ivca private equity-venture capital report -april... · 3 private equity investments & exits...
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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 - [email protected]
w w w . i v c a . i n
IVCA Membership & Event Sponsorship Aakriti Bamniyal - [email protected]
Other Queries
IVCA Team - [email protected]
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…
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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
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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)
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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 Blackstone’s acquisition of auto components company Comstar for $125 million.
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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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
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VENTURE CAPITAL INVESTMENTS
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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 ($692 million) exit made by Actis from renewable energy company Ostro Energy via a sale to ReNew Power. (See Appendix for a listing of exits during the month.)
PRIVATE EQUITY EXITS
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Top Angel Investments in April 2018
Company Sector Investors Amount
($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 ($2 million) investment in fitness
centre marketplace company Fitternity.
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Deals involving PE-VC firms which have an Alternative Investment Funds (AIF) vehicle.
Company Sector Investors Amount
($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
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Company Sector Investors Amount
($M)
Selan Exploration
Technology Oil & Gas (Exploration) Baring India 1
BlueJack Online Services (Marketplace - Cars) WaterBridge Ventures 1
EdMobile Consumer App (Education - English
Language Training) Unitus Seed Fund, Others 1
Chakr Innovation Engineering and design services Parampara Capital, Others N.A
Loanzen NBFC Kae Capital N.A
LetsMD Online Services (Marketplace - Appointments
- Doctors, Diagnostic Tests)
WaterBridge Ventures, Thinkuvate,
Others N.A
AgNext
Technologies
Enterprise Software (SaaS - Analytics -
Agriculture) Omnivore Partners, Others N.A
Eruvaka
Technologies
Agri Equipment (Aquaculture -
Measurement, Automation) Omnivore Partners, Others N.A
Rubique Online Services (Marketplace - Personal
Finance - Loans)
Kalaari Capital, Recruit Strategic
Partners,
BlackSoil Capital, Emery Capital,
Others
N.A
Leap India Food
and Logistics Agri Logistics SBICAPS Ventures N.A
Fynd E-Commerce (B2C - Fashion)
Kae Capital, IIFL VC, Google
Capital,
RAAY Global Investments, Others
N.A
Cycle Pure
Agarbathies Aromatic Products (Incense Sticks) Motilal Oswal N.A
Appendix-PE Investments in April 2018
Company Sector Investors Amount
($M)
Paytm E-
Commerce Online Services (E-Commerce) SoftBank Corp, Alibaba 445
Healthium
Medtech Medical Devices (Surgical Products) Apax Partners 350
Mankind
Pharma Pharmaceuticals ChrysCapital 350
Comstar Auto Components Blackstone 125
Bangalore
International
Airport
Aviation (Airports) Fairfax Holdings 67
Chai Point Catering (Food Delivery - Tea To Office
Workers)
Eight Roads Ventures, Saama Capital, DSG
Consumer Partners, Paragon Partners 20
Bloom Hotels Hotels Samena Capital 15
Travel Triangle Online Services (Travel - Itinerary
Planner)
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
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Company Sector Investors Amount
($M)
Development
Credit Bank Banking ICICI Venture 9.1
Lithium Urban
Technologies Cabs - Electric Vehicles IFC 8
Arman Financial
Services Microfinance SAIF 8
Cogoport Online Services (Marketplace - B2B -
Logistics) Accel India 8
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 (E-Commerce -
Consumer Shopping - Food Delivery) Orios VP, RB Investments, Others 4
NamasteCredit Online Services (Marketplace -
Consumer Loans, SME Loans) Nexus Venture Partners 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
