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The IVCA-EY monthly PE/VC roundup – September 2020

The better the question. The better the answer. The better the world works. Our thoughts

Headline numbers for PE/VC investments in 2020 till date have been far better than anticipated, primarily because of the large investments in the group entities of Reliance Group (Jio Platforms “and Reliance Retail) that happened in 2Q20 and 3Q20. PE/VC investments in 2020 till date (ex- Jio Platform and Reliance Retail deals) closed at US$17.2 billion, 53% lower than the same period last year, the lowest in the past four years. Ex-Reliance Group investments, we expect Indian PE/VC investments to close the year at around ~US$24-28 billion, broadly in line with our earlier estimate of ~US$26 billion.

Sectors focused on essential goods and services like pharma, telecom, digital technology, edtech, etc. have received a major chunk of PE/VC investments while some of last year’s favourites like infrastructure, real estate and financial services have witnessed significant decline in investment flow. All deal segments recorded decline in PE/VC investments with buyouts being the most affected. At US$2.9 billion buyouts declined by 79% in terms of value and 54% in terms of volume in Jan-Sept 2020, which is also the lowest value of buyouts in the last three years for the period under consideration.

With valuations impacted significantly, PE/VC backed exits too have slowed considerably, declining by 54% on a y-o-y basis to US$3.6 billion in the Jan-Sept period. Exits are expected to remain muted for a considerable time in the absence of secondary and strategic deals as funds hold on to investments till valuations recover to reasonable levels. Fundraising activity also saw a 45% decline between Jan-Sept 2020 as LPs remained focused on managing their larger public market portfolios and restricted their new commitments to tried and tested funds only.

With the global and domestic economy still reeling under the effects of the COVID-19 induced slowdown and India witnessing one of the worst GDP contractions in history combined with other head winds like trade wars, border skirmishes, possibility of second wave of infections and the impending US elections, the improvement in PE/VC investment activity is expected to remain circumspect over the medium term. While PE/VC investment activity has picked up from the lows of 2Q2020, it is still significantly lower than 2019 levels.

LP: Limited partner

Page 2 16 October 2020 EY analysis of VCCEdge data Could eliminating operational redundancies create more jobs? Discover powerful new ways for private equity to create unexpected paths to value. Year-to-date trend analysis: Jan-Sept 2020

The better the question. The better the answer. The better the world works. Key trends: Year-to-date

Investments

► On a year-to-date basis, PE/VC investments in 2020 between Jan-Sept declined by 21% in terms of value compared to same period last year (US$28.9 billion in 2020 vs. US$36.4 billion in 2019). Headline PE/VC investment performance in 2020 was propped up by PE investments of US$11.7 billion in Jio Platforms and Reliance Retail which accounted for 40% of all PE/VC investments in 2020. If we exclude these one-off PE investments in the Reliance Group entities, PE/VC investments in 2020 would be significantly lower at US$17.2 billion, a 53% decline compared to same period last year. In terms of volume, number of deals in 2020 for the Jan-Sept period declined by 10% compared to same period last year (686 deals in 2020 vs. 764 deals in 2019).

► One of the biggest reasons for the decline in PE/VC investments in 2020 (year-to-date) is the underperformance of the infrastructure and real estate sectors which attracted the highest PE/VC investment in 2019, at US$16.1 billion in the period Jan-Sept (US$20 billion for the full year), accounting for 44% of all PE/VC investments in 2019 (Jan-Sept). In 2020, these sectors have received only US$2.9 billion in investments till date, accounting for just 10% of total PE/VC investments. As a result, there has been a sharp decline in buyout activity as well, which has recorded a decline of 79% in terms of value and 54% in terms of volume. Infrastructure and real estate sectors accounted for 73% of all buyouts by value in 2019 in the Jan-Sept period.

► In terms of deal type, all deal types except credit have recorded significant drop in investments. As stated above, buyouts were the most affected by the slowdown in PE/VC deal activity. 2020 (Jan-Sept) recorded 22 buyouts worth US$2.9 billion compared to 48 buyouts worth US$13.8 billion during the same period in 2019. For the period under consideration, value of buyouts in 2020 are the lowest in the last three years. Growth deals were the highest with US$17.4 billion invested across 136 deals (US$10.2 billion across 171 deals during Jan-Sept 2019). The significant increase in value of growth deals is primarily on account of the US$11.7 billion invested in entities of the Reliance Group; else, even growth deals have declined by 44%. Start- up investments too declined by 44% to US$3.5 billion across 417 deals (US$6.1 billion across 448 deals during Jan-Sept 2019). Private investment in public equity (PIPE) deals declined by 30% to US$2.7 billion across 47 deals (US$3.8 billion across 41 deals during Jan-Sept 2019). Credit investments were at par with US$2.4 billion invested across 64 deals (US$2.4 billion across 56 deals during Jan-Sept 2019).

Page 4 16 October 2020 EY analysis of VCCEdge data Key trends: Year-to-date

Investments (cont’d)

► Despite the mega PE investments in the Reliance Group entities, YTD 2020 recorded a significant decline in both value and number of large deals (value greater than US$100 million). Between Jan-Sept, 2020 recorded 53 large deals aggregating to US$21.4 billion compared to 84 large deals aggregating to US$27 billion during the same period in 2019. Moreover, 13 out of the 53 large deals in 2020 were on account of investments in Jio Platforms and Reliance Retail (worth US$11.7 billion). In addition to the RIL Group PE investments, the other large deals in 2020 (year-to-date) include Thoma Bravo’s US$729 million buyout of Majesco Limited’s US business, Goldman Sachs and Varde Partners’ buyout of RattanIndia Power Limited’s debt for US$566 million and Baring PE Asia’s buyback of shares of Hexaware Limited worth US$565 million in its move to delist the company.

► From a sector point of view, in 2020 (Jan-Sept), almost all sectors recorded sharp decline in value invested. Telecom, retail, education and pharma were the only sectors to record increase in value invested. Moreover, these sectors also recorded their highest ever value of investments in 2020. Telecom was the top sector with US$10 billion invested across 13 deals (10 times increase y-o-y) mainly attributable to investments in Jio Platforms, followed by financial services with US$4.1 billion invested across 114 deals (32% decline y-o-y), technology with US$2.3 billion invested across 106 deals (30% decline y-o-y), pharmaceuticals with US$1.9 billion invested across 27 deals (five times increase y-o-y), education with US$1.9 billion invested across 52 deals (2.4 times increase y-o-y) and retail and consumer sector with US$1.9 billion invested across 30 deals (2.8 times increase y-o-y), on the back of large investments in Reliance Retail. Infrastructure sector that received the highest value of investments in 2019 received US$2.2 billion across 22 deals in Jan-Sept 2020 (80% decline y-o-y).

