink Capital,
Others 29.86
Annapurna
Microfinance Microfinance Oman India Joint Investment Fund 23
Tynor Orthotics Medical Devices (Orthotics) Lighthouse, Others 21
SigTuple Enterprise Software (Saas - Data
Analytics - Healthcare)
IDG Ventures India, Accel India, Endiya Partners,
Axilor Ventures, Pi Ventures, Others 19
eShakti.com Online Services (Fashion Retail) Paragon Partners 11
Wonderchef
Home Appliances Consumer Durables (Kitchenware) Amicus Capital 10.4
CoinTribe Online Services (Marketplace -
SME Loans) Sabre Capital, Others 10
Locus Enterprise Software (Logistics
Management)
Blume Ventures, Exfinity Fund, Recruit Strategic
Partners, Beenext, Pi Ventures, rocketship.vc,
Others
4
Fullife Healthcare Pharmaceuticals Sixth Sense Ventures 2
CredRight Online Services (Marketplace -
SME Loans) Accion International, YourNest, Others 1.3
Sqrrl Consumer Apps - Personal
Finance - Mutual Funds Equanimity Investments 1
Inntot
Technologies
Semiconductors (Software
Defined Radio) Unicorn India Ventures 0.5
CNB
Technologies
Enterprise Software (SaaS -
Logistics - Container Yard
Management)
KITVEN NA
Pristine Logistics
and Infra Projects Logistics Services IDFC Alternatives NA
Zumutor
Biologics Biotech KITVEN NA
INVESTMENTS INVOLVING AIFs
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Appendix-PE Investments in June 2018
Company Sector Investors Amount
($M)
Greenko Group Renewable Power Projects
(Multiple Sources) GIC, ADIA 450
Future Retail Discount Retail PremjiInvest 252
PolicyBazaar Online Services (Insurance Portal) India Value Fund, Softbank Corp, Info Edge,
Others 236
Swiggy.com Online Services (Food delivery
services)
DST Global, Coatue Management, Naspers,
Others 210
Sunbeam Auto Auto Components Kedaara Capital 127
KIMS Hospital Hospital General Atlantic 125
Archean Group-2 Industrial Salt, Granite India Resurgent Fund 119
India Infoline
Wealth Wealth Management General Atlantic, Steadview, Others 103
Cytecare Clinics (Cancer) Goldman Sachs 31
Surya Child Care Clinics (Child Care, Maternity
Care)
Quantum Funds, JS Capital, SeaLink Capital,
Others 30
Annapurna
Microfinance Microfinance Oman India Joint Investment Fund 23
Aye Finance NBFC SAIF, Google Capital, LGT Venture Philanthropy 21.7
Tynor Orthotics Medical Devices (Orthotics) Lighthouse, Others 21
SigTuple Enterprise Software (Saas - Data
Analytics - Healthcare)
IDG Ventures India, Accel India, Endiya Partners,
Axilor Ventures, Pi Ventures, Others 19
Drip Capital NBFC (SME Loans - Trade Finance,
Factoring) Sequoia Capital India, Accel India, Others 15
X1 Racing
League Sports League (Racing) White Unicorn Ventures, Others 14.8
IndiQube Co-Working Space WestBridge, Others 14.6
Meesho M-Commerce - Consumer
Shopping Sequoia Capital India, SAIF, Others 11.5
eShakti.com Online Services (Fashion Retail) Paragon Partners 11
Wonderchef
Home Appliances Consumer Durables (Kitchenware) Amicus Capital 10.4
CoinTribe Online Services (Marketplace -
SME Loans) Sabre Capital, Others 10
KajariaBathware Sanitaryware WestBridge 9.5
Wicked Ride E-Commerce (Bike Rentals) Sequoia Capital India, Accel India, Others 9.18
Network
Intelligence IT Products & Services (Security) Helix Investments 4.9
Locus Enterprise Software (Logistics
Management)
Blume Ventures, Exfinity Fund, Recruit Strategic
Partners, Beenext, Pi Ventures, rocketship.vc,
Others
4
SMECorner Online Services (Marketplace -
SME Loans) Accion International, GE Capital, DGGF, Others 3.3
DailyNinja M-Commerce (Groceries) Sequoia Capital India, Saama Capital 3
Fullife Healthcare Pharmaceuticals Sixth Sense Ventures 2
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Company Sector Investors Amount
($M)
Elucidata Enterprise Software (Analytics -
Drug Discovery) Hyperplane VC, Others 1.7
CredRight Online Services (Marketplace -
SME Loans) Accion International, YourNest, Others 1.3
RentSher E-Commerce (Marketplace -
Rentals) Shorooq Investments, Others 1.1
Sqrrl Consumer Apps - Personal
Finance - Mutual Funds Equanimity Investments 1
Inntot
Technologies
Semiconductors (Software
Defined Radio) Unicorn India Ventures 0.5
Nivesh.com Online Services (Marketplace -
Mutual Funds) Windrose Capital, Others 0.44
NirogStreet
Online Services (Marketplace -
Appointments - Doctors -
Ayurveda)
Spiral Ventures, Others 0.3
CNB
Technologies
Enterprise Software (SaaS -
Logistics - Container Yard
Management)
KITVEN NA
Pristine Logistics
and Infra Projects Logistics Services IDFC Alternatives NA
Zumutor
Biologics Biotech KITVEN NA
Fortum India Renewable Power Projects (Solar) UK Climate Investments, Others NA
Infinite Uptime IT Products (IoT - Industrial) IIML, Mayfield, GSR Ventures NA
Purple Style Labs E-Commerce - Fashion Apparel -
Women Astarc Ventures NA
Zoctr Health Mobile VAS (Consumer Apps -
Aggregator - In-Home Care) NB Ventures, Others NA
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Appendix-PE Exits in June 2018
Company Sector Exiting Investor Acquirer Amount
($M)
Intelenet
Global
Services
BPO Blackstone Teleperformance 830
Varroc
Group
Auto
Components Tata Opportunities Fund IPO 260
KIMS
Hospital Hospitals ICICI Venture General Atlantic 125
Sai Life
Sciences CRO Tata Capital Growth Fund, Tata Capital Healthcare Fund TPG Capital 105
Ramky
Enviro
Engineers
Waste
Managemen
t
IIML, SCI Asia KKR 100
Surya
Child Care
Clinics (Child
Care,
Maternity
Care)
OrbiMed
SeaLink Capital,
Quantum Funds,
JS Capital and
others
20
Torrent
Pharmace
uticals
Pharmaceuti
cals ChrysCapital
Open Market
Transaction 19
Annapurna
Microfinan
ce
Microfinance SIDBI VC, Incofin Oman India Joint
Investment Fund 13
Chillr Mobile VAS
(Payments)
Sequoia Capital India, Blume Ventures, Uniqorn
Ventures Truecaller NA
Cube26
Mobile VAS
(App
Developmen
t (Services,
Products)
Tiger Global, Flipkart Paytm NA
July
Systems Mobile VAS
Sequoia Capital India, Galleon Partners, Intel Capital,
Acer Technology Ventures, JumpStartUp, Footprint
Ventures, Charles River Ventures, NeoCarta, Motorola
Ventures, Saama Capital, Updata Partners, WestBridge
Cisco NA
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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: