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Venture Capital Focus Private Investing in India – Venture Capital Focus State of Sector Report November 2019 Contents Foreword .................................................................................................................................... 4 Executive Summary .................................................................................................................. 6 Indian Macroeconomic Environment .................................................................................... 10 Indian Macroeconomic Environment ................................................................................... 11 Indian Economy’s March towards USD 5 Trillion GDP ................................................ 11 Private Investing in India ........................................................................................................ 14 Private Investments in India ................................................................................................ 15 India’s share of global private investing is ~3% and Asian private investing is ~15%. 15 India’s affair with the private capital transalting into a solid commitment ..................... 19 Private Equity in India ............................................................................................................. 21 Private Equity in India ................................................................................................... 22 Total PE Investment in India......................................................................................... 22 Average Size of Deals in India ..................................................................................... 23 Key sectors for PE deals in India ................................................................................. 23 Value of Deals across Sectors in India ......................................................................... 24 PE Exits in India ........................................................................................................... 25 Venture Capital in India ........................................................................................................... 30 VC Investment Opportunity in India .................................................................................... 31 VC opportunity scaling up in India ................................................................................ 31 Venture Capital in India ................................................................................................ 32 Growth of Venture Capital funds in India ...................................................................... 34 Total VC Investment in India ............................................................................................... 40 Number of Deals in India .............................................................................................. 40 Value of Deals in India .................................................................................................. 40 Average Size of Deals in India ..................................................................................... 41 Key Observations for VC investment in India ............................................................... 45 Key Investment Sectors for VC Investment ........................................................................ 46 Number of Deals across Sectors in India ..................................................................... 46 Value of Deals across Sectors in India ......................................................................... 50 2 Private Investing in India – Venture Capital Focus | Contents Emerging focus sectors in VC investments .................................................................. 54 Key observations for sectoral split of VC investment ................................................... 54 Key Investment Stages for VC Investment ......................................................................... 55 Angel / Seed Funding ................................................................................................... 56 Upto USD 20 mn funding across Series A to E ............................................................ 61 USD 20-100 mn funding across Series A to E+ ........................................................... 66 Key observations for stages of VC investments ........................................................... 71 VC Exit Landscape in India ..................................................................................................... 72 VC Fund Raising in India ........................................................................................................ 80 Glossary ................................................................................................................................... 85 Key Contacts ............................................................................................................................ 87 Appendix .................................................................................................................................. 89 Acknowledgements ............................................................................................................... 104 3 Private Investing in India – Venture Capital Focus | Contents Foreword 4 Private Investing in India – Venture Capital Focus | Foreword VC Ecosystem is the catalyst for growth and development of new innovative companies and forms an important part of the economy’s growth India has an exciting start-up environment, with multiple firms operating across sectors in the country. The technology infrastructure available in the country and a growing culture of entrepreneurship have propelled many individuals to establish enterprises with innovative business models, enabled by technology. Where on the one hand, the growing number of start-ups have helped in generating employment, on the other hand they have promoted innovation and helped the Indian economy grow. A key requirement for these start-ups is the availability of capital, both private equity and venture capital, to support their growth. India has been one of the fastest growing economies in the world with a young and growing population of 1.3 billion. This growing economy and supportive Shri Mohammad Mustafa demographics provide the right business environment to attract capital Chairman & Managing Director, investment from global private investors. However, most of this investment SIDBI, India has gone into the private equity space, with the VC space receiving a lower share of investment. While volatility in the regulatory regime has impacted the confidence of foreign LPs, Indian domestic LPs have remained wary of the VC industry, with only a few large domestic investors providing capital for investment into start-ups. Although regulations restrict some potential domestic LPs from investing in VC asset classes, domestic LPs are, in general, not comfortable with VCs, and prefer to invest in other asset classes. This has limited the capital availability, especially for new fund managers who do not have a past performance record. Although the start-up environment is supportive, the VC eco-system has evolved in a way such that investments have gone into larger funds focussing on later stages of investment, and with a proven track record, or into funds focussed on smaller seed / angel stage investments. A funding gap is observed at the mid stages of investment, with a limited number of funds and LPs operating in this part of the value chain. Exit scenarios in the Indian market have also contributed to low investor confidence. There have not been many companies that have provided cash exits to LPs, with the desired returns. Early stage angel / seed stage investor exits have been affected due to the missing investor class at the mid stages while the volatility of stock markets has affected open market exits at later stages. Recent exits secured by some VCs, from large technology start- ups in the Indian market have, however, helped in building investor confidence and attracting more investments into the Indian eco-system. We believe that an opening-up of the investor class and bringing more domestic LPs into the eco-system will propel industry growth. Creating structures to bring in more domestic capital and involving different investor classes in the eco-system will provide fund managers with the required funds to invest in start-ups, ultimately leading to the development of more businesses and employment generation. Engaging with LPs through networking events and supporting new funds with risk capital are other potential ways to develop the eco-system. Improving cash exit opportunities and educating LPs and fund managers about this asset class are other initiatives which need to be taken up on priority, to develop the eco-system. 5 Private Investing in India – Venture Capital Focus | Foreword Executive Summary 6 Private Investing in India – Venture Capital Focus | Executive Summary India has been one of the fastest growing economies in the world and has been attracting investor interest over the last 2 decades. India’s young and growing population of 1.3 billion and a diversified economy worth USD 2.7 trillion (2018) has driven capital formation (private investing) and consumption (companies entering India). The key element of the growth trajectory for India is consistent job generation for the growing young population, to truly unlock the potential of India’s demographic dividend. This
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