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IVCA PRIVATE EQUITY-VENTURE CAPITAL REPORT

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MAY 2018 ADVOCACY

RESEARCH

EDUCATION

KONNECT

Missionaries

650

PE/ VC Report Feedback

Rohan Parulekar - rohan.parulekar@ivca.in

w w w . i v c a . i n

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Other Queries

IVCA Team - info@ivca.in

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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 14

TABLE OF CONTENTS

140 + Members and growing…

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Private Equity Investments & Exits

▪ May 2018 witnesses 52 Private Equity (PE) investments worth about INR 27,230 Cr ($4 Billion)

▪ The largest PE investment is Temasek's buyout (with Schneider Electric ) of L&T’s Electrical and Automation business

▪ IT companies topped the industry table (by value) ▪ Delhi tops the chart for most investments in a City ▪ Month witnesses 22 PE exits that harvested about INR 12,000 Cr (about $1.8 Billion) ▪ The largest exit is the record INR 80,800 Cr ($12 Billion) exit by investors in E-Commerce

leader Flipkart ▪ IDFC agrees to sell its infrastructure asset management business to Global Infrastructure

Partners

Venture Capital Investments

▪ May 2018 witnesses 20 VC investments worth about INR 596 Cr ($88 million) ▪ The largest VC investment is the ~INR 115 Cr ($17 million) Series B investment in

Bizongo ▪ IT companies top the industry table (by volume & value) ▪ Bangalore tops the chart for highest investments in a City ▪ Month witnesses 10 VC exits that harvest about INR 81,770 Cr (about $12.1 Billion)

Angel Investments

▪ Super Angels and Angel Networks make 9 investments (compared to 14 deals in May 2017)

▪ The largest investment round involving angel investors, announced in May 2018, is the INR 28 Cr ($4.2 million) investment in telemedicine firm mfine by Mayur Abhaya (Founder of Lifecell) along with Prime Venture Partners and Stellaris Ventures

EXECUTIVE SUMMARY

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May 2018 witnessed 52 Private Equity (PE) investments worth $4 Billion (about INR 27,230 Cr) compared to 54 investments worth $2.8 Billion (about INR 17,920 Cr) in May2017. The value of investments increased 52% from the corresponding year-ago and doubled compared to the immediate previous month of April 2018 (which registered 61 investments worth $2.1Billion or ~INR 13,600 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 May 2018 was the INR 5,075 Cr investment commitment ($760 million) by Temasek - as a part of an INR 14,000 Cr buyout of L&T’s Electrical and Automation business in partnership with Schneider Electric. (See Appendix for a listing of investments during the month.)

PRIVATE EQUITY INVESTMENTS

Private Equity Investments in May 2018 : 52 Deals, $4 Billion (~ INR 27,230 Cr)

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IT & ITeS companies, led by the mega investment by Partners Group in IT Services firm GlobalLogic, attracted the most - at $1.3 Billion. The largest investment - with disclosed value - was the $125 million by Temasek and Paypal in payments firm Pine Labs.

Manufacturing companies came in next led by the $760 million buyout of L&T’s E&A business.

Retail came in third led by Partners Group and Kedaara Capital’s investment in Vishal Megamart.

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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May 2018 witnessed 20 VC-type investments* worth INR 596 Cr ($88 million), compared to 36 deals (worth $84 million) in April 2017. The largest VC investment announced during May 2018 was the ~INR 115 Cr ($17 million) Series B investment in B2B E-commerce company Bizongo led by B Capital and IFC with participation from existing investors Accel India and IDG Ventures. (*See appendix for definitions.)

VENTURE CAPITAL INVESTMENTS

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VENTURE CAPITAL INVESTMENTS

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May saw 22 PE-VC exits that harvested about INR 97,600 Cr ($14.5 Billion) - compared to 28 deals that harvested $1.2 Billion (INR 7,800 Cr) in May 2017.

The largest exit during the month – and the single largest ticket exit deal in the history of Indian PE-VC - was the record INR 80,800 Cr ($12 Billion) harvest made by investors in Flipkart, as part of the E-Commerce leader’s $16 Billion acquisition by US-based retail giant Walmart Inc. Flipkart’s early investors included Accel, Tiger Global and Naspers. (See Appendix for a listing of exits during the month.)

PRIVATE EQUITY EXITS

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Top Angel Investments in May 2018

Company Sector Investors Amount

($M)*

Mfine

Mobile VAS (Healthcare -

Consultation) MayurAbhaya, Others 4.2

BetterPlace HR Services (Verification) Samir Sood, Others 3

Impact Guru Crowd Funding Platform Venture Catalysts Angels,Others 2

*Includes share of co-investing Seed/VC investors

VENTURE CAPITAL EXITS

ANGEL INVESTMENTS

May 2018 witnessed 10 VC exits that

harvested $12.1 Billion (about INR 81,770

Cr) - dominated, of course, by the

Flipkart-Walmart transaction - compared

to 8 deals (that harvested $442 million) in

April 2018.

In May 2018, Super Angels and Angel

Networks made 9 investments- compared to

the 14 deals in May 2017.

The largest investment round involving Angel

Investors, announced in May 2018, was the

INR 28 Cr ($4.2 million) investment in

telemedicine firm mfine by Mayur Abhaya

(Founder of Lifecell) along with Prime Venture

Partners and Stellaris Ventures.

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In the quarter ending March 2018, AIF Category funds made investments worth INR 7,228 Cr compared

to INR 6,613 Cr in the same period last year. As of March 2018, cumulative investments by AIF stood at

INR 61,402 Cr compared to INR 35,099 Cr at the end of March 2017.

Investments made by AIF I Funds fell by 28% to INR 1,426 Cr in the quarter ended in March 2018

compared to INR 1,978 Cr in the same period. Investments by category AIF II increased by 12% and

investments by AIF III Funds almost doubled.

Category Cumulative Investments by March 2018 Cumulative Investments by March 2017

AIF I INR 8,223 Cr INR 5,845 Cr

AIF II INR 34,023 Cr INR 21,073 Cr

AIF III INR 19,156 Cr INR 8,181 Cr

Cumulative AIF Investments at Mar 2018 Cumulative AIF Investments at Mar 2017

INR 61,402 Cr INR 35,099 Cr

INVESTMENTS INVOLVING AIFs

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

Company Sector Investors Amount

($M)

Bikaji Foods Processed Foods IIFL VC 37

Bizongo E-Commerce - B2B IDG Ventures India, Accel India, B

Capital Group 17

Stellapps

Technologies Enterprise Software (Dairy Management)

IndusAge Partners, Gates

Foundation, 01VC 14

Milkbasket M-Commerce (Groceries) Unilever Ventures, Kalaari Capital,

Blume Ventures, Beenext 7

Y-Cook Packaged Foods Omnivore Partners, Oikocredit,

021 Capital 5

Mfine Mobile VAS (Healthcare - Consultation) Prime Venture Partners,

Stellaris Venture Partners, Others 4

Mobisy

Technologies Enterprise Software (SaaS - CRM)

Triton Fund, SIDBI VC, Ojas

Ventures, Others 4

BetterPlace HR Services (Verification - Blue Collar) Unitus Ventures, 3ONE4 Capital,

Others 3

Learntron Enterprise Software (SaaS - E-Learning) IIML, Kae Capital 3

boAt IT Products (Hardware - Consumer

Electronics) Fireside Ventures 1

LenDen Club Online Services (Marketplace - P2P Lending) Artha India Ventures 1

Rocketium Enterprise Software (SaaS - Video Editing

Tool) Blume Ventures, Others 0

Vishal Retail Discount Retail Partners Group, Kedaara Capital N.A

Fedbank Financial

Services NBFC India Value Fund N.A

Zivame Online Services (E-Commerce - Consumer

Shopping - Lingerie) Zodius Capital N.A

Open Online Services (Payments - Prepaid Card) Recruit Strategic Partners,

Unicorn India Ventures, Others N.A

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Appendix-PE Investments in May 2018

Company Sector Investors Amount

($M)

L&T Electricals &

Automation Electricals Temasek 760

AU Small Finance

Bank Banking - Small Finance Bank Temasek 149

Future Lifestyle

Fashions Discount Retail L Capital Asia 125

Pine Labs IT Products & Services (Payments

Processing) Temasek, Others 125

IndiaFirst Life

Insurance Insurance (Life) Warburg Pincus 105

Bira 91 Beverages (Beer) Sequoia Capital India, Sofina 50

Bikaji Foods Processed Foods IIFL VC 37

PNB Housing

Finance NBFC (Home Loans) General Atlantic 33

Droom Online Services (Marketplace- Preowned

Cars)

Digital Garage, Beenext, Lightbox,

Beenos Partners, Others 30

Innovaccer Enterprise Software (Data Analytics) Lightspeed Ventures, WestBridge 25

Bizongo E-Commerce - B2B IDG Ventures India, Accel India,

B Capital Group 17

Stellapps

Technologies Enterprise Software (Dairy Management)

IndusAge Partners, Gates Foundation,

01VC 14

Acko Insurance - General Catamaran Ventures, Amazon, Others 12

RAW Pressery Beverages (Fruit Juice) Sequoia Capital India, Saama Capital,

DSG Consumer Partners 10

Milkbasket M-Commerce (Groceries) Unilever Ventures, Kalaari Capital,

Blume Ventures, Beenext 7

Y-Cook Packaged Foods Omnivore Partners, Oikocredit, 021

Capital 5

Mfine Mobile VAS (Healthcare - Consultation) Prime Venture Partners,

Stellaris Venture Partners, Others 4.2

Mobisy

Technologies Enterprise Software (SaaS - CRM)

Triton Fund, SIDBI VC, Ojas Ventures,

Others 3.5

BetterPlace HR Services (Verification - Blue Collar) Unitus Ventures, 3ONE4 Capital,

Others 3

Learntron Enterprise Software (SaaS - E-Learning) IIML, Kae Capital 2.6

Impact Guru Online Services (Utility - Crowd Funding

Platform)

RB Investments, Currae Healthtech

Fund, Others 2

Oro Wealth Online Services (Personal Finance)

M&S Partners, B Dash Ventures,

Social+Capital Partnership,

Powerhouse Ventures, Others

1.6

Toffee Insurance Online Services (Marketplace -

Insurance)

Kalaari Capital, Accion International,

Omidyar Network 1.5

MyLoanCare Online Services (Marketplace - Loans) Ncubate Capital 1

boAt IT Products (Hardware - Consumer

Electronics) Fireside Ventures 0.9

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Company Sector Investors Amount

($M)

LenDen Club Online Services (Marketplace - P2P

Lending) Artha India Ventures 0.5

Rocketium Enterprise Software (SaaS - Video Editing

Tool) Blume Ventures, Others 0.3

Vishal Retail Discount Retail Partners Group, Kedaara Capital N.A

Fedbank Financial

Services NBFC India Value Fund N.A

Zivame Online Services (E-Commerce -

Consumer Shopping - Lingerie) Zodius Capital N.A

Open Online Services (Payments - Prepaid

Card)

Recruit Strategic Partners,

Unicorn India Ventures, Others N.A

GlobalLogic IT Services (Outsourced Product

Development) Partners Group N.A

First Solar India Renewable Power Projects (Solar) Global Infrastructure Partners N.A