Pando Enterprise Software (Logistics) Nexus Venture Partners, Others 2
ShopX Enterprise Software (DIY E-Commerce
Platform) Nandan Nilekani 2
Kristal.AI Online Services (Personal Finance) IDG Ventures India, Others 2
Pitstop Online Services (Marketplace - Car &
Bike Servicing) Blume Ventures, Others 2
Hasura Enterprise Software (Programming
Tools - Cloud) Nexus Venture Partners, GREE Ventures 2
CoinSwitch Online Services (Payments -
Cryptocurrency) Sequoia Capital India 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
Doxper IT Products (Hardware - Record
Keeping - Healthcare) Capier Investments, 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
BlueJack Online Services (Marketplace - Cars) WaterBridge Ventures 1
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Company Sector Investors Amount
($M)
Selan
Exploration
Technology
Oil & Gas (Exploration) Baring India 1
EdMobile Consumer App (Education - English
Language Training) Unitus Seed Fund, Others 1
Chariot Tech Enterprise Software (SaaS - IoT) Gem India Advisors 0
Howdydo Online Services (Local Events Portal) TIW PE 0.3
Tripshelf Online Services (Travel) Gem India Advisors, Others 0.24
Chakr
Innovation Engineering and design services Parampara Capital, Others N.A
Loanzen NBFC Kae Capital N.A
LetsMD
Online Services (Marketplace -
Appointments - Doctors, Diagnostic
Tests)
WaterBridge Ventures, Thinkuvate, Others N.A
AgNext
Technologies
Enterprise Software (SaaS - Analytics -
Agriculture) Omnivore Partners, Others N.A
Eruvaka
Technologies
Agri Equipment (Aquaculture -
Measurement, Automation) Omnivore Partners, Others N.A
Rubique Online Services (Marketplace - Personal
Finance - Loans)
Kalaari Capital, Recruit Strategic Partners,
BlackSoil Capital, Emery Capital, Others N.A
Leap India Food
and Logistics Agri Logistics SBICAPS Ventures N.A
Fynd E-Commerce (B2C - Fashion) Kae Capital, IIFL VC, Google Capital,
RAAY Global Investments, Others N.A
Cycle Pure
Agarbathies Aromatic Products (Incense Sticks) Motilal Oswal N.A
Flixstock Enterprise Software (AI - Model
Photography) Leo Capital N.A
LoanSimple Online Services (Lending - SME Loans) Leo Capital N.A
Deftouch Design Mobile VAS (Gaming) Kalaari Capital N.A
Synctag Enterprise Software (SaaS - Social
Media Tools) Subhkam Ventures N.A
Fundtonic
Coworks Co-Working Space Yesss Capital, Others N.A
Elemential Labs Enterprise Software (Blockchain)
Lightspeed Ventures, Matrix Partners
India,
Investopad, Others
N.A
Shapoorji
Pallonji Finance NBFC SSG Capital N.A
Varthana NBFC (School Financing)
ChrysCapital, Omidyar Network, Elevar
Equity,
Kaizen PE, LGT Venture Philanthropy
N.A
IARC Asset Reconstruction Blackstone N.A
Monnet Ispat Metals & Alloys (Iron & Steel) AION Capital, Others N.A
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Appendix-PE Exits in April 2018
Company Sector Exiting Investor(s) Acquirer Amount
($M)
Ostro Energy Renewable Power Projects Actis ReNew Power 692
Indus Towers Mobile Services Providence Bharti Infratel 451
Healthium
Medtech
Medical Devices (Surgical
Products) TPG Growth, CX Partners Apax Partners 299
Lemon Tree
Hotels Hotels Warburg Pincus, APG IPO 81
Magma Fincorp NBFC KKR Open Market
Transaction 59
CentrumDirect Forex Services
NYLIM Jacob Ballas
Funds,
Evolvence India
Ebix 34
TeamLease
Services HR Services (Staffing) Gaja Capital
Open Market
Transaction 25
Nykaa.com Online Services (Beauty &
Wellness)
TVS Capital, Techpro
Ventures,
Max Ventures
Sunil Munjal, Others 14
GNRC Hospitals Canbank Ventures Promoters 12
Birds Eye
Systems
Mobile VAS (Traffic
Information)
Matrix Partners India,
Qualcomm Ventures Ola 11
Cafe Coffee Day Holding Company StanChart PE Open Market
Transaction 6
Basiz Fund
Services BPO Kalaari Capital Promoters 6
Indian Energy Renewable Power Projects
(Wind) Infrastructure India PLC ReNew Power 5
Comstar Auto Components Argyle Street
Management Blackstone N.A
Ambit Asset Management (Hedge
Fund) QInvest Promoter Entity N.A
Embibe Test Preparation Kalaari Capital, Lightbox Reliance Industries 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
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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: