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KONNECT

ADVOCACY IVCA -

RESEARCH REPORT

EDUCATION

KONNECT NOVEMBER 2020

NEW DELHI | | BANGALORE CONTENTS

Executive Summary 03

Private Equity Investments 04

Venture Capital Investments 07

Exits 09

Angel Investments 11

Investments involving AIFs 13 Appendix & Tables 15

160+ MEMBERS & GROWING.. Executive Summary

Private Equity(1) Investments & Exits

November 2020 registered 74 Private Equity (PE) investments worth about ₹20,258 Cr ($2.7 Billion).

The largest PE investment was the ₹9,555 Crore ($1.3 Billion) investment from Public in Reliance Retail Ventures, the holding company of the retail companies of the RIL Group.

Funds with AIF vehicles participated in 32 investments.

Retail and IT & ITES industry topped the industry table by value and volume, respectively.

Mumbai topped the chart for most investments in a city (by value).

The month witnessed 20 PE exits that harvested about ₹4,425 Cr ($596 million).

The largest PE Exit was the ₹1,631 Cr ($220 million) part exit by in publicly listed Crompton Greaves Consumer Electricals Ltd via public market sale.

Venture Capital (1) Investments & Exits

November 2020 registered 49 investments worth about ₹1,064 Cr ($143 million).

The largest VC investment was the $15 million investment in Vegan beauty company Plum led by Faering Capital and Unilever Ventures.

Funds with AIF vehicles participated in 25 investments.

25 DPIIT-registered startups raised funding during the month.

IT & ITES industry topped the industry table (by volume & value).

Bangalore topped the chart for highest investments (by volume) in a city.

The month witnessed 12 VC exits that harvested about ₹1,142 Cr ($154 million).

The largest VC exit was the ₹246.67 Cr ($33 million) complete exit by investors in biotechnology company Richcore Lifesciences via a strategic sale to publicly listed Laurus Labs Ltd.

Angel Investments

Super Angels and Angel Networks made 39 investments.

The largest investment involving angel investors was the $6 million investment in Cattle marketplace Animall by LetsVenture along with VC firm and Omnivore Partners. Private Equity Investments

Private Equity Investments in November 2020: 74 Deals, $2.7 Billion (₹20,258 Cr)

Projected (Q4) Amount($B) Deals Projected (Q4) $14 B 280

$12 B 240

$10 B 200

$8 B 160

$6 B 120

$4 B 80

$2 B 40

$ B 0 Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec

November 2020 registered 74 Private Equity (PE) investments worth about ₹20,258 Cr ($2.7 Billion). This takes the projected figure in Q4’20 to 192 deals worth about ₹76,558 Cr ($10.4 Billion).

The largest PE investment in November 2020 was the ₹9,555 Cr ($1.3 Billion) investment by Public Investment Fund, the sovereign wealth fund of Saudi Arabia, in Reliance Retail Ventures - the holding company of all the retail companies under the Limited (RIL) Group.

The second largest investment was the ₹2,000 Cr ($270 million) acquisition of two road assets - Devanahalli and Dichpally tollways - from the Essel Group by National Investment and Infrastructure Fund (NIIF).

The third largest investment was the ₹1,488 Cr ($200 million) investment by DST Global, Unbound, Exor Seeds and Moore Strategic Ventures in used-car online marketplace Cars24.

Funds with AIF vehicles participated in 32 PE investments. The largest investments involving funds with AIF vehicles was the NIIF investment in Essel Group.

4 Private Equity Investments

By Industry

Retail $1291 M

IT & ITES $424 M

Healthcare $301 M

Travel & Transport $270 M

Others $443 M

The $1,290 million (₹9,555 Cr) investment in Reliance Retail Ventures put Retail on the top of the industry table for PE investments in November 2020.

The IT & ITES industry came second with investments worth $424 million (₹3,147 Cr) led by the $100 million investment by SoftBank Corp and existing investors in sales readiness platform MindTickle. This was followed by the $35 million investment by Apis Partners and in payment gateway Cashfree.

Healthcare industry came third with investments worth $301 million (₹2,232 Cr) led by the $150 million investment each in Biocon Biologics Ltd (by Goldman Sachs) and nutraceutical ingredients player OmniActive Health Technologies (by TA Associates).

5 Private Equity Investments

By Region

$1786 M

$383 M $306 M $210 M $43 M

Mumbai Bangalore NCR Delhi Pune Others

By Stage By Size

Buyout $440 M <$2 M 30

PIPE $0 M $2-5M 13

$5-10M 12 Late $1475 M $10-25M 6 Growth- $670 M PE $25-50M 5

VC $143 M $50-100M 1

$100M+ 7

6 Venture Capital Investments

Venture Capital Investments in November 2020: 49 Deals, $143 Million (₹1,064 Cr)

Projected (Q4) Amount($M) Deals Projected (Q4) $750 M 180

$625 M 150

$500 M 120

$375 M 90

$250 M 60

$125 M 30

$ M 0 Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec

November 2020 recorded 49 VC-type investments* worth $143 million (₹1,064 Cr). (*See Appendix for Venture Capital definition). This takes the projected figure in Q4’20 to 141 deals worth about ₹3,336 Cr ($451 million).

The largest VC investment was the $15 million investment in Vegan beauty company Plum led by Faering Capital.

Funds with AIF vehicles participated in 25 VC investments worth $66 million (₹485 Cr).

25 DPIIT-registered startups raised $41 million (₹305 Cr). Among DPIIT registered startups, Enterprise-focused logistics marketplace LetsTransport raised $7.55 million from Mitsui Sumitomo Venture Capital, Rebright Partners and Bertelsmann Investments. Cattle marketplace Animall raised $6 million from Omnivore Partners and Sequoia Capital India.

7 Venture Capital Investments

38 By Industry

8

1 1 1

IT & ITES Textiles & Media & Energy Others Garments Entertainment

By City By Size

Bangalore 23 <$1 M 12

$1M -2M 15 NCR Delhi 11

$2M -5M 11 Mumbai 7 $5M-10M 8

Chennai 2 $10M-15M 2

Others 6 $15M-20M 1

8 Private Equity Exits

Private Equity Exits in November 2020: 20 Deals, $596 Million (₹4,425 Cr)

Projected (Q4) Amount($B) Deals Projected (Q4) $4.0 B 56

$3.5 B 48 $3.0 B 40 $2.5 B 32 $2.0 B 24 $1.5 B 16 $1.0 B

$0.5 B 8

$0.0 B 0 Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec

November 2020 saw 20 PE-VC exits that harvested ₹4,425 Cr ($596 million).

The largest PE-Exit was the sale of shares worth $220 million by Temasek and from publicly listed Crompton Greaves Consumer Electricals - via an open market transaction. This was followed by the $90 million complete exit by Everstone from nutraceutical ingredients player OmniActive Health Technologies - via a secondary sale to TA Associates.

By Industry

Manufacturing $220 M

Healthcare $166 M

IT & ITES $138 M

9 Venture Capital Exits

Venture Capital Exits in November 2020: 12 Deals, $154 Million (₹1,142 Cr)

Projected (Q4) Amount($B) Deals Projected (Q4) $2.0 B 24

$1.5 B 18

$1.0 B 12

$0.5 B 6

$0.0 B 0 Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec

November 2020 saw 12 VC exits that harvested ₹1,142 Cr ($154 million).

The largest VC-Exit was the ₹247 Cr ($33 million) complete exit by and Ventureast from Richcore Lifesciences Pvt Ltd - via a strategic sale to publicly listed Laurus Labs Ltd. This was followed by the $30 million partial exit by investors in e- commerce focused supply chain service XpressBees - via a secondary sale to , Norwest and Gaja Capital.

10 Venture Capital Exits Angel Investments*

80 83 78 75 69

Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec

*Investments by Super Angels & Angel Networks

In November 2020, super angels and angel networks made 39 investments.

The largest investment involving angel investors was the $6 million investment in Cattle marketplace Animall by LetsVenture along with VC firm Sequoia Capital and Omnivore Partners.

11 Annual PE-VC Investments

Private Equity in 2020 (YTD): 698 Deals, $34.5 Billion (₹2,56,294 Cr)

Amount($B) Deals $40 B 1250

$32 B 1000

$24 B 750

$16 B 500

$8 B 250

$ B 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

12 Investments involving AIFs

*Deal value includes share of Non-AIF investors participating in the round.