Dewas-Bhopal

Corridor Infrastructure (Roads) Global Infrastructure Partners N.A

UST Global IT Services (BPO) Temasek N.A

Piramal Roads Infra Infrastructure (Roads) Global Infrastructure Partners N.A

OTPC India Power Projects (Thermal) Global Infrastructure Partners N.A

Sahyadri Hospitals Hospitals Global Infrastructure Partners N.A

Hanjer Biotech

Energies Waste Management Global Infrastructure Partners N.A

AdhunikMetaliks-

SPV Power Projects (Thermal) Global Infrastructure Partners N.A

United Liner

Agencies of India Container Terminal, Rail Freight Global Infrastructure Partners N.A

GMR Kamalanga

Energy Power Global Infrastructure Partners N.A

GMR Infrastructure

SPV Infrastructure (Roads) Global Infrastructure Partners N.A

Gayatri Projects Infrastructure Services Global Infrastructure Partners N.A

Jas Toll Road

Company Infrastructure (Roads) Global Infrastructure Partners N.A

Ashoka Highways

(Durg) Infrastructure (Toll Roads) Global Infrastructure Partners N.A

Ashoka Highways

(Bhandara) Infrastructure (Toll Roads) Global Infrastructure Partners N.A

EasyPolicy Online Services (Marketplace - Personal

Finance - Insurance) Unilazer Ventures N.A

Sabarmati Gas Oil & Gas (Distribution) Global Infrastructure Partners N.A

Delhi Cargo Service

Centre Aviation (Air Cargo) Global Infrastructure Partners N.A

Timios Packaged Foods MTR Seed Fund N.A

Knudge.me Mobile VAS (E-learning - English) Axilor Ventures N.A

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Appendix-PE Exits in May 2018

Company Sector Exiting Investor Acquirer Amount

($M)

Flipkart Online Services Tiger Global, Accel India, SoftBank Corp,

Steadview, Naspers, Others Walmart 12000

GlobalLogic IT Services Apax Partners Partners Group 960

Vishal Retail Discount Retail TPG Capital Partners Group 735

MphasiS IT Services, BPO Blackstone Open Market

Transaction 218

PNB Housing

Finance NBFC (Home Loans) Carlyle

Open Market

Transaction 152

Gateway Rail

Freight Rail Freight Blackstone Company 119

Kiran Energy Renewable Power

Projects (Solar) New Silk Route, Argonaut, Bessemer

Hinduja

National Power 53

Magma

Fincorp NBFC KKR

Open Market

Transaction 32

Bikaji Foods Processed Foods Lighthouse, Others IIFL 19

Nykaa.com Online Services

(Wellness)

TVS Capital, Techpro Ventures, Max

Ventures

Sunil Munjal,

Others 14

Dr. Lal

PathLabs Diagnostic Services WestBridge

Open Market

Transaction 5

Varthana NBFC (School

Financing) Asha Impact ChrysCapital 3

E2E Networks Cloud Computing

Platform Blume Ventures IPO 1

SoftTech

Engineers

Enterprise Software

(ERP) Rajasthan VC IPO 1

Hindustan

Foods Processed Foods Sixth Sense Ventures

Open Market

Transaction 0.3

Events High Event Ticketing Kris Gopalakrishnan, Axilor Ventures Treebo Hotels N.A

Future Lifestyle

Fashions Discount Retail PremjiInvest L Catterton Asia N.A

GiftsCardsIndia E-commerce - Gift

Cards Blume Ventures Swych N.A

SCIOinspire BPO (Healthcare) Sequoia Capital India, Saama Capital,

Madison India

EXL Service

Holdings N.A

Zenatix IT Products (IoT) Blume Ventures, Pi Ventures Hero Electronix N.A

Zivame E-Commerce

Shopping - Lingerie Kalaari Capital, IDG Ventures India Zodius Capital N.A

Smaaash Games Arcade FidelisWorld, Sixth Sense Ventures Reverse Merger N.A

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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

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Delhi Office:

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Tower 2A, 03rd Floor, ISME Ace Senapati Bapat Marg,

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011- 49876992

E-mail:

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