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IVCA PRIVATE EQUITY-VENTURE CAPITAL REPORT

Delhi Office:

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New Delhi – 110001

Mumbai Office:

IVC Association

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

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Contact number:

011- 49879305

011- 49876992

FEBRUARY 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

IVCA Membership & Event Sponsorship Aakriti Bamniyal - aakriti@ivca.in

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 13

TABLE OF CONTENTS

130 + Members and growing…

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Private Equity Investments & Exits

▪ February 2018 witnessed 47 Private Equity (PE) investments worth $977million (about INR 6,300 Cr)

▪ The largest PE investment announced in February 2018 was Bay Capital Investment’s INR 916 Cr investment ($142 million) in publicly listed financial services firm Religare Enterprises

▪ IT & ITeS companies topped the industry table (by value) ▪ Bangalore topped the chart for highest investments in a City ▪ February saw 6 PE exits that harvested $314 million (about INR 2,020 Cr) ▪ The largest exit was the $222 million exit by ChrysCapital from LiquidHub through a

strategic sale to Capgemini

Venture Capital Investments

▪ January 2018 witnessed 27 VC investments worth $100 million (about INR 644 Cr) ▪ The largest VC investment announced during February 2018 was the $12 million (~INR

77 Cr) Series B investment in health tech company Healthifyme led by Sistema Asia Fund ▪ IT & ITeS companies topped the industry table (by volume & value) ▪ Bangalore topped the chart for highest investment in a City

Angel Investments

▪ Investments by Super Angels and Angel Networks slid to 7 deals compared to 22 deals in January 2018

▪ The largest investment round involving Angels Investors, announced in February 2018, was $3.6 million (about INR 23 Cr)in 3D organ printing company Pandorum Technologies

EXECUTIVE SUMMARY

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February 2018 witnessed 47 Private Equity (PE) investments worth $977million (about INR 6,300 Cr) compared to 42investments worth $464million (INR 3,093 Cr) in February 2017. While the value of investments doubled compared to February 2017,it declined month-on-month compared to January 2018 (which had registered 41investments worth $2.3 Billion or ~INR 14,580 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 February 2018 was Bay Capital’s INR 916 Cr investment($142 million) in publicly listed financial services firm Religare Enterprises. (See Appendix for a listing of investments during the month.)

PRIVATE EQUITY INVESTMENTS

Private Equity Investments in February 2018: 47 Deals, $977Million (~ INR 6,300 Cr)

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IT & ITeS companies topped the industry table led by the mega investments in Consumer Internet & Mobile Services Gaana.com and Swiggy. Chinese strategic investor Tencent led a $115 million (INR 740 Cr)investment in Times Internet promoted music streaming service Gaana.com. South Africa-based Naspers and Tencent unit, Meituan Dianping, invested $100 million (INR 644 Cr) in app-based food delivery company Swiggy.

BFSI (Banking, Financial Services & Insurance) investments were led by the Religare investment as well as the majority stake Fairfax Holdings in privately held Catholic Syrian Bank. SME lender Lendingkart also raised $87 million led by Temasek unit, Fullerton Financial Holdings.

Travel & Transport came in third spot led by the $40 million (INR 258 Cr) raised by car rental firm Zoomcar from existing investors Sequoia Capital India, Nokia Growth Partners and strategic investor, Mahindra & Mahindra.

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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February 2018 registered 27 VC-type investments* worth $100 million (about INR 644 Cr) compared to 29 deals worth $128 million in February 2017. The largest VC investment announced during February 2018 was the $12 million (~INR 77 Cr) Series B investment in health tech company Healthifyme led by Sistema Asia Fund. Other investors included strategic investor Samsung NEXT and existing investors.(*See appendix for definitions.)

VENTURE CAPITAL INVESTMENTS

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VENTURE CAPITAL INVESTMENTS

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February saw 6 PE-VC exits that harvested $314 million (about INR 2,020 Cr) - compared to 24 deals that harvested $833 million (INR 5,550 Cr) in Feb’17.

The largest exit during the month was the $222 million exit by ChrysCapital from LiquidHub through a strategic sale to Capgemini. The second largest exit was KKR’s INR 405 Cr ($63 million) partial exit from café chain Café Coffee Day (See Appendix for a listing of exits during the month.)

