KONNECT
ADVOCACY IVCA PRIVATE EQUITY -
RESEARCH VENTURE CAPITAL REPORT
EDUCATION
KONNECT JANUARY 2020
NEW DELHI | MUMBAI | BANGALORE CONTENTS
Executive Summary 03
Private Equity Investments 04
Venture Capital Investments 07
Exits 09
Angel Investments 10
Investments involving AIFs 12 Appendix & Tables 13
150+ MEMBERS & GROWING.. Executive Summary
Private Equity(1) Investments & Exits
January 2020 registered 61 Private Equity (PE) investments worth about ₹20,427 Cr ($2.9 Billion).
The largest PE investment was the ₹4,050 Cr ($567 million) investment in distressed power generation company RattanIndia Power by Varde Partners and Goldman Sachs.
Funds with AIF vehicles participated in 27 investments.
Energy topped the industry table (by value).
NCR Delhi topped the chart for most investments in a city (by value).
The month witnessed 10 PE exits that harvested about ₹5,852 Cr ($821 million).
The largest was the ₹1,421 Cr ($200 million) exit by investors from Byju’s Classes via a secondary sale to Tiger Global.
Venture Capital (1) Investments & Exits
January registered 30 investments worth about ₹869 Cr ($122 million).
The largest VC investment was the $20 million Series A round in income sharing agreement based education startup InterviewBit Academy by Sequoia Capital India, Tiger Global and Global Founders Capital.
Funds with AIF vehicles participated in 18 investments.
8 DPIIT-registered startups raised funding during the month.
IT & ITeS companies topped the industry table (by volume & value).
Bangalore topped the chart for highest investments (by volume) in a city.
The month witnessed 5 VC exits that harvested about ₹2,795 Cr ($392 million).
Angel Investments
Super Angels and Angel Networks made 22 investments. Private Equity Investments
Private Equity Investments in Jan 2020: 55 Deals, $2.2 Billion (₹15,567 Cr)
Projected (Q1) Amount($B) Deals Projected (Q1) $12 B 270
$10 B 225
$8 B 180
$6 B 135
$4 B 90
$2 B 45
$ B 0 Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
January 2020 registered 55 Private Equity (PE) investments worth about ₹15,567 Cr ($2.2 Billion).
The largest PE investment was the ₹4,050 Cr ($567 million) investment in distressed power generation company RattanIndia Power by Varde Partners and Goldman Sachs.
The second largest were the ₹1,457 Cr ($200 million) sized investments by Brookfield in NBFC IndoStar Capital Finance (for 40% stake) and by Tiger Global in edtech unicorn Byju’s Classes.
The third largest investment was the ₹1,060 Cr ($150 million) investment by Ant Financial, affiliate company of Alibaba Group, in Zomato.
Funds with AIF vehicles participated in 27 PE investments worth $1.1 Billion. The largest such investment was the $567 million investment by Goldman Sachs and Varde Partners.
4 Private Equity Investments
By Industry
Energy $567 M
BFSI $477 M
IT & ITES $405 M
Education $203 M
Others $531 M
Energy companies topped the Industry chart with investments worth $567 Billion (₹4,050 Cr) led by the investment in RattanIndia Power.
BFSI (Banking, Financial Services and Insurance) stood second led by the Brookfield investment worth $200 million (₹1,457 Cr) in IndoStar Capital Finance which was followed by digital insurance company Digit which raised its first external round of funding worth ₹594 Cr ($84 million) from TVS Capital, Faering Capital and A91 Partners.
Education companies came third with investments worth $203 million (₹1,450 Cr) led by the investment in Byju’s Classes.
5 Private Equity Investments
By Region $878 M
$702 M
$356 M
$191 M
$56 M
By Stage By Size
$100M+ 5 PIPE $245 M
$50-100M 8 Buyout $195 M $25-50M 6
Late $529 M $10-25M 8
$5-10M 5 Growth-PE $527 M $2-5M 8
VC $122 M <$2M 15
6 Venture Capital Investments
Venture Capital Investments in January 2020: 30 Deals, $122 Million (₹869 Cr)
Projected (Q1) Amount($B) Deals Projected (Q1) $700 M 240
$600 M 200 $500 M 160 $400 M 120 $300 M 80 $200 M
$100 M 40
$0 M 0 Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
In January 2020, VC-type investments* recorded 30 deals worth $122 million (₹869 Cr). (*See Appendix for Venture Capital definition.)
The largest VC investment was the $20 million Series A round in income sharing agreement based education startup InterviewBit Academy by Sequoia Capital India, Tiger Global and Global Founders Capital.
The second largest investment was the $18.3 million Series B round in cosmetics brand Mamaearth led by Sequoia Capital India.
Funds with AIF vehicles participated in 18 VC investments worth $85 million (₹606 Cr).
8 DPIIT-registered startups raised $150 million (₹1,070 Cr). Among DPIIT registered startups, scooter rental company Bounce raised $97 million (₹690 Cr) and InterviewBit Academy raised $20 million (₹142 Cr).
7 Venture Capital Investments
By Industry 18
3 3 2
IT & ITES Healthcare Travel & Transport FMCG
By Size By City
Bangalore 9 $10-20M 4
NCR Delhi 8 $5-10M 5
Mumbai 4 $2-5M 7
<$2M 14 Others 9
8 Private Equity Exits
Private Equity Exits in January 2020: 10 Deals, $821 Million (₹5,852 Cr)
Projected (Q1) Amount($B) Deals Projected (Q1) $4 B 60
$3 B 45
$2 B 30
$1 B 15
$ B 0 Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
January 2020 saw 10 PE-VC exits that harvested ₹5,852 Cr ($821 million).
The largest exit was the ₹1,421 Cr ($200 million) partial exit by investors from Byju’s Classes via a secondary sale to Tiger Global.
The second largest exit was the ₹178 Cr ($25 million) partial exit by Inventus India from insurance aggregator PolicyBazaar via secondary sale to SoftBank Vision Fund.
By Industry
Logistics $380 M
Education $200 M
IT & ITES $174 M
9 Venture Capital Exits
Venture Capital Exits in January 2020: 5 Deals, $392 Million (₹2,795 Cr)
Projected (Q1) Amount($B) Deals Projected (Q1)
$2.5 B 30
$2.0 B 24
$1.5 B 18
$1.0 B 12
$0.5 B 6
$0.0 B 0 Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
January 2020 witnessed 5 VC exits that harvested $392 million (2,795 Cr). The largest VC exit was the $200 million (₹1,421 Cr Cr) exit by investors from Byju’s Classes.
Angel Investments*
66 59 66 55 In January 2020, super angels and angel networks made 22 investments.
37 The largest investment involving angel investors was the $11 million investment by Rajesh Magow, Ashish Hemrajani, Kunal Shah, 22 Kunal Bahl, Rohit Bansal, Deep Kalra in parking tech startup Park+ with participation from Sequoia Capital India and Matrix Partners India. Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
*Investments by Super Angels & Angel Networks 10 Annual PE-VC Investments
Private Equity in 2020 (YTD): 55 Deals, $2.2 Billion (₹15,567 Cr)
Amount($B) Deals $40 B 1250
1000 $30 B
750 $20 B 500
$10 B 250
$ B 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
11 Investments involving AIFs
*Deal value includes share of Non-AIF investors participating in the round.
Company Sector Investors Amount(US$M) RattanIndia Power Power Projects (Multiple Sources)Varde Partners, Goldman Sachs 567 B Capital Group, Falcon Edge Capital, Omidyar Network, Maverick Capital, Qualcomm Ventures, Bounce Scooter Rentals 97 Accel India, Chiratae Ventures, Sequoia Capital India, Others Digit Insurance - General A91 Partners, Faering Capital, TVS Capital 84 Biocon Biologics Biotech (Biosimilars) TrueNorth 75 Centrum Capital Advisory Services Morgan Stanley 27 Aye Finance NBFC A91 Partners 20 Sharrp Ventures, Fireside Ventures, Stellaris Venture Mamaearth Personal Care 18.3 Partners, Sequoia Capital India Integrace Pharmaceuticals TrueNorth 16.1 Jindal Stainless Metals & Alloys (Stainless Steel) Kotak PE 13.5 Park+ Consumer App - Parking Matrix Partners India, Sequoia Capital India, Others 11 Consumer App (Electric Rickshaw Xiaomi, Chiratae Ventures, Matrix Partners India, Oye Rickshaw 10 Booking) Others Chiratae Ventures, Nexus Venture Partners, Siemens, Pando Enterprise Software (Logistics) 9 Others Online Services (Education - Test TestBook Iron Pillar, Matrix Partners India, Others 8 Preparation) Online Services (Wealth Kristal.AI Chiratae Ventures, Others 6 Management) UC-RNT Fund, Omidyar Network, Accel India, Axio Biosolutions Medical Devices (Wound Care) 5 Chiratae Ventures Enterprise Software (SaaS - CRM - WebEngage IAN Fund, NB Ventures, India Quotient 3 Marketing Automation) Consumer Goods (Bicycles and Frog Cycles Avaana Capital, Others 3 Toys) Touchstone Equities, AET Fund, Whiteboard Capital, Gifskey Consumer App - Content - GIFs 2 Kalaari Capital, Others Online Services (Education - Leverage Edtech DSG Consumer Partners, Blume Ventures, Others 2 Admission - Foreign Colleges)
