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ADVOCACY
RESEARCH
EDUCATION
KONNECT
KONNECT
IVCA PRIVATE EQUITY -
VENTURE CAPITAL REPORT
JAN-MAR 2020
NEW DELHI | MUMBAI | BANGALORE
CONTENTS
Executive Summary
Private Equity Investments
Venture Capital Investments
Exits
Angel Investments
Investments involving AIFs
Appendix & Tables
03
04
09
12
16
17
17
150+ MEMBERS & GROWING..
Fund Raising Activity
Venture Debt Monitor
19
20
Executive Summary
Private Equity(1) Investments & Exits
Q1 2020 witnessed 164 Private Equity (PE) investments worth ₹42,666 Cr ($5.9 Billion).
The largest PE investment announced was Goldman Sachs and Varde Partners's ₹4,050 Cr ($567
million) takeover of RattanIndia Power.
Funds with AIFs vehicles participated in 73 investments representing 45% of overall investments.
IT & ITES topped the industry table (by value) followed by Energy.
Investments sized $50-100 million increased 1.28 times compared to Q1 2019.
NCR Delhi topped the chart for highest investments (by value) in a City.
Q1 2020 saw 33 PE exits that harvested ₹16,683 Cr ($2.3 Billion).
The largest exit was the ₹7,039 Cr ($950 million) part exit by Carlyle from SBI Cards & Payment
Services.
India-focused funds raised ₹5,680 Cr across 8 funds.
Venture Capital (1) Investments & Exits
Q1 2020 witnessed 96 VC investments worth ₹2,806 Cr ($387 million).
Largest VC investments were $20 million investments in AI/ML services startup iMerit Technology
Services and ed-tech startup InterviewBit.
Funds with AIFs vehicles participated in 47 investments.
26 DIPP registered startups raised VC funding worth ₹804 Cr ($111 million).
IT & ITES companies topped the industry table (by volume & value).
Bangalore topped the chart for highest investment (by volume) in a City.
Q1 2020 saw 17 VC exits that harvested ₹2,852 Cr ($394 million).
Angel Investments
Investments by Super Angels and Angel Networks increased to 61 deals (compared to 39 deals
in Q1 2019).
The largest investment involving angel investors was the $110 million (₹797 Cr) investment by
Kalyan Krishnamurthy and Sujeet Kumar along with Facebook, General Atlantic and existing
investors in edtech startup Unacademy.
Private Equity Investments
Q1 2020 registered 164 Private Equity (PE) investments worth about ₹42,666 Cr ($5.9
Billion). The investment value decreased by 36% compared to the same period in 2019
(which registered 250 investments worth ₹64,764 Cr or $9.2 Billion) and by 37%
compared to the immediate previous quarter (which had witnessed 227 investments
worth ₹66,894 Cr or $9.4 Billion).
Private Equity Investments in Q1 2020: 164 Deals, $5.9 Billion (₹42,666 Cr)
The largest PE investment announced during Q1’20 was the $567 million (₹4,050 Cr)
takeover of power generation company RattanIndia Power by Goldman Sachs and Varde
Partners.
The second largest investment was SoftBank Vision Fund's $507 million (₹3,621 Cr)
investments in Oyo as part of the budget hotel aggregator's ongoing $2 billion round.
The third largest investment was the $500 million (₹3,571 Cr) investment to setup
renewable energy platform O2 Power by European alternative asset manager EQT and
Singapore’s state investment firm Temasek Holdings.
Funds with AIF vehicles participated in 73 PE investments worth ₹13,414 Cr ($1.9 Billion).
4
$9.2 B $7.5 B $10.6 B $9.4 B $5.9 B
250 249227 227
164
0
50
100
150
200
250
300
$ B
$2 B
$4 B
$6 B
$8 B
$10 B
$12 B
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Amount($B) Deals
Private Equity Investments
IT & ITES Companies topped the industry chart with investments worth $1.8 Billion led by
SoftBank's $507 million investment in hotel aggregator Oyo Rooms. This was followed
by Alibaba's $150 million investment in online food delivery firm Zomato. The third
largest investment was the $113 million investment in another food delivery company
Swiggy led by Wellington Management and Naspers.
Energy Companies stood second with investments worth $1.6 Billion led by the $567 million
takeover of power generation company RattanIndia Power followed by $500 million
investment to set up renewable energy platform, O2 Power by European alternative asset
manager EQT and Singapore’s state investment firm Temasek Holdings.
BFSI Companies stood third with investments worth $0.7 Billion led by Brookfield's $205
million investment in publicly listed NBFC, Indostar Capital Finance. The second largest
investment was the $84 million investment in digital insurance firm Digit by A91 Partners,
Faering Capital and TVS Capital. This was followed by $70 million investment in
microfinance company, Fusion Microfinance by Warburg Pincus and Creation
Investments.
5
$2.1 B
$2.4 B$2.2 B
$0.4 B
$1.8 B$1.6 B
$0.7 B$0.5 B
$0.4 B$0.2 B
IT & ITES Energy BFSI Education Healthcare Manufacturing
By IndustryQ1 2019 Q1 2020
Private Equity Investments
6
$2.2 B
$1.4 B
$4.5 B
$0.3 B
$0.1 B
$0.8 B
$3.0 B
$1.7 B
$0.6 B
$0.3 B$0.1 B $0.1 B $0.1 B
NCR Delhi Bangalore Mumbai Chennai Kadapa Hyderabad Vadodara Others
By RegionQ1 2019 Q1 2020
$0.5 B
$2.0 B
$1.4 B
$1.5 B
$3.7 B
$0.4 B
$1.4 B
$1.8 B
$0.5 B
$0.7 B
$1.1 B
VC
Growth-PE
Late
PIPE
Buyout
Other
By Stage
Q1 2019 Q1 2020
149
26
17
9
21
8
20
73
24
6
13
16
18
14
<$5 M
$5M -10M
$10M -15M
$15M-25M
$25M-50M
$50M-100M
$100M+
By Size
Q1 2019 Q1 2020
Private Equity Investments
7
0
20
40
60
80
100
120
140
160
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
IT & ITeS
Amount($M) Deals
0
2
4
6
8
10
12
0
500
1,000
1,500
2,000
2,500
3,000
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Energy
Amount($M) Deals
0
6
12
18
24
30
0
500
1,000
1,500
2,000
2,500
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
BFSI
Amount($M) Deals
0
2
4
6
8
10
12
0
100
200
300
400
500
600
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Education
Amount($M) Deals
Private Equity Investments
8
0
3
6
9
12
15
18
21
0
100
200
300
400
500
600
700
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Healthcare & Lifesciences
Amount($M) Deals
0
2
4
6
8
10
12
14
0
100
200
300
400
500
600
700
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Manufacturing
Amount($M) Deals
0
2
4
6
8
10
12
0
15
30
45
60
75
90
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Food & Beverages
Amount($M) Deals
0
1
2
3
4
5
6
0
25
50
75
100
125
150
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
Retail
Amount($M) Deals
Venture Capital Investments
Q1 2020 recorded 96 VC-type(1) investments worth $387 million (₹2,806 Cr). The
investment volume fell 45% compared to the same period in 2019 (which registered 173
investments worth ₹3,844 Cr or $545 million) and 33% compared to the immediate
previous quarter (which had witnessed 144 investments worth ₹4,658 Cr or $654 million).
The largest VC investments were the $20 million (₹143 Cr) investments in AI/ML services
startup iMerit Technology Services led by CDC Group with participation from existing
investors and in ed-tech startup InterviewBit Academy led by Sequoia Capital India, Tiger
Global, Global Founders Capital, and others.
The second largest investment was the $19 million (₹136 Cr) investment in after sales
electronics service startup Onsitego led by Zodius Growth Fund (managed by Avendus)
with participation from existing investor Accel.
Funds with AIF vehicles participated in 47 VC investments worth $196 million (₹1,418 Cr).
26 DIPP registered startups raised VC funding worth ₹804 Cr ($111 million). Top
investments in the registered startups include InterviewBit ($20 million), Mamaearth ($18
million) and Doubtnut.com ($15 million).
Venture Capital Investments in Q1 2020: 96 Deals, $387 Million (₹2,806 Cr)
9
$545 M $614 M $470 M $654 M $387 M
173
158135
144
96
0
20
40
60
80
100
120
140
160
180
200
$ B
$10 0 B
$20 0 B
$30 0 B
$40 0 B
$50 0 B
$60 0 B
$70 0 B
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Amount($B) Deals
Venture Capital Investments
10
123
7 5 8
30
65
84 4
15
IT & ITES Healthcare Education FMCG Others
By Industry
Q1 2019 Q1 2020
0%
25%
50%
75%
100%
Q12019
Q22019
Q32019
Q42019
Q12020
Early Growth
Venture Capital Investments
11
60
32
45
21
12
3
18
2724
17
4 6
<$1 M $1-2 M $2-5 M $5-10 M $10-15 M $15M+
Q1 2019 Q1 2020
5953
31
6 6
18
3226
18
5 510
Bangalore NCR Delhi Mumbai Hyderabad Chennai Others
Q1 2019 Q1 2020
Private Equity Exits
Q1 2020 saw 33 PE-VC exits that harvested ₹16,683 Cr ($2.3 Billion). The exit value
increased by 48% compared to the same period in 2019 (which registered 54 exits worth
₹11,004 Cr or $1.6 Billion) and decreased by 10% compared to the immediate previous
quarter (which had witnessed 48 exits worth ₹18,153 Cr or $2.5 Billion).
The largest exit during the period was the sale of shares worth ₹7,039 Cr ($951 million)
by Carlyle in SBI Cards & Payment Services as part of the IPO. The transaction provided
Carlyle, a 9.3x return.
The second largest exit was the $140 million exit by Capital International from Intas
Pharmaceuticals via a secondary sale.
The third largest exit was the ₹721 Cr ($101 million) partial exit by Baring India in publicly
listed Manappuram Finance.
Private Equity Exits in Q1 2020: 33 Deals, $2.3 Billion (₹16,683 Cr)
12
$1.6 B $2.6 B $3.8 B $2.5 B $2.3 B
54
47
50
48
33
0
10
20
30
40
50
60
$ B
$1 B
$1 B
$2 B
$2 B
$3 B
$3 B
$4 B
$4 B
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Amount($B) Deals
Private Equity Exits
13
12
33
7 87
18
36
<1x 1-3x 3-5x >5x
PE Exits by Return Multiple
Q1 2019 Q1 2020
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1'19 Q2'19 Q3'19 Q4'19 Q1'20
Other
Energy
Agri-business
Education
Healthcare
IT & ITES
Logistics
BFSI
Private Equity Exits
14
$0.5 B$0.4 B $0.4 B
$0.2 B $0.1 B
$1.3 B
$0.6 B
$0.3 B
$0.1 B
Public Market/IPO Strategic Sale Secondary Sale Buyback Other
By TypeQ1 2019 Q1 2020
Venture Capital Exits
Q1 2020 witnessed 17 VC exits that harvested $394 million (about ₹2,852 Cr). Exits
increased marginally compared to the $353 million registered in the same period in 2019
and decreased by 6% compared to the immediate previous quarter which registered $418
million (₹2,979 Cr) across 20 exits.
Notables VC exits included the complete exit by investors from Paysense via a strategic
sale to PayU and the partial exit by investors from Byjus Classes via a secondary sale to
Tiger Global.
Venture Capital Exits in Q1 2020: 17 Deals, $394 million (₹2,852 Cr)
15
$353 M$174 M
$1,918 M
$418 M $394 M
23
17
2220
17
0
5
10
15
20
25
0
500
1000
1500
2000
2500
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Amount($B) Deals
Fund Raising Activity
India-focused funds raised ₹5,680 Cr ($784 million) across 8 funds in Q1 2020 - a 76%
decrease (in value terms) compared to ₹23,170 Cr ($3.3 Billion) across 9 funds in the same
period in 2019.
Healthcare-focused private equity firm Quadria Capital raised $401 million to close its
$595 million second fund, Quadria Capital Fund II. The amount raised exceeded Quadria
Capital’s $400 million target.
VC firm Quona Capital made a final close of the Accion Quona Inclusion Fund with $203
million in commitments.
New York-based hedge fund Falcon Edge Capital made a first close of $45.7 million for
its Falcon Edge India I LP from 9 investors out of its targeted $250 million.
Blume Ventures closed its opportunity fund at $41 million. The fund shall additionally
invest in the firms best performing portfolio companies to avoid dilution of its
shareholding.
16
$3.3 B $0.8 B $1.7 B $1.9 B $0.8 B
9 9
12
17
8
0
2
4
6
8
10
12
14
16
18
0
1
1
2
2
3
3
4
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Amount($B) No. of Funds
Venture Debt
Angel Investments
17
Angel Investments
In Q1 2020 super angels and angel networks
made 61 investments.