Page 5 16 October 2020 EY analysis of VCCEdge data Key trends: Year-to-date

Exits

► For the period Jan-Sept, exits declined by 54% in terms of value in 2020 (US$3.6 billion vs. US$7.8 billion in 2019) and is the lowest value in six years for the period under consideration. In terms of volume, exits declined by 13% compared to 2019 (100 deals in 2020 vs. 115 deals in 2019). The decline was mainly due to fewer large deals.

► Exits via open market were the highest at US$1.9 billion (49 deals) in 2020 during the period Jan-Sept, 20% decline compared to same period in 2019. Exits via initial public offerings (IPOs) were second in line with US$1.1 billion recorded across four IPOs (US$247 million across seven IPOs during Jan-Sept 2019), which includes the US$1 billion SBI Cards partial exit by Carlyle. Exits via strategic sale recorded US$425 million (32 deals) in Jan-Sept 2020, 71% decline compared to same period in 2019. Exits via secondary sale (sale to other PE funds) recorded US$79 million (10 deals) in Jan-Sept 2020, their lowest value in over five years.

► From a sector perspective, financial services recorded the highest value of exits during Jan-Sept 2020 (US$2 billion across 28 deals) accounting for 57% of all exits by value.

Fundraise

► The period Jan-Sept, 2020 saw US$4.4 billion in fundraise; 45% lower compared to same period last year (US$7.9 billion in 2019). There were only nine fundraises of over US$100 million in 2020 (year-to-date) compared to 19 in the same period last year. The largest fundraise in 2020 saw Sequoia raise a US$1.4 billion venture fund for investments in India and Southeast Asia followed by Nalanda Capital’s US$748 million fundraise.

Page 6 16 October 2020 EY analysis of VCCEdge data PE/VC headline trends: Investments

US$m Total PE/VC investments # US$m 47,302 1,200 1032 40,000 37,413 1,000 28,861 26,176 767 800 30,000 588 600 20,000 16,234 596 36,385 686 29,152 400 10,000 18,969 1,776 200 11,095 9,915 - 0 2016 2017 2018 2019 YTD 2020

Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail Investment between Jan-Sept

US$mUS$m PE/VC investments: Split across asset classes

40,000 13,844 4,467 30,000 4,627 6,144 2,191 689 2,996 20,000 4,988 2,793 28,318 3,179 27,314 25,981 10,000 18,192 10,263 - 2016 2017 2018 2019 YTD 2020 PE/VC invetments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)

Page 7 16 October 2020 EY analysis of VCCEdge data PE/VC headline trends: Exits

US$m Total PE/VC exits # 260 27,048 300 25,000 211 250 20,000 177 157 200 15,000 24,628 11,122 100 150 13,053 10,000 6,683 100 5,000 9,264 7,809 50 5,200 3,590 - 0 2016 2017 2018 2019 YTD 2020

Value (US$m) # of exits Exits between Jan-Sept

US$mUS$m PE/VC exits: Split across asset classes

1,088 25,000 711 20,000

15,000 545 806 25,249 243 10,000 925 126 5,000 762 11,702 9,953 91 5,795 3,197 302 - 2016 2017 2018 2019 YTD 2020

Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)

Page 8 16 October 2020 EY analysis of VCCEdge data PE/VC headline trends: Fundraise

US$m Fundraise # US$m 11,686 12,000 100 10,000 90 8,092 8,000 80 5,774 70 6,000 4,313 51 60 4,000 44 56 41 4,369 50 2,000 40 3,337 4,240 5,612 7,878 - 32 30 2016 2017 2018 2019 YTD 2020

Total funds raised (US$m) Total # of funds raised Fundraise between Jan-Sept

Page 9 16 October 2020 EY analysis of VCCEdge data Year-to-date investments (excluding infrastructure and real estate)

Total investments (US$m) # of deals

2020 (Jan-Sept) 25,981 2020 (Jan-Sept) 645

2019 (Jan-Sept) 20,251 2019 (Jan-Sept) 669

Deal type US$m Deal type #

Credit investment 1,518 Credit investment 56 1,716 50 2,105 Buyout 12 Buyout 3,785 26 2,393 PIPE* 43 PIPE* 3,532 38

Start-up/Early stage 3,367 Start-up/Early stage 403 5,929 430 16,598 Expansion/Growth 131 Expansion/Growth 5,289 125

Deal size US$m Deal size #

>US$100m 19,296 >US$100m 44 12,500 51

US$50m-US$100m 2,695 US$50m-US$100m 37 3,076 40

US$20m-US$50m 2,114 US$20m-US$50m 64 2,393 70

US$10m-US$20m 820 US$10m-US$20m 54 1,100 76

* PIPE: Private investment in public equity Note: Deal value not available on 116 out of 669 deals in 2019 (Jan-Sept) and 114 out of 645 deals in 2020 (Jan-Sept)

Page 10 16 October 2020 EY analysis of VCCEdge data Year-to-date investments: Infrastructure

Total investments (US$m) # of deals

2020 (Jan-Sept) 2,191 2020 (Jan-Sept) 22

2019 (Jan-Sept) 10,754 2019 (Jan-Sept) 37

Deal type US$m Deal type #

Credit investment 847 Credit investment 7 541 2 666 Buyout 8 Buyout 6,752 9 - PIPE 1 PIPE 151 1

Start-up/Early stage 57 Start-up/Early stage 3 66 4 621 Expansion/Growth 3 Expansion/Growth 3,244 21

Deal size US$m Deal size #

>US$100m 1,931 >US$100m 8 10,042 16

US$50m-US$100m 65 US$50m-US$100m 1 464 6

US$20m-US$50m 163 US$20m-US$50m 4 183 4

US$10m-US$20m 15 US$10m-US$20m 1 28 2

Note: Deal value not available on one out of 37 deals in 2019 (Jan-Sept) and five out of 25 deals in 2020 (Jan-Sept)

Page 11 16 October 2020 EY analysis of VCCEdge data Year-to-date investments: Real estate

Total investments (US$m) # of deals

2020 (Jan-Sept) 689 2020 (Jan-Sept) 19

2019 (Jan-Sept) 5,380 2019 (Jan-Sept) 58

Deal type US$m Deal type #

Credit investment 76 Credit investment 1 173 4 154 Buyout 2 Buyout 3,301 13 275 PIPE 3 PIPE 151 2

Start-up/Early stage 26 Start-up/Early stage 11 137 14 158 Expansion/Growth 2 Expansion/Growth 1,618 25

Deal size US$m Deal size #

>US$100m 150 >US$100m 1 4,430 17

US$50m-US$100m 513 US$50m-US$100m 7 512 7

US$20m-US$50m US$20m-US$50m 274 8

US$10m-US$20m US$10m-US$20m 80 6

Note: Deal value not available on seven out of 58 deals in 2019 (Jan-Sept) and three out of 19 deals in 2020 (Jan-Sept)

