when productivity lags how can pe unleash market potential?

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The IVCA-EY monthly PE/VC roundup –August 2021

When productivity lagshow can PE unleashmarket potential?

14 September 2021 EY analysis of VCCEdge data

Our thoughts

.“The PE/VC juggernaut continues to roll, propelling both investments and exits to life-time highswithin the first eight months of the year. Till date in 2021, PE/VC investments have recordedUS$47.3 billion, almost at par with the previous high recorded in 2020 and exits have recordedUS$30.7 billion, 13.7% higher than the previous high recorded in 2018. August recorded US$10.7billion in PE/VC investments over 137 deals (US$2.2 billion, 83 deals in Aug 2020 and US$9.7billion, 77 deals in July 2021).

This rally has been driven by surging deal activity in the start-up space that recorded YTDinvestment value of US$15.3 billion, 31% higher than the previous all-time high recorded in 2019 anda sharp rebound in buyout investments which recorded US$13.7 billion after a subdued performancelast year. Further, deal activity has been dominated by pure play PE/VC investments, that accountedfor 85% of all PE/VC investments in YTD 2021. This is unlike earlier years which had witnessedsignificant investments in real estate and infrastructure asset classes as well.

While e-commerce sector has dominated investor interest in 2021, recording US$11 billion andaccounting for 23% of all investments in YTD 2021, financial services has quickly caught-up after alull post the pandemic to emerge as the top sector in August 2021, recording US$2.2 billion vs.US$1.2 billion recorded in August 2020 and US$435 million in July 2021. Technology sector wasnext in line recording US$1.6 billion vs. US$33 million in August 2020 and US$1.1 billion in July2021. Education is another sector that saw strong investor interest in August 2021, recording US$1.2billion vs. US$308 million in August 2020 and US$358 million in July 2021.

PE/VC exits too have eclipsed the previous all-time high to record US$30.7 billion in YTD 2021. YTD2021 has recorded 22 IPOs, second highest monthly number ever with many more in the pipeline.ReNew Power’s SPAC listing in August 2021, the first for an Indian company, potentially opens upnew exit avenues for investors. August recorded US$7.3 billion in PE/VC exits over 38 no. of deals(US$67 million, 17 deals in Aug 2020 and US$1.2 billion, 25 deals in July 2021).

As the percentage of vaccinated population rises, hopes of economic activity returning to pre-pandemic levels have increased. However, downside risks include a possible pandemic resurgencedue to new virus variants, inflation and any hawkish action by the US Federal Reserve to contain itand a potential spike in commodity prices (especially oil).

The better the question. The better the answer�.The better the world works.

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Monthly trend analysis:August 2021

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Key trends

Investments

► PE/VC investments in August 2021 recorded the highest ever monthly value at US$10.7 billion on the backof large buyouts. PE/VC investments in August 2021 were almost five times the value recorded in August2020 (US$2.2 billion) and 10% higher compared to July 2021 (US$9.7 billion). August 2021 also recordedthe highest ever number of deals (137 deals), 65% higher than August 2020 (83 deals) and 2% highercompared to July 2021 (134 deals), driven by large number of start-up investments (91 deals).

► The deal intensity in 2021 has been very strong and has been accelerating month-on-month and as a result,the cumulative PE/VC investments of US$47.3 billion recorded in the first eight months of 2021 havealmost equalled the previous annual high of US$47.6 billion seen in 2020.

► Pure play PE/VC investments (i.e., excluding investments in real estate and infrastructure) too recordedhighest ever monthly value at US$9.3 billion, almost five times the value recorded in August 2020 (US$1.9billion) and at par with July 2021 (US$9.2 billion) and accounted for 87% of all PE/VC investments in August2021.

► August 2021 recorded 19 large deals (deals of value greater than US$100 million) aggregating US$8.4billion compared to eight large deals worth US$1.5 billion in August 2020 and 20 large deals worth US$8.3billion in July 2021. The largest deals in August 2021 include the US$1.2 billion buyout of AtriaConvergence Technologies Limited by Partners Group, followed by Baring PE Asia’s buyout of the healthcareservices business of Hinduja Global for US$1.2 billion.


Key trends

Investments (cont’d.)

► By deal type, buyouts were the highest both in terms of value and volume in August 2021 at US$4.7 billionacross 11 deals, eight times the value recorded in August 2020 (US$570 million).

► Next in line were start-up investments at US$3 billion across 91 deals, more than 10 times the valuerecorded last year (US$297 million) and second highest ever monthly value of start-up investments.Growth investments recorded US$1.7 billion across 16 deals followed by PIPE investments worth US$994million across 10 deals.

