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Private Equity - Venture Capital Report

Jan 2018

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

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Knowledge Partner:

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Table of Contents

Section Page No.

1. Executive Summary 3

2. Private Equity Investments 4

3. Venture Capital Investments 9

4. Exits 12

5. Angel Investments 15

6. Investments involving AIFs 16

7. Appendix & Tables 17

8. Knowledge Partner: Venture Intelligence 21

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Executive Summary

Private Equity Investments & Exits:

January 2018 witnessed 41 Private Equity (PE) investments worth $2.3 Billion (about INR 14,720 Cr).

The largest PE investment announced in January 2018 was the GIC and KKR led INR 11,104 Cr ($1.7 Billion) investment, via a

preferential allotment, in publicly listed mortgage lender HDFC.

BFSI (Banking, Financial Services & Insurance) companies topped the industry table.

Mumbai topped the chart for highest investments in a region.

January saw 26 PE-VC exits that harvested $627 million (about INR 4,103 Cr)

The top exits during the month happened through the Buyback route - the INR 1,010 Cr ($159 million) buyback of Stanchart

PE’s stake in Sterlite Power Grid Ventures

Venture Capital Investments:

January 2018 witnessed 25 VC investments worth $103 million (about INR 659 Cr).

The largest VC investment announced in January 2018 was the INR 116 Cr investment in vernacular social network Sharechat

by Xiaomi, SAIF, Lightspeed Ventures and other investors

IT/ITES companies topped the industry table.

Bangalore topped the chart for highest investment in a region.

Angel Investments

Investments touched 22 deals in January 2018 up from 17 deals in December 2017.

The largest Angel Investment announced in January 2018 was in Home Design Startup LivSpace for $6 million (about INR 39

Cr)

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Private Equity Investments in January 2018 : 41 Deals, $2.3 Billion (~ INR 14,720 Cr)

January 2018 witnessed 41 Private Equity (PE) investments worth $2.3 Billion (about INR 14,660 Cr) compared to 53 investments worth

$1.6 Billion (INR 10,740 Cr) in January 2017. The investment value was however up 107% compared to December 2017, which had

registered 44 investments worth $1.1 Billion (~INR 7,090 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 January 2018 was the GIC and KKR led INR 11,104 Cr ($1.7 Billion) investment, via a

preferential allotment, in publicly listed mortgage lender HDFC. (See Appendix for a listing of investments during the month.)

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BFSI (Banking, Financial Services & Insurance) companies topped the industry table courtesy the HDFC investment as well as INR 650

Cr ($102.2 million) investment by IndGrowth, PAG, NewQuest and other investors in publicly listed Chokhani Securities (which is

going through a management buy-out led by the former CEO of Religare). The microfinance-focused Janalakshmi Financial also

attracted a $40 million (INR 256 Cr) investment (from HarbourVest).

Investments in IT & ITeS, which have been trending downwards in recent months, were led by two $50 million (about INR 333 Cr)

investments: Accel Partners invest in enterprise software firm Browserstack and existing investors Warburg Pincus and SAIF in

logistics tech firm Rivigo.

Investments in Healthcare& Life Sciences companies were led by the INR 230 Cr ($36 million) raised by stents maker Sahajanand

Medical Technologies - from Morgan Stanley and Samara Capital.

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* See Appendix for stage definitions

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Investments by Industry

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Venture Capital Investments

January 2018 registered 25 VC-type investments* worth $103 million (about INR 659 Cr) compared to 28 deals worth $103 million in

January 2017. The largest VC investment announced during January 2018 was the INR 116.31 Cr (about $18 million) Series B

investment in vernacular social network Sharechat by Xiaomi, SAIF, Lightspeed Ventures and other investors. (*See appendix for

definitions.)

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Private Equity Exits

January saw 26 PE-VC exits that harvested $627 million (about INR 4,103 Cr) - compared to 14 deals that harvested $989 million in

Jan’17. Of these, VC exits accounted for 7 deals worth $107 million (INR 685 Cr).

The top two exits during the month happened throughthe Buyback route - the INR 1,010 Cr ($159 million) buyback of Stanchart PE’s

stake in Sterlite Power Grid Ventures and the reported INR 640 Cr (about $100 million) buyout of the stake held by existing

investors Mount Kellett, TVS Capital and IndiaVenture in Medplus Health by the pharma retail chain’s founder-promoter. (See

Appendix for a listing of exits during the month.)

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The largest VC exit during January 2018 was by L Catterton Asia’s sale of its stake in Genesis Luxury Fashion to Reliance Brands for

$40 million.

Nexus Ventures and Saama Capital made a complete exit from travel concierge app Mezi (through an acquisition by American

Express).

Early investors in XpressBees Logistics scored a part exit when they sold their stakes to Alibaba as a part of a $100 million (INR 640

Cr) investment in the company.

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Angel Investments

Investments by Super Angels and Angel Networks, which have been on a rise since November 2017, touched 22 deals in January

2018.

Top Angel Investments in January 2018

Company Sector Investors Amount($M)*

LivSpace Interior Design Rajeev Madhavan, Deep Nishar,

GokulRajaram, Others 6

IndianMoney Content - Personal

Finance SRI Capital, Hyderabad Angels, Others 3

Hunger Box B2B - Food Ordering Kris Gopalakrishnan, Others 2.5

Kinsane Production

(Animation) Neeraj Bhargava, Others 2.5

PeeSafe Sanitizers Venture Catalysts Angels, Others 1

Wedding

Brigade

Marketplace -

Wedding Services Keiretsu Forum, Others 1

*Includes share of co-investing Seed/VC investors

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Investments involving AIFs

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

Company Sector Investors Amount(INR-Cr)

Sahajanand Medical Technologies

Medical Devices (Stents) Morgan Stanley, Samara Capital 230

Ess Kay Auto Finance NBFC (Auto Financing) Baring India, Norwest, Evolvence India 202

Sharechat Mobile VAS (Consumer Apps - Social Networking - Content Sharing)

Shunwei Capital, Xiaomi, SAIF, Lightspeed Ventures, India Quotient, VH Capital

116

Go Colors Apparel & Accessories (Womeswear, Kidswear - Leggings, Churidhars, Jeggings)

ICICI Venture 100

Actify Data Labs BPO (Data Analytics) True North 64

Axio Biosolutions Medical Devices (Wound Care) IDG Ventures India, Accel India, UC-RNT Fund

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Nysaa Retail Apparel & Accesories Carpediem Capital Partners 42

LivSpace Online Services (E-commerce - Consumer Shopping - Furniture & Home Products)

UC-RNT Fund, Others 38

i-Nurture Education Management

Vocational Ventureast, Ascent Capital, Bertelsmann India Investments

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Misty Milk Milk Products SIDBI VC 15

eKincare Mobile VAS (Consumer App - Healthcare) Eight Roads Ventures, Ventureast, Endiya Partners, Others

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GreyAtom Training & Certification (Software Programming) Pravega Ventures 6.4

Wedding Brigade Online Services (Marketplace - Wedding Services) Blume Ventures, Mountain Pine Capital, Others

6.4

Advantage Club Online Services (B2B - Employee Benefits) Purvi Capital, Axilor Ventures, Others 2

BigPhi Technologies Specialty Garments (Stain & Water Repellent Textiles)

Stellaris Venture Partners N.A

Hippo Video Online Services (SaaS - Video Editing Tool) Kae Capital N.A

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Appendix - PE Investments in January 2018

Company Sector Investors Amount($M)

HDFC NBFC (Housing Loans) GIC, KKR, Others 1735

Poshika Advisory Services

NBFC Pacific Alliance Group, Newquest, ADV Partners, IndGrowth

102.2

BrowserStack Enterprise Software (SaaS - Programming Tools - Testing)

Accel USA 50

Rivigo Online Services (Marketplace - Trucks) SAIF, Warburg Pincus 50

Janalakshmi Financial Services

Microfinance HarbourVest 40

Sahajanand Medical Technologies

Medical Devices (Stents) Morgan Stanley, Samara Capital 36

Ess Kay Auto Finance NBFC (Auto Financing) Baring India, Norwest, Evolvence India 31.5

Samunnati NBFC (Rural) Accel India, Elevar Equity, responsAbility 23.4

Manna Foods Processed Foods Morgan Stanley 23.4

Husk Power Systems Off-Grid Power Generation (Biomass) Shell Technology Ventures, ENGIE Group, Swedfund International

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Sharechat Mobile VAS (Consumer Apps - Social Networking - Content Sharing)

Shunwei Capital, Xiaomi, SAIF, Lightspeed Ventures, India Quotient, VH Capital

18.2

Go Colors Apparel & Accessories (Womeswear, Kidswear - Leggings, Churidhars, Jeggings)

ICICI Venture 15.7

NiYO IT Products (Pre-paid Cards - Employee Benefits) Prime Venture Partners, Social+Capital Partnership, JS Capital, Horizons Ventures

13.2

Actify Data Labs BPO (Data Analytics) India Value Fund 10

Global Gourmet Packaged Foods Rabo Equity 10

Vivimed Labs Mascarene

Pharmaceuticals OrbiMed 7.5

Axio Biosolutions Medical Devices (Wound Care) IDG Ventures India, Accel India, UC-RNT Fund

7.4

Nysaa Retail Apparel & Accesories Carpediem Capital Partners 6.5

LivSpace Online Services (E-commerce - Consumer Shopping - Furniture & Home Products)

UC-RNT Fund, Others 6

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Company Sector Investors Amount($M)

Bizongo E-Commerce - B2B IFC 5

i-Nurture Education Management

Vocational Ventureast, Ascent Capital, Bertelsmann India Investments

4.4

Avagmah IT Services (E-learning) Aarin Capital 3.2

IDfy Online Services (Identity, Document Storage & Verification Services)

NEA, Dream Incubator, NB Ventures 3

Milkbasket M-Commerce (Groceries) Unilever Ventures 3

Hunger Box Online Services (E-Commerce - B2B - Food Ordering) Lionrock Capital, Kris Gopalakrishnan 2.5

Misty Milk Milk Products SIDBI VC 2.4

eKincare Mobile VAS (Consumer App - Healthcare) Eight Roads Ventures, Ventureast, Endiya Partners, Others

1.5

myGate IT Products (Security Devices) Prime Venture Partners 1.2

GreyAtom Training & Certification (Software Programming) Pravega Ventures 1

Wedding Brigade Online Services (Marketplace - Wedding Services) Blume Ventures, Mountain Pine Capital, Others

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Advantage Club Online Services (B2B - Employee Benefits) Purvi Capital, Axilor Ventures, Others 0.3

Snaptrude Online Services (Utility - Interior Design) Accel India, Others 0.25

BigPhi Technologies Specialty Garments (Stain & Water Repellent Textiles) Stellaris Venture Partners N.A

Buddy4Study Online Services (Education - Scholarship Platform) CBA Capital N.A

Hippo Video Online Services (SaaS - Video Editing Tool) Kae Capital N.A

Kopykitab Online Services (Shopping - Books) CBA Capital N.A

SalesPro Advisory Services (Consulting - Sales) 3737 North Capital N.A

Simulanis IT Services (E-Learning) CBA Capital N.A

Skillate Enterprise Software (HR - Hiring) Incubate Fund, Others N.A

CLR Facility Services Facilities Management IndiaNivesh VC N.A

Cosmos Maya Production (Film, TV, Animation) KKR Emerald Media N.A

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Appendix - PE Exits in January 2018

Company Investors Acquirer Amount($M)

Sterlite Power Grid Ventures StanChart PE Sterlite Power 158.7

MedPlus Health Services TVS Capital, IndiaVenture, Mount Kellett Promoter 100

Varun Beverages StanChart PE, AION Capital Open Market Transaction 71.5

Newgen Software Technologies IDG Ventures, Sapphire Ventures, Ascent Capital IPO 51.9

Vatika Hotels Goldman Sachs Promoter Entity 47.2

Genesis Luxury Fashion L Capital Asia Reliance Industries 40

APL Apollo Tubes MCap Fund Open Market Transaction 15.6

Jain Irrigation IFC Open Market Transaction 14.9

Ujjivan Financial Services CDC Group Open Market Transaction 14.5

eInfochips GVFL Arrow Electronics 13.3

Butterfly Gandhimathi Appliances Fairwinds Private Equity Open Market Transaction 7.8

Snowman Logistics Norwest Open Market Transaction 4.1

Satin Creditcare Network MicroVest Open Market Transaction 2.9

Pennar Engineered Building Systems Zephyr Peacock Open Market Transaction 1.5

Ess Kay Auto Finance BanyanTree Growth Capital Norwest, Baring India, Evolvence India

N.A

Grownout Matrix Partners India, Outbox Ventures PeopleStrong N.A

Manna Foods Fulcrum Venture India Morgan Stanley N.A

Mezi.com Nexus Venture Partners, Saama Capital American Express N.A

S-Cube ParamparaCaptial Bentley Systems N.A

Trupay Kae Capital, M&S Partners The Mobile Wallet N.A

XpressBees Logistics SAIF, NEA, IDG Ventures India, Valiant Capital, Others

Alibaba N.A

Amber Enterprises India ADV Partners IPO N.A

Capital First Warburg Pincus, IFC, GIC Open Market Transaction 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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