Page 12 16 October 2020 EY analysis of VCCEdge data Year-to-date investments: Sector-wise

Top sectors by value (US$m) Top sectors by # of deals

10,009 Telecom Financial services 114 926 142

4,113 106 Financial services Technology 6,080 114 88 2,318 E-commerce Technology 88 3,294 Education 52 1,894 29 Pharmaceuticals 379 Food and agriculture 49 1,883 61 Retail and consumer products 674 Media and entertainment 45 47 1,871 Education 765 Healtcare 37 35 1,437 E-commerce Retail and consumer products 30 3,468 45 2,191 Infrastructure Business and professional services 29 10,754 25

689 27 Real estate Pharmaceuticals 5,380 9 109 2,456 Others Others 169 4,664

2020 (Jan-Sept) 2019 (Jan-Sept)

Page 13 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

PE/VC investments in Jio Platforms – Jan’20 - Sept’20

PE investors Stage US$m Stake (%) KKR Growth capital 1,512 2.32 Vista Equity Partners Growth capital 1,510 2.32 Public Investment Fund of Saudi Arabia Growth capital 1,497 2.30 Mubadala Investment Co. Growth capital 1,211 1.85 General Atlantic Growth capital 878 1.34 Tarrant Capital, TPG Capital Asia, L Catterton Management and Others Growth capital 849 1.32 Abu Dhabi Investment Council Growth capital 754 1.16 Silver Lake Management Growth capital 750 1.15 Silver Lake Management Growth capital 606 0.93 Intel Capital Growth capital 251 0.39 Qualcomm Ventures Growth capital 97 0.15

PE/VC investments in Reliance Retail – Jan’20 - Sept’20

PE investors Stage US$m Stake (%) Silver Lake Management Growth capital 1,022 1.75 KKR Growth capital 754 1.28

Page 14 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

Top PE/VC investments excluding infrastructure and real estate - Jan’20 - Sept’20*

Company PE investors Sector Stage US$m Stake (%) Majesco Limited Thoma Bravo LP Technology Buyout 729 100 Hexaware Technologies Limited Baring PE Asia Technology PIPE 565 29 General Atlantic, Owl Ventures, Tiger Think and Learn Private Limited (Byju) Global, Silver Lake Management and Education Growth capital 500 NA others J.B.Chemicals and Pharmaceuticals Limited KKR Pharmaceuticals Buyout 496 65 Piramal Pharma Carlyle Pharmaceuticals Growth capital 490 20 Credit ECL Finance Limited Farallon Capital and SSG Capital Financial services 400 NA investment Credit Piramal Enterprises Limited Farallon Capital Financial services 346 NA investment Edelweiss Global Investment Advisors, PAG Financial services Buyout 300 51 Edelweiss’ Wealth Management Nxtra Data Limited Carlyle Technology Growth capital 235 25 Sporta Technologies Private Limited Tiger Global Management, TPG, Media and Growth capital 225 NA (Dream11) ChrysCapital and others entertainment ICICI Bank Limited GIC Financial services PIPE 225 1 SeQuent Scientific Limited Carlyle Pharmaceuticals Buyout 210 74 CDC Group, Gaja capital, Baring PE Asia RBL Bank Limited Financial services PIPE 210 15 and others IndoStar Capital Finance Limited Brookfield and Others Financial services PIPE 202 40 Think and Learn Private Limited (Byju) Tiger Global Management Education Growth capital 200 NA

* PE/VC deals excluding investments in Jio Platforms and Reliance Retail

Page 15 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

Top infrastructure and real estate investments - Jan’20 - Sept’20

Company PE investors Sector Stage US$m Stake (%) Credit RattanIndia Power Limited Goldman Sachs, Varde Partners Infrastructure 566 NA investment CPPIB, OMERS Infrastructure IndInfravit Trust Infrastructure Growth capital 246 24 Management and others Shapoorji Pallonji Infrastructure, 5 solar KKR Infrastructure Buyout 204 100 assets (317 MW) Navayuga Road Projects Private Limited Edelweiss Alternative Asset Advisors Infrastructure Growth capital 150 NA (Two road assets) Credit ReNew Power Limited Development Finance Corporation Infrastructure 142 NA investment Acme Cleantech , 600MW solar assets Actis Infrastructure Buyout 127 100 Vatika Limited Goldman Sachs Real estate Growth capital 86 NA Golden Jubilee Hotels Private Limited Blackstone Real estate Buyout 82 100 Nine assets, mostly in residential projects Motilal Oswal Real Estate Real estate Growth capital 73 NA Prestige Estates Projects Limited GIC Real estate PIPE 65 NA

Real estate includes deals across real estate (residential and commercial), hospitality and construction Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure

Page 16 16 October 2020 EY analysis of VCCEdge data Year-to-date exits: Analysis

Total exits (US$m) # of deals

2020 (Jan-Sept) 3,590 2020 (Jan-Sept) 100

2019 (Jan-Sept) 7,809 2019 (Jan-Sept) 115

Exit type US$m Exit type #

Open market 1,921 Open market 49 2,390 32 79 Secondary 10 Secondary 1,846 26 425 Strategic 32 Strategic 1,474 42

Buyback 64 Buyback 5 1,851 8 1,101 IPO 4 IPO 247 7

Top sectors US$m Top sectors #

Financial services 2,049 28 1,527 Financial services 14 Industrial products 315 122 Education 7 2 Pharmaceuticals 308 235 Industrial products 7 302 8 Real estate 578 Pharmaceuticals 7 150 3 Healthcare 1,007 7 145 Media and entertainment Technology 1,019 4 320 Others 44 Others 3,321 84

Page 17 16 October 2020 EY analysis of VCCEdge data Top exits

Top exits - Jan’20 - Sept’20 Company Sector Sellers Buyer Exit type US$m Stake (%) SBI Cards and Payment Financial services Carlyle NA IPO 1,000 9 Services Limited Embassy Office Parks Real estate Blackstone NA Open market 302 9 REIT Paysense Services India Nexus capital, Naspers Financial services PayU Corporate Strategic 293 NA Private Limited and others

Essel Propack Limited Industrial products Blackstone NA Open market 253 23

Computer Age Management Services Technology Warburg Pincus NA IPO 101 13 Private Limited Manappuram Finance Financial services Baring PE India NA Open market 101 5 Limited Metropolis Healthcare Healthcare Carlyle NA Open market 100 13 Limited

Aavas Financiers Limited Financial services Kedaara NA Open market 93 5

Adani Ports and Dighi Port Limited Infrastructure Tara India Fund III LLC Special Economic Strategic 89 NA Zone

