Venture Capital in India Alternative Assets

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The Facts Venture Capital in India alternative assets. intelligent data.

Indian venture capital fundraising, deals and exits all hit record levels in 2014 and Preqin’s latest statistics show that 2015 is well on track to exceed the amounts seen last year. The steep upward curve in activity is an indication of the country’s rapidly developing venture capital industry and thriving start-up environment.

Key Facts: Fig. 1: Annual India-Focused Venture Capital Fundraising, 2007 - 2015 YTD (As at 21 August 2015)

18 16 Number of India-based venture 16 15 14 110303 capital fund managers. 14 13 12 12 No. of Funds 10 Closed 10

Size of the largest ever Indian 8 venture capital deal, the Series G Aggregate $$1bn1bn financing of Flipkart in 2014. 6 55 5 Capital Raised ($bn) 4 1.8 2.2 2 1.5 1.4 1.4 0.9 0.1 0.4 0.3 Final close size of largest ever 0 India-focused venture capital fund, 2007 2008 2009 2010 2011 2012 2013 2014 2015 $$740mn740mn Sequoia Capital India IV (2014). YTD Year of Final Close Source: Preqin Funds in Market

Fig. 2: Largest India-Focused Venture Capital Funds Closed, All-Time (As at 21 August 2015)

Fund Firm Firm Headquarters Fund Size ($mn) Year of Final Close Sequoia Capital India IV Sequoia Capital US 740 2014 Sequoia India Growth Fund II Sequoia Capital US 725 2008 Samridhi Fund SIDBI Venture Capital India 718 2014 Matrix India Matrix Partners US 450 2006 Sequoia India Growth Fund Sequoia Capital US 400 2006 Accel India IV Accel Partners US 305 2015 Nexus India Capital IV Nexus Venture Partners India 304 2015 Greater Paciﬁ c Capital Greater Paciﬁ c Capital UK 300 2007 Sequoia Capital India III Sequoia Capital US 300 2007 Helion Venture Partners IV Helion Venture Partners Mauritius 300 2015 Matrix India II Matrix Partners US 300 2011

Source: Preqin Fund Manager Proﬁ les

Fig. 3: 10 Largest India-Based Venture Capital GPs by Total Capital Raised in the Last 10 Years ($mn)

Venture Capital Funds Raised in No. of Venture Capital Funds Firm Firm Headquarters Last 10 Years ($mn) Closed in Last 10 Years SIDBI Venture Capital Mumbai 1,300 5 Nexus Venture Partners Mumbai 1,024 6 IDG Ventures India Bangalore 400 2 Kalaari Capital Bangalore 349 2 Ventureast Hyderabad 328 6 Crossover Advisors Mumbai 200 1 WestBridge Capital Partners Bangalore 200 1 Inventus Capital Partners Bangalore 158 2 Aavishkaar Venture Management Services Mumbai 157 4 Morpheus Capital Mumbai 150 1

Source: Preqin Fund Manager Proﬁ les

The Facts Venture Capital in India alternative assets. intelligent data.

Fig. 5: Proportion of Number and Aggregate Value of Fig. 4: Number and Aggregate Value of Venture Capital Venture Capital Deals* in India by Industry, 2007-2015 YTD Deals* in India, 2007- 2015 YTD (As at 24 August 2015) (As at 24 August 2015)

600 7 60% 49%

Aggregate Deal Value ($bn) 50% 500 6

5 40% 400 34% 30% 4 300 20% 3 11% Proportion of Total 10% 8% 9% 9% 9% 8% No. of Deals 200 10% 6% 6%6% 4% 5% 4%5% 4% 2 3% 2% 3%2% 3% 0% 100 1 Other Other IT Internet Business 0 0 Services Clean Food & Telecoms Related Industrials Agriculture 2007 2008 2009 2010 2011 2012 2013 2014 2015 Software & Healthcare Consumer Technology

YTD Discretionary No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value

Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt Fig. 6: 10 Largest Venture Capital Deals* in India, 2007-2015 YTD (As of 24 August 2015)