PRIVATE EQUITY EXITS

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Top Angel Investments in February 2018

Company Sector Investors Amount($M)*

Pandorum Technologies 3D Organ Printing Indian Angel Network, Others 3.6

Planys Technologies Submarine ROVs (Inspection) Kris Gopalakrishnan, Others 2.1

The Healthy Billion Data Analytics - Healthcare Arpan Sheth, ApoorvaPatni, Others 2.1

*Includes share of co-investing Seed/VC investors

VENTURE CAPITAL EXITS

ANGEL INVESTMENTS

The only VC exit during February

was the one by Bessemer and

IFCI Ventures from insolvent

logistics firm Palogix

Infrastructure which is being

taken over by JFC Finance.

In February, investments by

Super Angels and Angel

Networks slid to 7 deals after

peaking at 22 deals in January

2018.

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

Company Sector Investors

Amount

($M)

Religare

Enterprises Financial Services Bay Capital Investments 141

PharmEasy E-Commerce ( Pharmacy,

Diagnostic Tests)

Aarin Capital, Orios VP, Trifecta Capital, JM Financial,

Bessemer 30

Malwa Solar

Power

Renewable Power Projects

(Solar) IDFC Alternatives 15.6

Healthifyme Mobile VAS (Healthcare )

Inventus Capital Partners, Blume Ventures, Sistema

Asia Fund, Dream Incubator, NB Ventures, IDG

Ventures India, Others

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SunSource

Energy

Renewable Power Projects

(Solar) SBICAPS Ventures 7

BlueStone.com E-Commerce - B2C - Jewellery IIFL VC, IvyCap Ventures, RB Investments, Iron Pillar,

Kalaari Capital, Accel India 5.9

Vortex

Engineering

Payment Services (ATMs -

Low Cost)

Bamboo Finance, Tata Capital Innovations Fund, IFC,

Aavishkaar 5

Pratilipi Online Services (Content -

Self Publishing)

Omidyar Network, Contrarian Drishti, Shunwei Capital,

WEH Ventures, Nexus Venture Partners, Others 4.3

Pandorum

Tech Biotech (Organ Printing) IAN Fund, KITVEN, Others 3.6

Healthi E-Commerce ( Diagnostic

Tests) Montane Ventures 3.1

Littlemore Equipment & Accessories

(Examination) Kalpavriksh Fund 3

Doodhwala E-Commerce (Groceries) Omnivore Partners 2.2

THB Data Analytics - Healthcare Currae Healthtech Fund, Healthquad, Fireside

Ventures, Blume Ventures, Others 2.1

Grab Logistics Services (E-

Commerce - Local) SIDBI VC 1.5

FabAlley.com E-commerce - Fashion

Apparel - Women Trifecta Capital 0.8

Strand Life

Sciences Bioinformatics Healthquad, Quadria India, Others N.A

SectorQube Household Electrical

Appliances

Unicorn India Ventures

N.A

GenRobotic

Innovation Robotics - Sewage Cleaning N.A

Perfit Fashion Enterprise Software (Virtual

Trial Room) N.A

INVESTMENTS INVOLVING AIFs

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Appendix-PE Investments in February 2018

Company Sector Investors Amount

($M)

Religare

Enterprises Financial Services Bay Capital Investments 141

Gaana.com Online Services (Social Music

Platform) Tencent, Others 115

Swiggy.com Online Services (Food delivery

services) Naspers, Tencent, Others 100

Lendingkart NBFC (SME Loans) Temasek, Others 87

Icertis Enterprise Software (SaaS -

Contract Management) B Capital Group, Eight Roads Ventures, Others 50

Udaan E-Commerce (Marketplace -

B2B) Lightspeed Ventures, DST Global 50

ZoomCar Cabs (Self Drive) Nokia Growth Partners, Mahindra Partners, Sequoia

Capital India, Others 40

HackerRank

Online Services (HR Services -

Recruitment & Assessment

Services - Software

Programmers)

Battery Ventures, JMI Equity, Khosla Ventures, Others 30

PharmEasy E-Commerce (Pharmacy,

Diagnostic Tests)

Aarin Capital, Orios VP, Trifecta Capital, JM Financial,

Bessemer 30

Capillary

Technologies

Enterprise Software (Retail -

Loyalty Program) Warburg Pincus, Sequoia Capital India 20

Malwa Solar

Power

Renewable Power Projects

(Solar) IDFC Alternatives 15.6

Mahindra First

Choice Auto Sales (Used Cars) Valiant Capital, Others 15

Healthifyme Mobile VAS (Healthcare)