► From a sector point of view, financial services was the top sector in August 2021 with US$2.2 billion inPE/VC investments across 24 deals. The second largest sector was technology with US$1.6 billion recordedacross 25 deals. Education is another sector that saw strong investor interest in August 2021, recordingUS$1.2 billion across 10 deals.


PE/VC monthly headline trends: investments

2,2104,299

7,545

3,8647,080

1,616 2,5195,858

7,5414,027 5,371

9,675 10,690

83 84 9272 75 82 88

105

70 67

110

134 137

020406080100120140160

- 2,000 4,000 6,000 8,000

10,000 12,000 14,000

Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21

Total PE/VC investments

Value (US$m) # of deals

US$m

1,776

Investment in Jio Platforms Investment in Reliance Retail

#US$m

3,3031,0221,282

1,8774,073 4,766

2,684 3,7461,349 1,994

4,4546,895

2,7974,392

9,223 9,319

62

2,094

5

2,398

90451

745

429

997333

60 346

270226

685

1,175

936

17773

659

217

233646

391 1,025

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000


PE/VC investments: split across asset classes

PE/VC investments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)


8 4 11 10 13 14 1428

12 12 14 16 162

7 59

1 2

85 7

5 9 11

58 6564 54 44

57 6157

4144

6897 91

10 55

1 81 6 5 5

3

107 10

5 10 5 2 19 5 7 7 1

13 5 9

0%10%20%30%40%50%60%70%80%90%

100%


PE/VC investments: split across deal segments (number of deals)

Growth Buyout Start-up PIPE Credit investment

#

PE/VC monthly headline trends: investments

299

2,501 4,061 1,816

1,149632 1,100 2,711

9041,336 1,367

4,261

1,707

570

2,7761,382

4,738150 177

1,291

3,199

1,2331,876

1,0944,700

297

1,041

547 655 997

700 1,092 1,050 2,9911,430

1,628 3,398 3,0301,004

59768 194

12 113484 203 27

389 243 99439 160

93 11 1121 37 323 244 111 678 259

0%10%20%30%40%50%60%70%80%90%

100%


PE/VC investments: split across deal segments (value in US$m)

Growth Buyout Start-up PIPE Credit investment

US$mUS$m


44

6

6

3

7

14

11

7

18

52

15

19

10

17

<US$10m

US$10m - US$20m

US$20m - US$50m

US$50m - US$100m

>US$100m

Volume

184

138

29

308

-

6

33

1,180

998

5,807

406

358

-

170

1,051

435

1036

408

517

1,169

1,200

1,205

1,560

2,224

Others

E-commerce

Media and entertainment

Education

Telecommunications

Business and professional services

Technology

Financial services

Top sectors by value US$m

PE/VC investments: US$9,319 million over 124 deals(excluding infrastructure and real estate investments)

July’21 August’20August’21

18

3

2

3

10

13

14

17

33

7

13

7

9

16

26

10

23

9

9

10

10

14

25

24

Others

Food and agriculture

Healthcare

Retail and consumer products

Education

E-commerce

Technology

Financial services

Top sectors by volume

8

57

9

1

5

13

94

5

5

4

14

89

9

6

6

Expansion/ Growth

Start-up/Early stage

PIPE*

Buyout

Credit investment

Volume

299

294

944

300

39

4,214

3,351

8

974

676

1,599

2,917

384

4,302

118

Value (US$m)Deal Type

109

77

193

224

1,275

113

45

154

464

2,980

178

241

585

755

7,560

Value (US$m)Deal size

*PIPE: Private investment in public equity


Company PE investors Sector Stage US$m Stake (%)

Healthcare Services Business ofHinduja Global Solutions Limited Baring Private Equity Asia Business and

professional services Buyout ~1,200 100

Atria Convergence TechnologiesLimited Partners Group AG Telecommunications Buyout ~1,200 NA

ASK Group Blackstone Financial services Buyout ~1,000 74

SPI Global Baring Private Equity Asia Technology Buyout ~800 100

Eruditus Learning Solutions Pte.Limited

CPPIB, SoftBank, Prosus Ventures, Sequoiaand others Education Growth capital 650 20

Verse Innovation PrivateLimited

Qatar Investment Authority, B Capital,Carlyle Asia and others

Media andentertainment Growth capital 450 NA

Sorting Hat TechnologiesPrivate Limited

Tiger Global, General Atlantic, SoftBank,Temasek and others Education Start-up 440 13