The largest investment involving angel
investors was the $110 million (₹797 Cr)
investment by Kalyan Krishnamurthy and
Sujeet Kumar along with Facebook, General
Atlantic and existing investors Sequoia Capital
India, Nexus Venture Partners, Steadview
Capital and Blume Ventures in edtech startup
Unacademy.
39
57
7063 61
Q1 19 Q2 19 Q3 19 Q4 19 Q1 20
1920
1214 14
$ B
$5 B
$10 B
$15 B
$20 B
$25 B
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020
Venture Debt
Deals
Annual PE-VC Investments
Private Equity in 2020: 164 Deals, $5.9 Billion (₹42,666 Cr)
18
0
250
500
750
1000
1250
$ B
$10 B
$20 B
$30 B
$40 B
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Projected ($B) Amount($B) Deals Projected
Top Investments involving AIFs in Jan - Mar 2020
*Deal value includes share of Non-AIF investors participating in the round.
19
Company Sector Investors Amount(US$M)
RattanIndia Power Power Projects (Multiple Sources) Varde Partners, Goldman Sachs 567
Unacademy Online Services (E-Learning & Test Preparation)
Steadview Capital, Blume Ventures, Nexus Venture
Partners, Sequoia Capital India, General Atlantic,
Others
110
Bounce Scooter Rentals
B Capital Group, Falcon Edge Capital, Omidyar
Network, Maverick Capital, Qualcomm Ventures,
Accel India, Chiratae Ventures, Sequoia Capital
India, Others
97
Digit Insurance - General A91 Partners, Faering Capital, TVS Capital 84
Biocon Biologics Biotech (Biosimilars) TrueNorth 75
Innovaccer Enterprise Software (Data Analytics - Healthcare)Mubadala Investment, M12, WestBridge, Tiger
Global, Others70
Jindal Stainless Metals & Alloys (Stainless Steel) Kotak PE 69
Religare Health
InsuranceInsurance Kedaara Capital 56
Veritas Finance NBFCAvataar Venture Partners, Kedaara Capital, Lok
Capital, Others46
Pepperfry.comE-Commerce (Consumer Shopping - Furniture &
Home Products)
State Street Global Advisors, Norwest, Goldman
Sachs, Others40
Ami Lifesciences Pharma (API products) Kedaara Capital 39
Molbio Diagnostics Medical Devices (Diagnostics) Motilal Oswal 33
WayCool Agri LogisticsInnoVen Capital, Lightbox, LGT Lightstone Aspada,
FMO32
Centrum Housing
FinanceHousing Finance Morgan Stanley 27
MoEngageEnterprise Software (SaaS - CLM - Analytics &
Engagement)
Ventureast, Matrix Partners India, Eight Roads
Ventures, Others25
Leap India Food and
LogisticsAgri Logistics IFU, SBICAPS Ventures 23
Company Sector Investors Amount(US$M)
RattanIndia Power Power Projects (Multiple Sources) Varde Partners, Goldman Sachs 567
Oyo RoomsOnline Services (Aggregator - Budget
Hotels)SoftBank Corp 507
O2 Power Renewable Power Projects (Solar, Wind) EQT, Temasek 500
ACME Cleantech Solutions (Solar
Assets)Renewable Power Projects (Solar) Actis 415
Byjus Classes Test Preparation Tiger Global 300
Indostar Capital Finance NBFC Brookfield 205
Byjus Classes Test Preparation General Atlantic 200
Apollo Tyres Auto Components (Tyres) Warburg Pincus 151
Zomato Online Services (Local Search - Restaurants) Alibaba 150
CureFit Wellness (Preventive Healthcare) Temasek 114
Swiggy.com Consumer App (Food Delivery Services) Wellington Management, Naspers, Others 113
UnacademyOnline Services (E-Learning & Test
Preparation)
Steadview Capital, Blume Ventures, Nexus
Venture Partners, Sequoia Capital India, General
Atlantic, Others
110
TVS Supply Chain Solutions Logistics Services Gateway Partners 100
Bounce Scooter Rentals
B Capital Group, Falcon Edge Capital, Omidyar
Network, Maverick Capital, Qualcomm Ventures,
Accel India, Chiratae Ventures, Sequoia Capital
India, Others
97
Lava International Mobile Handsets Gem India Advisors 90
Appendix - Top PE Investments in Jan - Mar 2020
20
Appendix - Top PE Exits in Jan - Mar 2020
21
Company Sector Exiting Investor Acquirer Amount(US$M)
SBI Cards & Payment
ServicesPayment Services Carlyle Nil 951
Intas Pharmaceuticals Pharmaceuticals Capital International, 1.45x, 14Ashok Leyland
Limited, Others 140
Manappuram Finance NBFC (Gold Loans) Baring India Nil 101
Byjus Classes Test Preparation IFC, Sequoia Capital India, Lightspeed
Ventures, Verlinvest, SofinaTiger Global 100
Aavas Financiers NBFC (Housing Finance) Kedaara Capital Nil 93
Hinduja Leyland Finance NBFC (Auto Finance) EverstoneAshok Leyland
Limited, Others 55
Narayana Health Hospitals CDC Group Nil 39
Narayana Health Hospitals CDC Group Nil 35
PolicyBazaarOnline Services (Marketplace - Personal
Finance - Insurance) Inventus Capital Partners SoftBank Corp 25
Spandana Sphoorty
FinancialMicrofinance JM Financial Nil 23
Top Funding in DIPP Registered Startups
21
Company Sector Investors Amount(US$M)
Oyo RoomsOnline Services (Aggregator - Budget
Hotels)SoftBank Corp 507
Bounce Scooter Rentals
B Capital Group, Falcon Edge Capital, Omidyar
Network, Maverick Capital, Qualcomm Ventures,
Accel India, Chiratae Ventures, Sequoia Capital
India, Others
97
InterviewBit Academy Online Services (Education - Vocational)Global Founders Capital, Tiger Global, Sequoia
Capital India, Others20
Mamaearth Personal CareSharrp Ventures, Fireside Ventures, Stellaris
Venture Partners, Sequoia Capital India18
Doubtnut.com Consumer App (E-Learning - Math)AET Fund, Tencent, Omidyar Network, Sequoia
Capital India, Others15
Oye RickshawConsumer App (Electric Rickshaw
Booking)
Xiaomi, Chiratae Ventures, Matrix Partners India,
Others10
SmartCoinOnline Services (Personal Finance -
Consumer Loans)
Unicorn India Ventures, LGT Lightstone Aspada,
Accion International7
ChqbookOnline Services (Aggregator - Personal
Finance - Home Loans)Aavishkaar 5
CodingNinjas Training & Certification (Coding) Info Edge 5
AgniKul Cosmos Aviation (Aerospace)Speciale Invest, Artha India Ventures, Pi Ventures,
Lionrock Capital, Others3
ZunRoofRenewable Power Projects (Solar -
Rooftop)Godrej Family Office 3
MaxWholesale M-Commerce (B2B - Groceries) Al Fajaj Investment Co., Others 3
FlickstreeOnline Services (Video Content Discovery
Platform)Samsung Ventures, Lionrock Capital, Others 3
Adonmo OOH Advertising (Taxi Top Advertising) BAce Capital, Astarc Ventures, Others 3
fleetx.ioEnterprise Software (SaaS - Logistics -
Fleet Management)Beenext, India Quotient, Others 3
Appendix - Definitions of Stages Used
Venture Capital:
Early Stage
First / Second Round of institutional investments into companies that are:
Less than five years old, AND
Not part of a larger business group, AND
Investment amount is less than $20 M
Growth Stage:
Third / Fourth Round funding of institutional investments OR
First/Second Round of institutional investments for companies that are >5 years
old and <10 years old OR spin-outs from larger businesses, AND
Investment amount is less than $20 M
Private Equity:
PE investment figures in this Report include Venture Capital (VC) type investments, but
exclude PE investments in Real Estate.
Growth-PE:
First-to-Fourth Round Investments >$20 M into companies <10 years old, OR
Fifth / Sixth rounds of institutional investments into companies <10 years old
Late Stage:
Investment into companies that are over 10 years old, OR
Seventh or later rounds of institutional investments
PIPEs:
PE investments in publicly-listed companies via preferential allotments / private
placements,
Acquisition of shares by PE firms via the secondary market
Buyout:
Acquisition of controlling stake via purchase of stakes of existing shareholders
22
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