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1

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

APRIL 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

2

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

135 + Members and growing

3

Private Equity Investments & Exits

April 2018 witnessed 61 Private Equity (PE) investments worth about INR 13,600 Cr ($2.1 Billion)

The largest deal is the INR 2,892 Cr investment by SoftBank Corp and Alibaba in Paytm Mall

Healthcare companies topped the industry table (by value) Delhi topped the chart for most investments in a City Month witnesses 16 PE exits that harvested about INR 12,000 Cr (about $1.8 Billion) The largest exit was the INR 4,500 Cr ($692 million) exit by Actis from Ostro Energy via a

sale to ReNew Power

Venture Capital Investments

April 2018 witnessed 46 VC investments worth about INR 1,120 Cr ($170 million)

The largest VC investment was the ~INR 133 Cr ($20 million) Series C investment

in Chai Point

IT & ITeS companies topped the industry table (by volume & value)

Bangalore topped the chart for highest investment in a City

Month witnesses 4 VC exits that harvested about INR 947 Cr (about $142 million)

The largest VC exit was the sale of shares worth $14 million by investors in Nykaa

Angel Investments

Super Angels and Angel Networks made 18 deals (compared to 8 deals in April

2017)

The largest investment round involving Angel Investors, announced in April 2018,

was the INR 13 Cr ($2 million) investment in fitness centre marketplace company

Fitternity

EXECUTIVE SUMMARY

4

April 2018 witnessed 61 Private Equity (PE) investments worth $2.1 Billion (about INR 13,600 Cr) compared to 53 investments worth $1.5 Billion (INR 9,840 Cr) in April 2017. The value of investments increased 39% compared to April 2017 and almost double compared to March 2018 (which registered 41 investments worth $1.1 Billion (~INR 7,175 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 deal announced in March 2018 was the INR 2,892 Cr investment commitment ($275 million) by SoftBank Corp and Alibaba in Paytm Mall. (See Appendix for a listing of investments during the month.)

PRIVATE EQUITY INVESTMENTS

Private Equity Investments in April 2018 : 61 Deals, $2.1Billion (~ INR 13,600 Cr)

5

Healthcare investments, led by the ChrysCapital INR 2,280 Cr ($350 million) re-entry into Mankind Pharma, came first with $709 million. Healthium Medtech (earlier Sutures India) was acquired by Apax Partners for INR 2,280 Cr ($350 million).

IT & ITES companies came in next led by the Paytm Mall - SoftBank Corp, Alibaba deal.

Manufacturing companies came in third led by Blackstones acquisition of auto components company Comstar for $125 million.

PRIVATE EQUITY INVESTMENTS

6

* See Appendix for stage definitions

PRIVATE EQUITY INVESTMENTS

7

PRIVATE EQUITY INVESTMENTS

Investments by Industry

8

April 2018 witnessed 46 VC-type investments* worth INR 1,120 Cr ($170 million) compared to 32 deals (worth $100 million) in April 2017. The largest VC investment announced during April 2018 was the ~INR 133 Cr ($20 million) Series C investment in Chai Point led by Paragon Partners with participation by existing investors Eight Roads, Saama Capital and DSG Consumer Partners. (*See appendix for definitions.)

VENTURE CAPITAL INVESTMENTS

9

VENTURE CAPITAL INVESTMENTS

10

April saw 16 PE-VC exits that harvested $1.8 Billion (about INR 12,000 Cr) - compared to 29 deals that harvested $944 million (INR 6,070 Cr) in April 2017.

The largest exit during the month was the INR 4,500 Cr ($692 million) exit made by Actis from renewable energy company Ostro Energy via a sale to ReNew Power. (See Appendix for a listing of exits during the month.)