Resilient Innovations PrivateLimited

Ribbit Capital, Coatue Management,Sequoia Capital, Tiger Global and others Financial services Start-up 370 13

PhonePe Private Limited Tencent, Tiger Global and others Financial services Start-up 350 NA

Postdot Technologies PrivateLimited Nexus, Coatue Management and others Technology Start-up 225 4

Top PE/VC investments

Top PE/VC investments excluding infrastructure and real estate in August 2021


PE/VC investments: US$1,371 million over 13 deals(infrastructure and real estate investments)

1

1

1

3

3

2

2

2

3

5

2

<US$10m

US$10m - US$20m

US$20m - US$50m

US$50m - US$100m

>US$100m

Volume

62

270

60

391

346

1,025

Real estate

Infrastructure

Top sectors by value US$m

2

1

6

7

8

5

Real estate

Infrastructure

Top sectors by volume

1

1

1

3

3

2

4

1

2

2

1

5

3

Expansion/ Growth

Start-up/Early stage

PIPE*

Buyout

Credit investment

Volume

2

60

270

47

47

235

121

2

108

113

610

399

141

Value (US$m)Deal Type

2

60

270

17

44

50

340

24

90

425

832

Value (US$m)Deal size

*PIPE: Private investment in public equity July’21 August’20August’21


Top infrastructure and real estate investments

Top infrastructure and real estate investments in August 2021

Company PE investors Sector Stage US$m Stake (%)

ReNew Power BlackRock, Sylebra Capital,Zimmer Partners and others Infrastructure PIPE 610 NA

Clean Max Enviro Energy SolutionsPrivate Limited Augment Infrastructure Partners Infrastructure Buyout 222 NA

Kalpataru's two Mumbai realty projects PAG Real estate Credit investment 100 NA

Amp Energy India Private Limited Copenhagen Infrastructure NewMarkets Fund I Infrastructure Start-up 100 NA

Six Amrapali Projects SBICAP Ventures Real estate Growth capital 88 NA

K Raheja Corp's 30-acre land parcel inNavi Mumbai Brookfield Infrastructure Real estate Buyout 74 100

3 highway projects (KNR ShankarampetProjects, KNR Srirangam Infra, and KNRTirumala Infra)

Cube Highways Infrastructure Buyout 63 100


Key trends

Exits

► August 2021 recorded 38 exits worth US$7.3 billion compared to US$67 million recorded in August 2020and US$1.2 billion recorded in July 2021. Cumulative exits in 2021 till date have recorded US$30.7 billion,surpassing the previous high of US$27 billion recorded in 2018.

► Exits via strategic sale were the highest in terms of value and volume in August 2021 at US$3.2 billionacross 13 deals followed by exits via secondary sale worth US$2.3 billion across six deals. There were sevenPE-backed IPOs in August 2021 (highest number of pe-backed IPOs in a month) which saw investors cash outUS$881 million through offer-for-sale (OFS). August 2021 also recorded the first ever SPAC listing by anIndian company wherein ReNew Power listed on the NASDAQ via a merger with RMG Acquisition Corp. II, ablank cheque special purpose acquisition company (SPAC).

► The largest exit in August 2021 saw General Atlantic, TA Associates, Temasek and other early investors selltheir stakes worth around US$2.9 billion in the announced buyout of Billdesk by Prosus, followed byPartners Group selling its stake in SPI Global to Baring PE Asia for US$800 million.

Fundraise

► August 2021 recorded total fundraises of US$1.8 billion compared to US$480 million raised in August2020.


67 556 288 974 1,034 313 2,218 2,141 2,659

11,956

3,166 1,245

7,252

1714 12

19

139

22

29

1217

2925

38

0510152025303540

-

4,000

8,000

12,000


Total PE/VC exits

Value (US$m) # of exits

65 556 159 450 1,034 3132,190 1,288 2,659

9,695

3,166934

7,252

524- 62

501

1-791

1,760

310

-

4,000

8,000

12,000


PE/VC exits: Split across asset classes

Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)

PE/VC monthly headline trends: exits

US$m

#US$m


Exits: US$7,252 million across 38 deals in August 2021

Exits in August 2021

2

6

-

9

-

3

11

5

6

-

7

13

6

12

-

Volume

-

-

-

67

-

57

196

933

58

-

881

3,176

2,285

911

-

IPO

Strategic

Secondary

Open market

Buyback

Value (US$m)

Deal Type

-

-

-

-

17

-

-

-

-

-

365

-

500

-

15

14

81

108

110

334

378

826

1,014

4,323

Food and agriculture

Healthcare

Education

Logistics

E-commerce

Telecommunications

Technology

Financial services

Value (US$m)