Company Sector Investors Amount(US$M)

Essel Group Cruise Ships NIIF 270

Biocon Biologics Biotech (Biosimilars) Goldman Sachs 150

Logistics Services (E- InvestCorp Group, Norwest, Gaja XpressBees Logistics 110 Commerce) Capital

Orios VP, IIFL VC, Country Delight Milk Products 25 India, Elevation Capital

E-Commerce - Consumer Plum Shopping - Beauty and Personal Unilever Ventures, Faering Capital 15 Care Products M-Commerce (Aggregator - Bus CityFlo Lightbox, India Quotient, Others 8 - Local) Alteria Capital, Whiteboard Inner Wear (Premium Men’s DaMENSCH Capital, Saama Capital, Matrix 7 Innerwear) Partners India, Others

Omnivore Partners, Sequoia Capital Animall Marketplace - Cattle 6 India, Others

Enterprise Software (SaaS - Shipsy Sequoia Capital India, Info Edge 6 Logistics) Sequoia Capital India, Blume Enterprise Software (SaaS - LambdaTest Ventures, Entree Capital, Leo 6 Programming Tools - Testing) Capital , Sequoia Capital Digital Health Personal Care 3 India, Others Patamar Capital, GAWA Kinara Capital NBFC (SME Lending) Microfinance Fund, Michael & 3 Susan Dell Foundation, Gaja Capital M-Commerce (Consumer WaterBridge Ventures, Elevation CityMall 3 Shopping) Capital, Others Mobile VAS (Consumer Apps - Blume Ventures, Omidyar Network, Uolo 3 Education - Messaging) Others Enterprise Software (SaaS - AET Fund, WaterBridge Ventures, BitClass 2 Teaching Tools) VH Capital, Others

Priniti Foods Packaged Foods (Snacks) India SME Investments 2

13 Investments involving AIFs

*Deal value includes share of Non-AIF investors participating in the round.

Company Sector Investors Amount(US$M)

Bizlog Reverse Logistics IAN Fund, Others 2

Eggoz Poultry Avaana Capital, Rebright Partners 2

E-Learning - Out of School Yellow Class India Quotient 1 Activities

Gully Network B2B - Retail Orios VP, Others 1

Enterprise Software (SaaS - Fedo Unicorn India Ventures, Others 1 Insurance)

Lifestyle Products (Apparel & Chumbak Designs Gaja Capital 1 Accessories, Furnishings)

Enterprise Software (SaaS - Clientjoy GVFL 1 CLM)

Consumer App (Personal Pravega Ventures, , Sorted AI Assistant - Productivity - 1 Others Document Scanning) Enterprise Software (Financial AdvaRisk ICICI Bank 0.3 Services - Fraud Protection)

Unitus Ventures, Michael & Susan Awign Classifieds - Internships N.A. Dell Foundation, Others

Emphasis Ventures, WEH Ventures, Clinikk Consumer App - Healthcare N.A. Others Mobile VAS (AI Bot Chat - Expertrons Experts - Interview IvyCap Ventures, Others N.A. Preparation)

Astrogate Labs Satellite Communications Speciale Invest, Others N.A.

IT Products (Opto-Electronic LightSpeedAI YourNest, Others N.A. Processors) Enterprise Software (SaaS - Thrive Ahimsa Capital, Whiteboard Capital N.A. Restaurants) Semiconductors (Software Inntot Technologies Unicorn India Ventures N.A. Defined Radio) 14 Appendix - Top PE Investments

Company Sector Investors Amount(US$M) Reliance Retail Apparel & Accessories Public Investment Fund 1290 Ventures

Essel Group Cruise Ships NIIF 270

Cars24 Auto Sales (Used Cars) Unbound, DST Global, Others 200 OmniActive Health Nutraceuticals TA Associates 150 Technologies

Biocon Biologics Biotech (Biosimilars) Goldman Sachs 150

XpressBees Logistics Services (E- InvestCorp Group, Norwest, Gaja Capital 110 Logistics Commerce) Enterprise Software (SaaS - HR SoftBank Corp, Qualcomm Ventures, MindTickle 100 - Training) India, Norwest, NEA, Others

CashFree B2B - Payment Gateway Apis Partners, Others 35

Automobiles (Electric Vehicles Ather Energy Hero Motorcorp, Sachin Bansal 35 - Two Wheelers)

Pravasirojgar HR Services (Blue Collar) Temasek 34

Consumer App - Mobile True Balance SoftBank Corp, Others 28 Recharge, Personal Loans Orios VP, IIFL VC, Matrix Partners India, Country Delight Milk Products 25 Elevation Capital E-Commerce - Consumer Plum Shopping - Beauty and Unilever Ventures, Faering Capital 15 Personal Care Products Rivigo Marketplace - Trucks Elevation Capital 11 , Beenext, Greenoaks FloBiz Mobile VAS (B2B - Accounting) 10 Capital

15 Appendix - DPIIT Registered Startups that raised funding

Company Sector Investors Amount(US$M)

Automobiles (Electric Vehicles - Two Ather Energy Hero Motorcorp, Sachin Bansal 35 Wheelers)

Orios VP, IIFL VC, Matrix Country Delight Milk Products 25 Partners India, Elevation Capital

M-Commerce (Aggregator - Bus - CityFlo Lightbox, India Quotient, Others 8 Local)

DocsApp Community - Doctors) JAFCO Asia, Others 8

Mitsui Sumitomo Insurance Venture Capital, Rebright LetsTransport Aggregator - Trucks 8 Partners, Bertelsmann India Investments, Others Omnivore Partners, Sequoia Animall Marketplace - Cattle 6 Capital India, Others

PlayerzPot Gaming - Fantasy Sports Others 3

WaterBridge Ventures, CityMall M-Commerce (Consumer Shopping) 3 Elevation Capital, Others

Mobile VAS (Consumer Apps - Blume Ventures, Omidyar Uolo 3 Education - Messaging) Network, Others

Enterprise Software (SaaS - Teaching AET Fund, WaterBridge BitClass 2 Tools) Ventures, VH Capital, Others

Bizlog Reverse Logistics IAN Fund, Others 2

Avaana Capital, Rebright Eggoz Poultry 2 Partners

Gully Network B2B - Retail Orios VP, Others 1

Enterprise Software (SaaS - Voice Klovechef NB Ventures, Others 1 Assistant for App Users)

Enterprise Software (SaaS - HR - TurboHire Pentathlon Ventures, Others 1 Recruitment)

16 Appendix - DPIIT Registered Startups that raised funding

Company Sector Investors Amount(US$M)

Enterprise Software (SaaS - HR - Disprz Others 2 Training)

InnAccel Medical Devices Mount Judi Ventures, Others 2

Online Services (Marketplace - Fruits FreshoKartz AWE Funds, Rajasthan VC 1 and Vegetables)

NAB Ventures, Omnivore Krishitantra Mobile VAS (B2B - Agriculture) 1 Partners

Rukam Capital, Yukti Securities, Svami Beverages (Non-Alcoholic) 1 Others

Mobile VAS (Diagnostic Tools - Acculi Labs PirE Ventures 1 Doctor)

Enterprise Software (SaaS - Artesian Venture Partners, SupplyNote 1 Procurement) Others

Consumer App - Travel - Railways Roots Ventures, Astarc Railofy 1 Tickets Ventures, Others

Enterprise Software (SaaS - Analytics - Satyukt NAB Ventures, Others 1 Agriculture)

GenRobotic Industrial Equipment (Robotics - SEA Fund, Unicorn India 0.3 Innovation Sewage Cleaning) Ventures, Others

Krimanshi Animal Feed Rajasthan VC 0.3 Technologies

Bambrew Packaging (Bamboo Straws) UpSparks, Others N.A.

Whiteboard Capital, Incubate Gourmet Garden Organic Farming (Naturoponic) N.A. Fund

Enterprise Software (SaaS - Computer Tango Eye RiSo Capital, Others N.A. Vision - )

17 Appendix - PE-VC Exits

Company Sector Exiting Acquirer Deal Amount(US$M) Consumer Durables Crompton Greaves (Household Temasek, Advent Open Market 220 Consumer Electricals Electrical International Transaction Appliances) OmniActive Health Nutraceuticals Everstone TA Associates 90 Technologies

Enterprise Software Open Market Tanla Solutions Blackstone 79 (SaaS - Telecom) Transaction

Eight Roads Ventures, Richcore Lifesciences Biotech Laurus Labs 33 Ventureast

Elevation Capital, Chiratae Ventures, Investcorp, Logistics Services XpressBees Logistics Valiant Capital, Vertex, Norwest, Gaja 30 (E-Commerce) Paytm, Kris Capital Gopalakrishnan Pharmaceutical/Bio Bharat Biotech tech products and ICICI Venture Promoter Entity 17 services

Celon Labs Biopharmaceuticals Sequoia Capital India ZNZ Pharma 17

News Agency NewsWire18 Samara Capital NSE 15 (Financial News)

TalentSprint Vocational Nexus Venture Partners NSE 11

Open Market Generico Pharma Retail Tomorrow Capital 9 Transaction

18 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 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

19 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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