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Ivca Private Equity KONNECT ADVOCACY IVCA PRIVATE EQUITY - RESEARCH VENTURE CAPITAL REPORT EDUCATION KONNECT NOVEMBER 2020 NEW DELHI | MUMBAI | 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 Investment Fund 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 investors 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 Sequoia Capital 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 Reliance Industries 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 Y Combinator 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 Insurance Venture Capital, Rebright Partners and Bertelsmann India 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 Advent International 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 Eight Roads Ventures 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 Investcorp, 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, Matrix Partners 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 Chiratae Ventures, Sequoia Capital Alpha 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.
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