1

2

2

1

4

6

1

3

1

1

1

1

5

2

3

3

Volume

Top sectors

July’21 August’20August’21


Top exits

Top exits in August 2021

Company Sector Sellers Buyer Exit type US$m Stake (%)

IndiaIdeas.com Limited Financial servicesGeneral Atlantic, TAAssociates, Temasek, andothers

PayU (Prosus NV) Strategic ~2,876 61

Atria ConvergenceTechnologies Limited Telecommunications TA Associates, True North Partners Group AG Secondary ~800 NA

SPI Global Technology Partners Group Baring Private Equity Asia Secondary 800 100

ASK Group Financial services Advent International Blackstone Secondary 541 40

Cartrade Tech Limited E-commerce Temasek, Warburg Pincus,March Capital and others NA IPO 378 38

Spoton Logistics PrivateLimited Logistics Samara Capital, Xponentia

and others Delhivery Private Limited Strategic 300 100

Aptus Value HousingFinance India Limited Financial services Westbridge, Madison and

others NA IPO 291 12

SBI Life InsuranceCompany Limited Financial services Carlyle NA Open Market 290 2

Coforge Limited Technology Baring Asia NA Open Market 214 6

Aavas Financiers Limited Financial services Kedaara Capital GIC, MAS Open Market 164 6

Aavas Financiers Limited Financial services Partners Group NA Open Market 113 4

Eruditus LearningSolutions Pte. Limited Education Bertelsmann India

Investments and othersCPPIB, Prosus Ventures,Sequoia Capital and others Secondary 110 3

Krsnaa DiagnosticsLimited Healthcare Phi Capital, Kitara, Somerset NA IPO 108 27


480 931,476

20

2,374

854 380 479 569 154 325 7261,835

4 4 4

2

4

8

1

6

8

3

9

4

10

0

2

4

6

8

10

12

-

700

1,400

2,100

2,800

3,500


Fundraise

Total funds raised (US$m) Total # of funds raised

#US$m

PE/VC monthly headline trends: fundraise


Fundraise

Top fundraise/announcements in August 2021

Status Fund US$m Strategy

Raised A91 Partners' Fund-II 525 Companies across technology, consumer andfinancial services

Raised Dream Capital 250 Sports, gaming and fitness-tech start-ups

Raised Stellaris Venture Partners Fund 2 225 25-30 investments in seed and Series A rounds ofinternet start-ups

Raised Edelweiss Crossover Opportunities Fund 222 Pre-initial public offering late stage

Spotlight

PE backed IPO trends


Spotlight: key trends in PE-backed IPOs

► 2021 has been a good year for PE-backed IPOs in India, with 22 PE/VC backed IPO’s year-to-date (highestnumber in over a decade). YTD 2021, PE/VC backed IPOs have raised US$6.5 billion, second highest valueof IPO proceeds in a decade (after the US$11.6 billion high raised in 2017).

► Financial services and consumer sectors remain the top sectors for PE/VC-backed listings. In 2021,consumer sector is at the top with five IPOs followed by financial services and automotive with three IPOseach. A novelty among this year’s listings were two IPOs from the start-up e-commerce space and oneoverseas listing via the SPAC route. The successful response to these IPOs is expected to further catalyseother category leaders in the Indian start-up ecosystem to bulk-up and go the IPO/SPAC route as it has thepotential for providing higher valuations as well as liquidity.

► With the likes of Nykaa, Grofers, Flipkart, Pepperfry and other unicorns looking to go public, the pipeline ofIPO bound start-ups is quite strong. If equity markets remain buoyant, 2021 is expected to be a pathbreaking year for Indian start-ups.

► ReNew Power listed on the NASDAQ in August 2021 through a merger with RMG Acquisition Corp. II, ablank cheque SPAC, the first ever SPAC listing by an Indian company. This potentially opens up a newfundraising route for Indian companies as well as an additional exit avenue for early investors.

► Among PE/VC funds, Sequoia had the maximum number of portfolio companies that IPO’d (4 IPOs) whichinclude Indigo Paints, Stove Craft, Craftsman Automation and Zomato, followed by Temasek with threePortCo IPOs and Warburg and IFC which had two each.