Deal Deal Size Firm Stage Investors Industry Date ($mn) Accel Partners, DST Global, GIC , Iconiq Capital, Morgan Stanley Alternative Investment Flipkart Series G/Round 7 Jul-14 1,000 Internet Partners, Naspers, Sofi na, Tiger Global Management Baillie Gifford, DST Global, GIC , Greenoaks Capital Management, Iconiq Capital, Naspers, Qatar Flipkart Series H/Round 8 Dec-14 700 Internet Investment Authority, Steadview Capital Management, T Rowe Price, Tiger Global Management Flipkart Unspecifi ed Round Jul-15 700 Steadview Capital Management, Tiger Global Management Internet One97 Unspecifi ed Round Jan-15 635 Alibaba Group, Alipay, SAIF Partners India Internet Communications Snapdeal.com Unspecifi ed Round Oct-14 627 Recruit Holdings, ru-Net Ventures, Softbank Internet Alibaba Group, BlackRock Private Equity Partners, Foxconn Technology Group, Myriad Snapdeal.com Unspecifi ed Round Aug-15 500 Internet Investments, Premji Invest, Softbank, Temasek Holdings ABG Capital, Accel Partners, DST Global, Falcon Edge Capital, GIC , Softbank, Steadview Olacabs Series E/Round 5 Apr-15 400 Internet Capital Management, Tiger Global Management Financial Yes Bank Ltd PIPE Jan-10 222 New Vernon Capital, Norwest Venture Partners, Temasek Holdings Services Flipkart Series F/Round 6 May-14 210 Accel Partners, DST Global, Iconiq Capital, Naspers, Tiger Global Management Internet Olacabs Series D/Round 4 Oct-14 210 Matrix Partners, Softbank, Steadview Capital Management, Tiger Global Management Internet

*Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt Source: Preqin Venture Deals Analyst

Fig 7: 10 Most Active India-Based Venture Capital Investors by Aggregate Transaction Size, 2007-2015 YTD** (As at 24 Fig. 8: Number and Aggregate Exit Value*** of Venture August 2015) Capital Deals in India, 2007 - 2015 YTD (As at 24 August 2015)

Aggregate Transaction 40 900 Firm Firm Headquarters Size ($mn) 35 800 Aggregate Exit Value ($mn) Nexus Venture Partners 1,562 Mumbai 700 30 SAIF Partners India 1,141 Gurgaon 600 25 Kalaari Capital 843 Bangalore 500 IDG Ventures India 464 Bangalore 20 400 Saama Capital 314 Bangalore 15 No. of Exits ICICI Venture Funds 300 295 Mumbai Management 10 200 Inventus Capital Partners 282 Bangalore 5 100 SIDBI Venture Capital 281 Mumbai Zodius Capital 250 Mumbai 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Tata Capital Private Equity 248 Mumbai YTD Source: Preqin Venture Deals Analyst No. of Deals Aggregate Exit Value ($mn)

Source: Preqin Venture Deals Analyst **Includes multi-investor deals but excludes add-ons, grants, mergers, secondary stock purchases and venture debt ***Figures exclude recapitalization, restructructuring & unspeciﬁ ed exits Page 2 of 3 © 2015 Preqin Ltd. / www.preqin.com

The Facts Venture Capital in India alternative assets. intelligent data.

Fig 9: Largest Venture Capital Exits in India, 2007-2015 YTD (As of 24 August 2015)

Date of First Total Known Exit Exit Acquiror Exit Value Firm Investors (Entry) Industry Investment Funding ($mn) Type Date (Exit) ($mn) Bessemer Venture Partners, BlackRock, eBay Inc., Intel Capital, Kalaari Capital, Mumbai Angels, Myriad Investments, Nexus Venture Partners, Premji Invest, Trade Snapdeal. Freecharge.in Jun-10 Recruit Holdings, ru-Net Ventures, Saama Capital, 117 Mar-15 400 Internet Sale com Sequoia Capital, Silicon Valley Bank, Snapdeal.com, Soﬁ na, Softbank Capital, Temasek Holdings, Tybourne Capital Management, Valiant Capital Partners Accel Partners, Dragoneer Investment Group, Myntra Erasmic, Flipkart, Iconiq Capital, IDG Ventures India, Trade Designs Pvt. Oct-07 Kalaari Capital, L Capital, Morgan Stanley Alternative 129 May-14 Flipkart 300 Internet Sale Ltd. Investment Partners, Naspers, Premji Invest, Soﬁ na, Tiger Global Management, Vulcan Capital Baring Private Equity Asia, ICICI Venture Funds Management, Lightspeed Venture Partners, Multiples Trade Pearson TutorVista Jun-06 Alternate Asset Management, New Enterprise 96 Jan-11 213 Internet Sale Group Associates, Pearson Group, Sequoia Capital, Silicon Valley Bank, Standard Chartered Private Equity ABG Capital, Accel Partners, Bessemer Venture Partners, Blume Ventures, DST Global, Falcon Serendipity Edge Capital, GIC , Helion Venture Partners, Matrix Trade Infolabs Pvt. May-12 44 Mar-15 Olacabs 200 Transportation Partners, Olacabs, Sequoia Capital, Softbank, Sale Ltd. Steadview Capital Management, Tiger Global Management Goldman Sachs, SAIF Partners India, Sapphire Just Dial Oct-06 Ventures, Sequoia Capital, Temasek Holdings, Tiger 118 IPO May-13 170 Internet Limited**** Global Management

****Denotes a partial exit Source: Preqin Venture Deals Analyst

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