Inventus Capital Partners, Blume Ventures, Sistema

Asia Fund, Dream Incubator, NB Ventures, IDG

Ventures India, Others

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The Porter Online Services (Marketplace

- Truck Booking) Mahindra Partners 10

SunSource

Energy

Renewable Power Projects

(Solar) SBICAPS Ventures 7

Repco Home

Finance NBFC (Home Loans) Apax Partners 6.08

BlueStone.com E-Commerce - B2C - Jewellery IIFL VC, IvyCap Ventures, RB Investments, Iron Pillar,

Kalaari Capital, Accel India 5.89

Vortex

Engineering

Payment Services (ATMs -

Low Cost)

Bamboo Finance, Tata Capital Innovations Fund, IFC,

Aavishkaar 5

Joveo Enterprise Software (SaaS -

Job Advertising) Nexus Venture Partners, Others 5

Saraf Foods Food Processing DSG Consumer Partners, IFU, Others 4.6

Pratilipi Online Services (Content -

Self Publishing)

Omidyar Network, Shunwei Capital, WEH Ventures,

Nexus Venture Partners, Others 4.3

Pandorum

Tech Biotech (Organ Printing) IAN Fund, KITVEN, Others 3.6

Healthi E-Commerce (Marketplace -

Diagnostic Tests)

Montane Ventures

3.1

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Company Sector Investors Amount

($M)

Littlemore Equipment & Accessories

(Examination) Kalpavriksh Fund 3

Doodhwala E-Commerce (Groceries) Omnivore Partners 2.2

THB Enterprise Software (Data

Analytics - Healthcare)

CurraeHealthtech Fund, Healthquad, Fireside Ventures,

Blume Ventures, Others 2.1

CollegeDekho.c

om

Online Services (Education -

College Research) Man Capital, Others 2

Placio Online Services (Home

Rentals - Students) Prestellar Ventures 2

CoLive Online Services (Home

Rentals - Singles) Ncubate Capital 1.85

Grab Logistics Services (E-

Commerce - Local) SIDBI VC 1.5

Credy Online Services (Personal

Finance - Loans) Vy Capital, Khosla Ventures, Others 1.4

HeyHolidays Online Services (Marketplace

- Home Rentals) Hampton Capital 1

ShopClues.com E-Commerce (Marketplace -

Consumer Shopping) Unilazer Ventures 1

TRC Financial

Services NBFC Jupiter Capital 0.92

FabAlley.com E-commerce Fashion Apparel

– Women Trifecta Capital 0.78

Avishkaar Box Educational Kits – Robotics Auxano Ventures 0.77

Eduvanz Online Services (Consumer

Loans - Education) Blinc Advisors 0.5

Trilyo Enterprise Software (SaaS -

CRM - Restaurants) Pulse Venture Capital, Others 0.25

Catholic Syrian

Bank Banking Fairfax Holdings N.A

SirionLabs Enterprise Software (SaaS -

Supplier Management) RB Investments, Sequoia Capital, Others N.A

Strand Life

Sciences Bioinformatics Healthquad, Quadria India, Others N.A

WebEngage Enterprise Software

(Marketing Automation) Social+Capital Partnership N.A

OpenEBS Enterprise Software (Storage -

Software Containers) Nexus Venture Partners N.A

Stockbay

Partners

Data Analytics Platform –

Telecom Unigrowth N.A

SectorQube Household Electrical

Appliances Unicorn India Ventures N.A

GenRobotic Industrial Equipment

(Robotics - Sewage Cleaning) Unicorn India Ventures N.A

Perfit Fashion Enterprise Software (Fashion -

Virtual Trial Room) Unicorn India Ventures N.A

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Appendix-PE Exits in February 2018

Portfolio Company Exiting Investors Acquirer Amount ($M)

LiquidHub ChrysCapital Capgemini 223

Cafe Coffee Day KKR Open Market Transaction 63

City Union Bank ChrysCapital Open Market Transaction 18

Safari Industries Tano Capital Open Market Transaction 8

Palogix Infrastructure Bessemer, IFCI Ventures JFC Finance N.A

Aster DM Healthcare India Value Fund, Olympus Capital IPO N.A

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.

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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