Laurus Labs Limited Pharmaceuticals Warburg Pincus NA Open market 84 12

Page 18 16 October 2020 EY analysis of VCCEdge data Fundraise

Top fundraises - Jan’20 - Sept’20 Status Fund US$m Strategy

Raised Sequoia Capital India Fund (2 Funds) 1,350 Sector agnostic

Raised Nalanda Capital 728 Sector agnostic

Raised O2 Power (EQT, Temasek JV) 500 Renewable energy

Raised CDPQ, Piramal Partners 300 Credit financing

Raised Lightspeed third India-focused fund 275 B2B & B2C early stage - sector agnostic

Early/Growth stage -Deep-tech, consumer media, Raised Chiratae Ventures - Fund IV 184 software, fintech and health tech

Raised Wipro Ventures 150 Early to mid-stage (Enterprise software)

Raised Blume Ventures Fund III 102 Early stage

Raised Inflexor Ventures 100 Early stage

Page 19 16 October 2020 EY analysis of VCCEdge data Spotlight

PE/VC investment trend in start-ups (Jan-Sept)

The better the question. The better the answer. The better the world works. Spotlight: Key trends year-to-date

► On a year-to-date basis, PE/VC investments in start-ups between Jan-Sept 2020 declined by 44% in terms of value compared to same period last year (US$3.5 billion in 2020 vs. US$6.1 billion in 2019). While the number of deals were at par with last year, the deal sizes were significantly lower. Between Jan-Sept 2020 there were 14 deals of value greater than US$50 million aggregating to US$1.3 billion compared to 25 such deals aggregating to US$3.6 billion during the same period last year. The average deal size for start-ups in 2020 till date was around US$11 million compared to US$18 million in the same period last year.

► Most major sectors recorded significant decline in start-up investments in 2020. Financial services with US$886 million invested across 60 deals was the largest sector for start-up investments in Jan-Sept 2020, followed by e-commerce with US$669 million invested across 56 deals and technology with US$545 million invested across 89 deals. E-commerce with US$2.5 billion invested across 62 deals was the top sector in Jan-Sept 2019. Education sector emerged as a standout sector in Jan-Sept 2020 recording US$461 million across 36 deals (nine times increase over Jan-Sept 2019), highest ever value of start-up investments received by the sector.

Page 21 16 October 2020 EY analysis of VCCEdge data Spotlight: Start-up investments (Jan-Sept)

US$m Total PE/VC investments # 7,907 8,000 800 6,480 608 6,000 600 417 377 4,000 298 3,505 400 6,132 2,090 311 4,642 2,000 3,450 200 1,907 1,598 - 0 2016 2017 2018 2019 YTD 2020

Value Count Investment between Jan-Sept

Deal size US$m (Jan – Sept) Deal size # (Jan – Sept)

>US$100m 634 >US$100m 5 2,265 7

US$50m-US$100m 640 US$50m-US$100m 9 1,328 18

US$20m-US$50m 1,096 US$20m-US$50m 33 962 27

US$10m-US$20m 390 US$10m-US$20m 26 705 49

2020 (Jan-Sept) 2019 (Jan-Sept)

Note: Deal value not available on 111 out of 448 deals in 2019 (Jan-Sept) and 98 out of 417 deals in 2020 (Jan-Sept)

Page 22 16 October 2020 EY analysis of VCCEdge data Spotlight: Start-up investments sector-wise (Jan-Sept)

Top sectors by value (US$m) Top sectors by # of deals

886 Financial services Technology 89 1,340 87 669 60 E-commerce Financial services 2,512 76

545 56 Technology E-commerce 769 62

461 39 Education Media and entertainment 52 39

228 36 Healthcare Education 243 19

196 31 Media and entertainment Food and agriculture 178 36

146 25 Food and agriculture Healthcare 174 17

96 20 Logistics Business and professional services 319 18

57 15 Infrastructure Retail and consumer products 66 28

44 11 Business and professional services Real estate, hospitality and construction 82 14

121 35 Others Others 398 52

2020 (Jan-Sept) 2019 (Jan-Sept)

Page 23 16 October 2020 EY analysis of VCCEdge data Spotlight: Top PE/VC investments in start-ups

Top PE/VC investments in start-ups - Jan’20 - Sept’20*

Company PE investors Sector US$m Stake (%) Sorting Hat Technologies Private Nexus Ventures, Sequoia, General Atlantic, SoftBank, Education 260 15 Limited (Unacademy) Blume Venture Bundl Technologies Private Limited Naspers Ventures, Meituan-Dianping, Wellington E-commerce 113 NA (Swiggy) Management Bundl Technologies Private Limited Tencent, Korea Investment Partners, Samsung E-commerce 45 NA (Swiggy) Ventures and Mirae Asset Capital Markets Postdot Technologies Private Limited Nexus Ventures, Charles River Partnership XIV, Insight Technology 150 NA (Postman.com) Venture Management Temasek, Accel Growth Fund IV, Epiq Capital Fund, CureFit Healthcare Private Limited Chiratae Ventures Fund III, Ascent Private Equity and Healthcare 112 NA (CureFit) others Home Interior Designs E-commerce Venturi Partners, Bessemer Venture, Goldman Sachs, E-commerce 90 NA Private Limited (Livspace) TPG Capital and others Galactus Funware Technology Private Pegasus Tech Ventures, Go Ventures, MDI Ventures, Media and 90 NA Limited (Mobile Premier League) RTP Global Advisors, Sequoia and others entertainment Go Digit General Insurance Limited TVS Capital, Faering Capital, A91 Financial services 84 NA Amplo, Coatue Management, Steadview Capital, Ribbit Resilient Innovations Private Limited Financial services 75 NA Capital, Insight Ventures Megadelta Capital Advisors LLP, Prime Venture MWYN Tech Private Limited Partners, RTP Global Advisors, Sequoia Capital India Financial services 70 NA (MoneyTap) Advisors Private Limited Vivriti Capital Private Limited LGT Lightstone Aspada Financial services 50 NA (Vivriticapital.com)

Page 24 16 October 2020 EY analysis of VCCEdge data Are you ready to navigate from marginal gains to total reinvention?

Navigate the transformative age with the better-connected consultants.

Quarterly trend analysis – 3Q2020

The better the question. The better the answer. The better the world works. Key trends: Quarterly

Investments

► On a quarterly basis, investments in 3Q20 declined by 36% in terms of value compared to 3Q19 and 23% compared to 2Q20 (US$10.3 billion in 3Q20 vs. US$16 billion in 3Q19 and US$13.5 billion in 2Q20). In terms of number of deals 3Q20 recorded 10% fewer deals compared to 3Q19 and 8% higher deals compared to 2Q20 (239 deals in 3Q20 vs. 265 deals in 3Q19 and 222 deals in 2Q20).