E-Commerce (Consumer Fashor Sprout Venture Partners, Others 1 Shopping - Apparel - Women)
Enterprise Software (CRM - ExtraaEdge Sprout Venture Partners, Others 1 Education) ENGIE India Renewable Power Projects (Solar) Edelweiss Private Equity N.A. ABB Technology Ventures, Ideaspring, Rebright Numocity Mobility (Electric) N.A. Partners Enterprise Software (SaaS - Toddle Matrix Partners India, Others N.A. Education) Enterprise Software (SaaS - Ripplr Sprout Venture Partners, 3ONE4 Capital N.A. Logistics) Alternative Medicine (Ayurvedic Aadar Sprout Venture Partners, Others N.A. Medicine) Training & Certification SEAL Professional Equanimity Investments N.A. (Management) Appendix - Top PE Investments
Company Sector Investors Amount(US$M)
RattanIndia Power Power Projects (Multiple Sources) Varde Partners, Goldman Sachs 567
Indostar Capital Finance NBFC Brookfield 205
Byjus Classes Test Preparation Tiger Global 200
Online Services (Local Search - Zomato Alibaba 150 Restaurants)
B Capital Group, Falcon Edge Capital, Omidyar Network, Maverick Capital, Qualcomm Ventures, Bounce Scooter Rentals 97 Accel India, Chiratae Ventures, Sequoia Capital India, Others
Digit Insurance - General A91 Partners, Faering Capital, TVS Capital 84
Biocon Biologics Biotech (Biosimilars) TrueNorth 75
Mobile VAS (Consumer App - Aquiline, Prime Venture Partners, RTP Global, MoneyTap 70 Aggregator - Loans) Sequoia Capital India, NEA, Others
Fusion Microfinance Microfinance Creation Investments, Warburg Pincus 70
Online Services (Interior Design - LivSpace EDB Investments, Others 60 Modular Kitchens, Home Products)
Allcargo Warehousing Warehousing Blackstone 54
Slayback Pharma Pharmaceuticals Everstone 50
Enterprise Software (Saas - Data LogiNext Steadview Capital, Tiger Global 39 Analytics - Logistics)
VOGO Scooter Rentals LGT Lightstone Aspada 35
ZoomCar Car Rental (Self Drive Cars) Sony Innovation Fund, Others 30
13 Appendix - DPIIT Registered Startups that raised funding
Company Sector Investors Amount(US$M)
B Capital Group, Falcon Edge Capital, Omidyar Network, Maverick Capital, Bounce Scooter Rentals 97 Qualcomm Ventures, Accel India, Chiratae Ventures, Sequoia Capital India, Others
InterviewBit Online Services (Education - Global Founders Capital, Tiger Global, 20 Academy Vocational) Sequoia Capital India, Others
Sharrp Ventures, Fireside Ventures, Stellaris Mamaearth Personal Care 18 Venture Partners, Sequoia Capital India
Consumer App (Electric Xiaomi, Chiratae Ventures, Matrix Partners Oye Rickshaw 10 Rickshaw Booking) India, Others
OOH Advertising (Taxi Top Adonmo BAce Capital, Astarc Ventures, Others 3 Advertising)
Online Services (Education - DSG Consumer Partners, Blume Ventures, Leverage Edtech 1.5 Admission - Foreign Colleges) Others
Alternative Medicine Aadar Sprout Venture Partners, Others N.A. (Ayurvedic Medicine)
Enterprise Software (CRM - Multiply My Leads Frontline Strategy, Others N.A. Real Estate)
15 Appendix - Top PE-VC Exits
Deal Company Sector Exiting Investor Acquirer Amount(US$M)
IFC, Sequoia Capital India, Byjus Classes Test Preparation Lightspeed Ventures, Tiger Global 200 Verlinvest, Sofina
Narayana Health Hospitals CDC Group Nil 39
Online Services PolicyBazaar (Marketplace - Personal Inventus Capital Partners SoftBank Corp 25 Finance - Insurance)
Aye Finance NBFC Accion International A91 Partners 20
16 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
17 About Knowledge Partner
Venture Intelligence, a division of TSJ Media Pvt. Ltd, is the leading provider of data on private company financials, transactions and their valuations. Our research is used extensively by PE/VC industry practitioners, entrepreneurs, CXOs of large corporations, financial and strategic investors, the media as well as government and regulatory agencies. Our customers include leading PE/VC Firms, Limited Partners, Investment Banks, Law Firms, HR Services Firms, Corporations and Consulting Firms
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