PRIVATE EQUITY EXITS

11

Top Angel Investments in April 2018

Company Sector Investors Amount

($M)

Fitternity Marketplace - Fitness Centers

Taparia Family Office, Akshay Chudasma, Anjali Bansal, Arihant Patni, Satish Khanna, Others

2

Pando Enterprise Software (Logistics)

Balaji P, Nishant Rao, Kashyap Deorah, Girish Mathrubootham, Others

2

Payme India

Personal Finance - Loans Rajiv Punater, Rishi Bhasin, Alok Garodia, Shashank Sharma, Pramod Singhal

2

Kristal.AI Personal Finance Shailesh Rao, Amit Gupta, Others 1.85

121policy Insurance Portal Siddharth Pansari, Nitesh Prakash, Atul Jain, Venture Catalysts Angels, Others

1

Pipa+Bella E-Commerce - Jewelry Roopa Nath, Teruhide Sato, Rajesh Sawhney, Others 1

*Includes share of co-investing Seed/VC investors

VENTURE CAPITAL EXITS

ANGEL INVESTMENTS

April 2018 witnessed 4 VC exits that

harvested $42 million (about INR 280 Cr)

- compared to 8 deals (that harvested $73

million) in April 2018.

The largest VC exit during April 2018 was

the $14 million part exit by investors

(which included by Max Ventures,

Techpro Ventures and TVS Capital) from

beauty products marketplace Nykaa. The

exiting investors sold through a secondary

sale to family offices of Sunil Munjal,

Marico Mariwala, others.

In April 2018, Super Angels and Angel

Networks made 18 investments - compared to

the 8 deals in April 2017.

The largest investment round involving Angel

Investors, announced in April 2018, was the

INR 13 Cr ($2 million) investment in fitness

centre marketplace company Fitternity.

12

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

Company Sector Investors Amount

($M)

Chai Point Catering (Tea)

Eight Roads Ventures, Saama

Capital,

DSG Consumer Partners, Paragon

Partners

20

Bloom Hotels Hotels Samena Capital 15

Travel Triangle Online Services (Travel)

SAIF, Bessemer, RB Investments,

Fundamentum,

Others

12

RailYatri Online Services (Content - Travel) Helion Ventures, Omidyar Network,

Blume Ventures, Nandan Nilekani 10

Akamara

Therapeutics Pharmaceuticals (Oncology)

Accel India, IIFL VC, Romulus

Capital 9.2

Development

Credit Bank Banking ICICI Venture 9.1

Samco Securities Broking Bay Capital Investments, Others 8

MoveInSync Enterprise Software (Employee

Transportation Solution)

Nexus Venture Partners,

Qualcomm Ventures,

Saama Capital, Inventus Capital

Partners

7

POPxo.com Online Services (Content - Women) Kalaari Capital, IDG Ventures India,

GREE Ventures, Others 6

LoadShare

Networks Enterprise Software (SaaS - Logistics)

Matrix Partners India, Stellaris

Venture Partners 5

Yumlane Online Services (Food Delivery) Orios VP, RB Investments, Others 4

Kaleidofin Online Services (Personal Finance) Omidyar Network, Blume Ventures 3

Emotix IT Products (Hardware - Robotics) IDG Ventures India, YourNest 2

Fitternity Online Services (Marketplace - Fitness

Centers) Exfinity Fund, Saha Fund, Others 2

SmartCoin Online Services (Personal Finance -

Consumer Loans)

Accion International, Unicorn India

Ventures,

Others

2

Kristal.AI Online Services (Personal Finance) IDG Ventures India, Others 2

Pitstop Online Services (Marketplace - Car & Bike

Servicing) Blume Ventures, Others 2

AVG Logistics Logistics Services Sixth Sense Ventures 1

BeatO Consumer Apps - Healthcare - Diabetes

Management Blume Ventures, Leo Capital 1

Fyle Technologies Enterprise Software (SaaS - Expense

Tracking) Pravega Ventures, Beenext, Others 1

CoutLoot Online Services (Marketplace - Used Goods) Artha India Ventures, JadeValue

Fintech, Others 1

Pipa+Bella Online Services (E-Commerce - Consumer

Shopping - Jewelry)

Lionrock Capital, Fireside Ventures,

Others 1

INVESTMENTS INVOLVING AIFs

13

Company Sector Investors Amount

($M)

Selan Exploration

Technology Oil & Gas