► Growth deals were the highest with US$4.4 billion invested across 42 deals (US$3.5 billion across 62 deals in 3Q19), followed by buyouts worth US$2 billion across seven deals (US$7.6 billion across 19 deals in 3Q19). Buyouts were the most affected from the decline in PE/VC deal activity post the onset of the COVID-19 pandemic, declining by 73% in value and 63% in volume. Start-up investments recorded US$1.1 billion in 3Q20, 67% decline y-o-y (US$3.4 billion in 3Q19). PIPE investments recorded US$1.7 billion, twice the value recorded in 3Q19 (US$823 million). Credit investments recorded US$1.1 billion in 3Q20, 52% higher compared to 3Q19 (US$721 million).

► From a sector perspective, financial services was at the top (US$2.1 billion across 38 deals), highest quarterly value of investments in the sector in 2020 followed by retail and consumer sector (US$1.8 billion across 12 deals, on the back of large investments in Reliance Retail), technology sector (US$1.8 billion across 44 deals), and education sector (US$1.1 billion across 23 deals).

► 3Q20 recorded 23 large deals aggregating to US$7.8 billion (compared to 37 large deals aggregating to US$12.8 billion in 3Q19), 40% decline y-o-y. The largest deals in 3Q20 include investments in Reliance Retail – Silver Lake’s US$1 billion investment for 1.8% stake and KKR’s US$754 million investment for 1.3% stake.

Page 26 16 October 2020 EY analysis of VCCEdge data Key trends: Quarterly

Exits

► On a year-on-year (y-o-y) basis, exits declined by 82% in terms of value in 3Q20 (US$728 million vs. US$4 billion in 3Q19) and 25% compared to 2Q20 (US$927 million). The decline was across deal segments especially strategic and secondary exits.

► Exits via open market were the highest with US$566 million recorded across 20 deals, accounting for 78% of all exits in 3Q20 followed by three PE backed IPO worth US$101 million. Exits via strategic sale were at US$26 million (13 deals) compared to US$174 million in 3Q19 (10 deals). Exits via secondary sale (sale to other PE funds) recorded US$34 million (one deal), 97% lower compared to 3Q19 (US$1.2 billion).

► From a sector perspective, industrial products recorded the highest value of exits in 3Q20 (US$305 million across five deals) followed by technology (US$101 million across two deals).

► The largest exit in 3Q20 saw Blackstone sell 23% stake in Essel Propack Limited for US$253 million.

Fundraise

► 3Q20 saw US$2.8 billion in fundraises, 19% higher compared to 3Q19 (US$2.3 billion). The largest fundraise in 3Q20 saw Sequoia raise a US$1.4 billion venture fund for investments in India and Southeast Asia.

Page 27 16 October 2020 EY analysis of VCCEdge data PE/VC quarterly headline trends: Investments

US$m Total PE/VC investments #

18,000 265 265 268 300 239 234 225 15,000 203 13,479 250 182 194 188 164 12,000 222 10,317 200 9,000 150 16,025 6,000 11,146 11,110 10,918 100 9,699 9,250 9,567 7,207 8,307 8,261 3,000 5,065 50 1,776 - 349 - 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020

Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail

US$m PE/VC investments split across asset classes 16,000

5,258 653 9 12,000 511 1,695 3,507 840 895 2,511 3,090 360 8,000 862 218 523 1,659 1,450 1,490 2,657 765 1,440 1,474 1,378 12,818 1,028 9,446 4,000 8,610 7,941 8,256 320 6,593 6,749 7,063 5,244 5,174 5,246 3,717 - 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020

PE/VC investment (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)

Real estate includes deals across real estate (residential and commercial), hospitality and construction Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure

Page 28 16 October 2020 EY analysis of VCCEdge data PE/VC quarterly headline trends: Exits

US$m Total PE/VC exits #

7,000 80 64 6,000 52 52 5,000 60 41 42 42 4,000 36 37 37 37 32 40 3,000 26 4,755 18,016 2,000 3,789 3,959 20 2,658 3,313 1,000 1,857 2,420 1,895 1,192 967 728 - - 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020

Value (US$m) # of exits

US$m PE/VC exits split across asset classes

7,000 9 13 6,000

5,000 161 844 4,000 82 284 236 7 3,000 104 348 234 354 201 89 2,000 3,829 3,674 - 3,392 262 133 2,958 1,000 2,066 92 2,353 2 1,361 1,807 302 17,994 967 665 725 - 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020

Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)

Real estate includes deals across real estate (residential and commercial), hospitality and construction Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure

Page 29 16 October 2020 EY analysis of VCCEdge data PE/VC quarterly headline trends: Fundraise

US$m Fundraise #

4,000 17 20 15 15 14 14 13 3,000 12 12 15 11 11 11

2,000 3,809 10 2,794 2,749 5 2,768 2,607 2,479 2,335 1,000 1,701 5 1,533 1,304 1,430 171 - - 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020

Total funds raised (US$m) Total # of funds raised

Page 30 16 October 2020 EY analysis of VCCEdge data Investments (excluding infrastructure and real estate)

Total investments (US$m) # of deals

3Q2020 9,446 3Q2020 230

3Q2019 8,256 3Q2019 237

Deal type US$m Deal type #

Credit investment 1,005 Credit investment 23 668 16 1,698 Buyout 4 Buyout 1,648 8 1,468 PIPE* 15 PIPE* 672 11

Start-up/Early stage 1,130 Start-up/Early stage 147 3,319 149 4,145 Expansion/Growth 41 Expansion/Growth 1,950 53

Deal size US$m Deal size #

>US$100m 7,116 >US$100m 20 5,480 23

US$50m-US$100m 1,079 US$50m-US$100m 14 1,149 15

US$20m-US$50m 643 US$20m-US$50m 20 854 23

US$10m-US$20m 254 US$10m-US$20m 17 373 24

PIPE: Private investment in public equity Note: Note: Deal value not available on 43 out of 237 deals in 3Q2019 and 33 out of 230 deals in 3Q2020