Spotlight: key pe-backed IPO trends

- -

1,000

- -93

- -101

- - 51165

-196

- -

944

57

881

- -1

- -1

-

23

- -

23

-

6

- -

3

3

7

- 1 2 3 4 5 6 7 8

- 200 400 600 800

1,000 1,200

Jan-

20

Feb-

20

Mar

-20

Apr

-20

May

-20

Jun-

20

Jul-2

0

Aug

-20

Sep-

20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb-

21

Mar

-21

Apr

-21

May

-21

Jun-

21

Jul-2

1

Aug

-21

PE/VC-backed IPO trend (monthly)

Value Count

US$m #

83 - 83 56316

927

1,788

875

247

1,245

2,243

96

4 3

1519

21

13

8

9

22

-

5

10

15

20

25

-

500

1,000

1,500

2,000

2,500

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

*

PE/VC-backed IPO trend (annual)

Value Count* Till August 2021



PE backed IPO Sectors 2015 2016 2017 2018 2019 2020 2021* Total

Financial services - 6 5 4 2 2 3 22

Retail and consumer products 3 3 4 1 - 2 5 18

Technology - 1 1 3 1 3 - 9

Healthcare 1 3 - 1 1 1 2 9

Automotive - 1 - 2 - - 3 6

Industrial products 1 - 2 1 1 - 1 6

Pharmaceuticals 1 2 1 - - - 1 5

Real estate, hospitality and construction 1 - - 1 2 1 - 5

Infrastructure 1 1 1 - - - 1 4

Media and entertainment 3 - - - - - 1 4

E-commerce - - 1 - 1 - 2 4

Chemicals 2 - - - - - 2 4

Power and utilities 1 1 1 - - - 1 4

Logistics 1 - 2 - - - - 3

Business and professional services - 1 1 - - - - 2

Education - - 2 - - - - 2

Grand total 15 19 21 13 8 9 22 107

PE-backed IPOs split across sectors by volume

* Till August 2021



5 , 23%

3 , 14%

3 , 14%2 , 9%

2 , 9%

2 , 9%

1 , 4%

4 , 18%

Retail and consumerFinancial servicesAutomotiveE-commerceHealtcareChemicalsPharmaceuticalsOthers

1,672 ,26%

1,000 ,16%

960 ,15%

753 ,12%

676 ,10%

610 , 9%

454 , 7%345 , 5%

E-commercePower and utilitesAutomotiveRetail and consumerCement and building productsFinancial servicesHealthcareOthers

US$6,470million

22 PE-backedIPOs

Issue size of PE backed IPOs in 2021*– split by sectors Number of PE backed IPOs in 2021*– split by sectors

* Till August 2021



Issuer Company Sector Listing dateIssue Size

(US$m)OFS by PE

investor (US$m)

Zomato Limited E-commerce 14-Jul-21 1,267 No OFS

ReNew Power (NASDAQ Listed) Power and utilities 24-Aug-21 1,000 No OFS

Sona BLW Precision Forgings Limited Automotive 14-Jun-21 750 719

Nuvoco Vistas Corporation Limited Cement and building products 09-Aug-21 676 No OFS

Cartrade Tech Limited E-commerce 09-Aug-21 405 378

Aptus Value Housing Finance India Limited Financial services 10-Aug-21 376 291

Krishna Institute Of Medical Sciences Limited Healthcare 16-Jun-21 290 177

Devyani International Limited Consumer 04-Aug-21 248 79

Top PE backed IPOs in 2021* by IPO proceeds

* Till August 2021



Issuer Company Number of IPOs Investees

Sequoia 4 Indigo Paints, Stove Craft, Craftsman Automation and Zomato

Temasek 3 Zomato, Devyani International (Pizza Hut), and Cartrade

Warburg 2 Kalyan Jewellers, and Cartrade

IFC 2 Laxmi Organic Industries, and Suryoday SFB

Top PE/VC funds in 2021* in terms of number of IPO listings

* Till August 2021

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About IVCA

IVCAAbout IVCA

The Indian Private Equity & Venture CapitalAssociation (IVCA), is the apex body promoting theAlternative Investment Funds (AIFs) in India andpromotes stable, long-term capital flow (PrivateEquity (PE), Venture Capital (VC) and Angel Capital)in India.

With leading VC/ PE firms, institutional investors,banks, corporate advisers, accountants, lawyersand other service providers as members, it servesas a powerful platform for all stakeholders tointeract with each other. Being the face of theIndustry, it helps establish high standards ofgovernance, ethics, business conduct andprofessional competence.

With a prime motive to support the ecosystem, itfacilitates contact with policy makers, researchinstitutions, universities, trade associations andother relevant organizations. Thus supportentrepreneurial activity, innovation and jobcreation.

Rajat TandonPresident, IVCAE: [email protected]

Aakriti BamniyalVice President, IVCAE: [email protected]

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