Page 31 16 October 2020 EY analysis of VCCEdge data Investments: Infrastructure

Total investments (US$m) # of deals

3Q2020 511 3Q2020 4

3Q2019 5,258 3Q2019 10

Deal type US$m Deal type #

Credit investment 15 Credit investment 1

270 Buyout 2 Buyout 3,771 3 PIPE PIPE 151 1

Start-up/Early stage Start-up/Early stage

226 Expansion/Growth 1 Expansion/Growth 1,336 6

Deal size US$m Deal size #

>US$100m 496 >US$100m 2 5,033 5

US$50m-US$100m US$50m-US$100m 198 2

US$20m-US$50m US$20m-US$50m

US$10m-US$20m 15 US$10m-US$20m 1 13 1

Note: Deal value not available on one out of 4 deals in 3Q2020

Page 32 16 October 2020 EY analysis of VCCEdge data Investments: Real estate

Total investments (US$m) # of deals

3Q2020 360 3Q2020 5

3Q2019 2,511 3Q2019 18

Deal type US$m Deal type #

Credit investment 76 Credit investment 1 53 1

72 Buyout 1 Buyout 2,182 8

PIPE 210 PIPE 2

Start-up/Early stage 2 Start-up/Early stage 1 95 6 Expansion/Growth Expansion/Growth 181 3

Deal size US$m Deal size #

>US$100m 150 >US$100m 1 2,332 9

US$50m-US$100m 208 US$50m-US$100m 3 53 1

US$20m-US$50m US$20m-US$50m 102 3

US$10m-US$20m US$10m-US$20m 13 1

Note: Deal value not available on two out of 18 deals in 3Q2019

Page 33 16 October 2020 EY analysis of VCCEdge data 3Q2020 investments: Sector-wise

Top sectors by value (US$m) Top sectors by # of deals

2,095 44 Financial services Technology 2,162 46 38 1,812 Financial services Retail and consumer products 58 399 35 1,794 E-commerce Technology 27 1,656 23 Education 1,130 10 Education 607 17 Media and entertainment 802 11 Pharmaceuticals 56 13 Food and agriculture 22 669 E-commerce 1,835 12 Business and professional services 9 511 Infrastructure 12 4,701 Retail and consumer products 15 432 11 Media and entertainment Healthcare 31 12

1,072 34 Others Others 4,578 55

3Q2020 3Q2019

Page 34 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

PE/VC investments in Jio Platforms – 3Q2020

PE investors Stage US$m Stake (%) Intel Capital Growth capital 251 0.39 Qualcomm Ventures Growth capital 97 0.15

PE/VC investments in Reliance Retail – 3Q2020

PE investors Stage US$m Stake (%) Silver Lake Management Growth capital 1,022 1.75 KKR Growth capital 754 1.28

Page 35 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

Top PE/VC investments excluding infrastructure and real estate in 3Q2020*

Company PE investors Sector Stage US$m Stake (%) Majesco Limited Thoma Bravo LP Technology Buyout 729 100 Hexaware Technologies Limited Baring PE Asia Technology PIPE 565 29 General Atlantic, Tiger Global Think and Learn Private Limited (Byju) Management, Silver Lake Education Growth capital 500 NA Management and others J.B.Chemicals and Pharmaceuticals KKR Pharmaceuticals Buyout 496 65 Limited ECL Finance Limited Farallon Capital and SSG Capital Financial services Credit investment 400 NA Piramal Enterprises Limited Farallon Capital Financial services Credit investment 346 NA Edelweiss Global Investment Advisors, PAG Financial services Buyout 300 51 Edelweiss Wealth Management Nxtra Data Limited Carlyle Technology Growth capital 235 25 Sporta Technologies Private Limited Tiger Global Management, TPG, Media & Growth capital 225 NA (Dream11) ChrysCapital and others Entertainment ICICI Bank Limited GIC Financial services PIPE 225 1 CDC Group, Gaja capital, Baring PE RBL Bank Limited Financial services PIPE 210 15 Asia and others RA Chem Pharma Limited Advent International Pharmaceuticals Buyout 173 74 Bandhan Bank Limited GIC Financial services PIPE 170 2 Nexus Ventures, Sequoia Capital, Sorting Hat Technologies Private Limited General Atlantic, SoftBank Vision Education Start-up 150 10 Fund 2, Blume Ventures

* PE/VC deals excluding investments in Jio Platforms and Reliance Retail in 3Q2020

Page 36 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

Top infrastructure and real estate investments in 3Q2020

Company PE investors Sector Stage US$m Stake (%) ACME Solar Holdings Limited, Two Solar Actis Long Life Infrastructure Fund Infrastructure Buyout 270 100 Power Projects

RattanIndia Group, Solar Assets 306 MW GIP Infrastructure Growth capital 226 NA

GIC, Fullerton Financial Holdings, Mindspace Business Parks REIT Real Estate PIPE 150 NA FMR LLC, Capital Group and others

M3M India Private Limited Oaktree Capital Real Estate Credit investment 76 NA

Peninsula Land’s residential project in Brookfield Real Estate Buyout 72 >50 Mumbai's Byculla

The Phoenix Mills Limited GIC Real Estate PIPE 60 4

Real estate includes deals across real estate (residential and commercial), hospitality and construction Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure

Page 37 16 October 2020 EY analysis of VCCEdge data 3Q2020 exits: Analysis

Total exits (US$m) # of deals

3Q2020 728 3Q2020 37

3Q2019 3,959 3Q2019 38

Exit type US$m Exit type #

Open market 566 Open market 20 792 10 34 Secondary 1 Secondary 1,218 10 26 Strategic 13 Strategic 174 10

Buyback - Buyback 1,687 6 101 IPO 3 IPO 88 2

Top sectors US$m Top sectors #

Industrial Products 305 6 25 Education 1 Technology 101 203 Industrial Products 5 1 Retail and consumer products 88 130 E-commerce 4 71 3 Financial services 726 Financial services 3 48 5 Pharmaceuticals - 3 38 Media and entertainment E-commerce 1,543 2 77 Others 16 Others 1,332 25

Page 38 16 October 2020 EY analysis of VCCEdge data Top exits

Top exits in 3Q2020 Company Sector Sellers Buyer Exit type US$m Stake (%)

Essel Propack Limited Industrial products Blackstone NA Open market 253 23

Computer Age Management Services Technology Warburg Pincus NA IPO 101 13 Private Limited Retail and Amber Enterprises India ADV Opportunities Fund consumer NA Open market 82 10 Limited I LP products

AU Small Finance Bank Financial services Warburg Pincus NA Open market 69 2 Limited

Shilpa Medicare Limited Pharmaceuticals Baring PE India NA Open market 42 7

Shriji Polymers India Tata Capital and HBM Industrial products Creador Secondary 34 NA Limited Healthcare Investments

Page 39 16 October 2020 EY analysis of VCCEdge data Fundraise

Top fundraise in 3Q2020 Status Fund US$m Strategy

Raised Sequoia Capital India Fund (2 Funds) 1,350 Sector agnostic

Raised Nalanda Capital 728 Sector agnostic

Raised Lightspeed (third India-focused fund) 275 B2B & B2C Early stage - Sector agnostic

Early stage - Deep-tech, consumer media, software, Raised Chiratae Ventures - Fund IV 184 fintech and health tech

Raised Blue Ashva Capital - First Close 60 Sector agnostic - SME

Page 40 16 October 2020 EY analysis of VCCEdge data Spotlight

PE/VC investment trend in start-ups (3Q2020)

The better the question. The better the answer. The better the world works. Spotlight: Start-up investments (3Q2020)

US$m Total PE/VC investments # 200 166 160 155 148 3,000 138 127 131 115 150 93 2,000 83 86 93 3,414 100

1,000 2,185 1,980 1,598 1,754 1,838 1,775 50 1,427 1,132 703 738 891 - - 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020

Value (US$m) # of deals

Deal size US$m Deal size #

150 1 >US$100m >US$100m 1,875 5

296 4 US$50m-US$100m US$50m-US$100m 691 9 319 10 US$20m-US$50m US$20m-US$50m 401 11

144 10 US$10m-US$20m US$10m-US$20m 171 11

223 94

3Q2020 3Q2019

Note: Deal value not available on 36 out of 155 deals in 3Q2019 and 29 out of 148 deals in 3Q2020

Page 42 16 October 2020 EY analysis of VCCEdge data Spotlight: Start-up investments sector-wise (3Q2020)

Top sectors by value (US$m) Top sectors by # of deals

285 E-commerce Technology 38 1,735 36 250 Education E-commerce 24 35 21 197 Financial services Financial services 19 647 29 163 Technology Media and entertainment 13 520 9 148 Media and entertainment Education 13 27 6 49 Food and agriculture Food and agriculture 11 44 11 12 Business and professional services Business and professional services 10 25 5 11 Retail and consumer products Healthcare 8 43 5 7 Automotive Retail and consumer products 4 59 9

Healthcare 7 Automotive 2 81 5

Others 4 Others 6 197 19

3Q2020 3Q2019

Page 43 16 October 2020 EY analysis of VCCEdge data Spotlight: Top PE/VC investments in start-ups

Top PE/VC investments in start-ups – 3Q2020

Company PE investors Sector US$m Stake (%) Sorting Hat Technologies Private Nexus Ventures, Sequoia, General Atlantic, SoftBank, Education 150 10 Limited (Unacademy) Blume Venture Galactus Funware Technology Private Pegasus Tech Ventures, Go Ventures, MDI Ventures, Media and 90 NA Limited (Mobile Premier League) RTP Global Advisors, Sequoia and others entertainment Home Interior Designs E-commerce Venturi Partners, Bessemer Venture, Goldman Sachs, E-commerce 90 NA Private Limited (Livspace) TPG Capital and others Acko Technology and Services Private Intact Ventures Inc., RPS Investment Fund, Munich Re Financial services 60 NA Limited (insurance platform Acko.com) Ventures and others ZoloStays Property Solutions Private Nexus Ventures, Investcorp, Mirae Asset-Naver Asia E-commerce 56 NA Limited (Zolo) Growth Fund, Trifecta Capital Toppr Technologies Private Limited Kaizen Private Equity, Foundation Holdings Education 47 NA (toppr.com) Mohalla Tech Private Limited (Share Lightspeed Venture Partners, Saif Partners and others Technology 40 NA Chat) Vulcan Capital, Costanoa Venture, Blue Fog Capital and SlideRule Labs Inc. (Springboard) Education 31 NA others A S Justride Tours and Travels Private Shell, Middle East fund E-commerce 30 NA Limited ( Drivezy)

Page 44 16 October 2020 EY analysis of VCCEdge data What will you invest in as investing changes?

Monthly trend analysis: September 2020

The better the question. The better the answer. The better the world works. Key trends

Investments

► PE/VC investments in September 2020 were 27% higher compared to September 2019 and 107% higher compared to August 2020 (US$4.3 billion in September 2020 vs. US$3.4 billion in September 2019 and US$2.1 billion in August 2020). The growth was mainly on account of large investments in Reliance Retail (US$1.8 billion), accounting for 42% of all investments in September 2020.

► From the point of view of deal type, growth deals recorded the highest value of investments at US$2.9 billion across 12 deals, on account of the large investments in Reliance Retail. Start-up investments were the second highest at US$687 million across 52 deals followed by PIPE investments at US$596 million across five deals.

► September 2020 recorded seven large deals (deals of value greater than US$100 million) aggregating US$3.4 billion compared to nine large deals worth US$2.3 billion in September 2019.

► From a sector point of view, retail and consumer was the top sector in September with US$1.8 billion in PE/VC investments on the back of large investments in Reliance Retail.

Page 46 16 October 2020 EY analysis of VCCEdge data Key trends

Exits

► September 2020 recorded 13 exits worth US$527 million, 80% lower than the value of exits in September 2019 (US$2.7 billion) and 7.9 times the value recorded in August 2020 (US$67 million). Open market exits in September 2020 were highest at US$391 million across six deals.

► The largest exit in 3Q20 saw Blackstone sell an 23% stake in Essel Propack Limited for US$253 million.

Fundraise

► September 2020 recorded total fundraises of US$93 million compared to US$654 million raised in September 2019.

Page 47 16 October 2020 EY analysis of VCCEdge data PE/VC monthly headline trends: Investments

Total PE/VC investments US$m # 120 8,000 100 93 89 6,898 79 80 78 100 72 73 76 5,444 85 84 6,000 77 80 61 3,890 4,333 4,000 60 5,288 40 4,649 4,917 2,000 3,408 3,242 2,387 2,468 2,094 20 1,708 888 1,138 1,776 - 349 0 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail

US$m PE/VC investments: Split across asset classes US$m

8,000 7,000 379 3 6,000 5,000 5 1,120 226 26 15 4,000 98 298 3,000 6,450 1,450 5,439 1,415 127 270 2,000 114 4,142 556 898 3,577 62 4,107 625 78 234 3 208 1,000 1,859 1,714 8 1,762 1,207 1,492 1,347 878 930 - Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 PE/VC investments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)

Page 48 16 October 2020 EY analysis of VCCEdge data PE/VC monthly headline trends: Exits

Total PE/VC exits US$m # 19 3,000 18 20 16 15 14 13 12 15 2,000 11 9 9 10 9 10 2,663 5 1,000 1,490 5 960 864 1,105 461 329 117 286 564 134 67 527 - 0 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Value (US$m) # of exits

US$m PE/VC exits: Split across asset classes US$m 3,000 29

2,000

2,633 89 1,000 1,490 348 2 953 1,016 302 516 461 329 117 286 134 65 527 - 262 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)

Page 49 16 October 2020 EY analysis of VCCEdge data PE/VC monthly headline trends: Fundraise

Fundraise US$m # 3,500 7 8 6 6 2,800 5 6 2,100 4 4 4 4 3 3 3 3,233 4 1,400 2 2195 2 700 - 654 403 172 742 603 85 - 50 121 480 93 - 0 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Total funds raised (US$m) Total # of funds raised

Page 50 16 October 2020 EY analysis of VCCEdge data PE/VC investments: US$4,107 million over 76 deals (excluding infrastructure and real estate investments)

Top sectors by value US$m Top sectors by volume

RCP 1,802 Technology 20 E-commerce Technology 663 9 Media and entertainment 8 Education 661 RCP 7 Media and entertainment 401 Financial services 6 E-commerce 286 Healthcare 6 Others 294 Others 21

Deal value US$m (volume) Deal type US$m (volume) 3216 (6) 2678 (11)

596 (5) 687 (52) 391 (5) 132 (43) 113 (7) 256 (8) 147 (8)

US$100m Credit Buyout PIPE Start-up/ Growth US$20m US$50m US$100m investment Early stage capital

RCP : Retail and consumer products

Page 51 16 October 2020 EY analysis of VCCEdge data Infrastructure and real estate investments: US$ 226 million over one deal

By value US$m By volume

Real estate NA Real estate NA

Infrastructure 226 Infrastructure 1

Deal value US$m (volume) Deal type US$m (volume) 226 (1) 226 (1)

NA (NA) NA (NA) NA (NA) NA (NA) NA (NA) NA (NA) NA (NA) NA (NA) US$100m Credit Buyout PIPE Start-up/ Growth US$20m US$50m US$100m investment Early stage capital

Page 52 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

PE/VC investments in Reliance Retail: September 2020

PE investors Stage US$m Stake (%)

Silver Lake Management Growth capital 1,022 1.75

KKR Growth capital 754 1.28

Page 53 16 October 2020 EY analysis of VCCEdge data Top PE/VC investments

Top PE/VC investments excluding infrastructure and real estate in September 2020*

Company PE Investors Sector Stage US$m Stake (%)

Hexaware Technologies Limited Baring PE Asia Technology PIPE 565 29

General Atlantic, Tiger Global Think and Learn Private Limited Management, Silver Lake Education Growth capital 500 NA (Byju) Management and others

Sporta Technologies Private Limited Tiger Global Management, TPG, Media and Growth capital 225 NA (Dream11) ChrysCapital and others entertainment

Nexus Ventures, Sequoia Capital, Sorting Hat Technologies Private General Atlantic, SoftBank Vision Education Start-up 150 10 Limited Fund 2, Blume Ventures

Zomato Media Private Limited Tiger Global Management LLC E-commerce Growth capital 100 NA

Venturi Partners, Bessemer Ventures, Home Interior Designs E-commerce Goldman Sachs, TPG Capital and E-commerce Start-up 90 NA Private Limited others Pegasus Tech Ventures, Go Ventures, Galactus Funware Technology Private Media and MDI Ventures, RTP Global Advisors, Start-up 90 NA Limited entertainment Sequoia Capital and others Intact Ventures, RPS Investment Acko Technology and Services Private Fund, Amazon.com NV Investment Financial services Start-up 60 NA Limited Holdings LLC and others

* PE/VC deals excluding investments in Reliance Retail in September 2020

Page 54 16 October 2020 EY analysis of VCCEdge data Top infrastructure and real estate investments

Top infrastructure and real estate investments in September 2020

Company PE Investors Sector Stage US$m Stake (%)

RattanIndia Group, Solar Assets 306 GIP Infrastructure Growth capital 226 NA MW

Page 55 16 October 2020 EY analysis of VCCEdge data Exits: US$527 million across 13 deals in September 2020

Exits in September 2020

Deal value US$m (volume) Deal value US$m (volume)

391 (6) Industrial products 287 (2)

Technology 101 (2)

RCP* 82 (1) 101 (3) Pharmaceuticals 48 (2) 34 (1) NA (NA) NA (NA) Others 9 (6) IPO Buyback Strategic Secondary Open market

* Retail and consumer products

Page 56 16 October 2020 EY analysis of VCCEdge data Top exits

Top exits in September 2020 Company Sector Sellers Buyer Exit type US$m Stake (%)

Essel Propack Limited Industrial products Blackstone NA Open market 253 23

Computer Age Management Services Technology Warburg Pincus NA IPO 101 13 Private Limited

Amber Enterprises India Retail and ADV Opportunities Fund NA Open market 82 10 Limited consumer products I LP

Page 57 16 October 2020 EY analysis of VCCEdge data Fundraise

Top fundraise/announcements in September 2020 Status Fund US$m Strategy

Announced Godrej Fund Management 500 Real estate

Announced 8i Ventures Fund II 50 Consumer and fintech

Raised VC firm 3one4 Fund III 40 Early stage - Emerging technologies

Raised Inflexor Ventures 31 Early stage - Emerging technologies

Page 58 16 October 2020 EY analysis of VCCEdge data About EY Private Equity Services About EY’s Private Equity Services Practice

EY has been working with the private equity industry for more than 25 years, with approximately 25,000 seasoned professionals worldwide dedicated to the industry and its business issues. EY serves 74% of the top 300 PE firms included in the Global PEI 300 firms list. Private equity firms, portfolio companies and investment funds face complex challenges. They are under pressure to deploy capital amid geopolitical uncertainty, increased competition, higher valuations and rising stakeholder expectations. Successful deals depend on the ability to move faster, drive rapid and strategic growth and create greater value throughout the transaction life cycle. EY taps its global network to help source deal opportunities and combines deep sector insights with the proven, innovative strategies that have guided the world’s fastest growing companies.

In India, EY is among the leading providers of advisory, tax, transactions and assurance services. The organization is also the number one professional services brand* in India, which is a testimony to our relentless commitment to deliver exceptional client service and create a better working world. EY has offices spread across 11 cities in India. Worldwide, our 270,000 people across 150+ countries and 700+ cities are united by our shared values and their unwavering commitment to quality.

► EY’s India Private Equity Services Practice has been among the top advisors for private equity deals over the past ten years. EY has been awarded the “Most Active Transaction Advisor” award by Venture Intelligence for 2009-2013 and also the “Investment Bank of the Year, Private Equity” award by VC Circle in 2012 and 2017 and for M&A in 2018. EY was also the top PE advisor in the Venture Intelligence league table in 2018.

► EY’s India Private Equity Services Practice provides value to PE funds and their portfolio companies through its deep sector and service expertise. EY India is organized around key industry verticals in a matrix structure that enables us to offer an unparalleled blend of industry expertise and functional skills. We actively track about 15 sectors with sector leads driving our penetration in each of those sectors.

Page 60 16 October 2020 EY analysis of VCCEdge data EY services for Private Equity

We offer an array of services to Private Equity funds and their portfolio/investee companies through our various service lines.

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