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Ivca Private Equity KONNECT ADVOCACY IVCA PRIVATE EQUITY - RESEARCH VENTURE CAPITAL REPORT EDUCATION KONNECT AUGUST 2020 NEW DELHI | MUMBAI | BANGALORE CONTENTS Executive Summary 03 Private Equity Investments 04 Venture Capital Investments 07 Exits 09 Angel Investments 10 Investments involving AIFs 12 Appendix & Tables 14 170+ MEMBERS & GROWING.. Executive Summary Private Equity(1) Investments & Exits August 2020 registered 48 Private Equity (PE) investments worth about ₹11,568 Cr ($1.6 Billion). The largest PE investment was Pacific Alliance Group's 51% stake acquisition in Edelweiss Wealth Management for ₹2,200 Cr ($300 million). Funds with AIF vehicles participated in 17 investments. IT & ITeS industry topped the industry table by value and volume. Mumbai topped the chart for most investments in a city (by value). The month witnessed 16 PE exits that harvested about ₹2,798 Cr ($375 million). Venture Capital (1) Investments & Exits August 2020 registered 29 investments worth about ₹827 Cr ($111 million). The largest VC investment was the $20 million investment in SME-lending startup UniOrbit Technologies Pvt Ltd led by Accel and Lightspeed. Funds with AIF vehicles participated in 11 investments. 19 DPIIT-registered startups raised funding during the month. IT & ITeS companies topped the industry table (by volume & value). Bangalore topped the chart for highest investments (by volume & value) in a city. The month witnessed 7 VC exits that harvested about ₹1,469 Cr ($197 million). Angel Investments Super Angels and Angel Networks made 29 investments. The largest angel investment involving angel investors was the $5 million investment by Stanford Angels and Ryan Johnson along with Blume Ventures, growX ventures, Lightspeed India and Inventus Capital India in space-technology startup Pixxel. Private Equity Investments Private Equity Investments in August 2020: 48 Deals, $1.6 Billion (₹11,568 Cr) Projected (Q3) Amount($B) Deals Projected (Q3) $14 B 280 $12 B 240 $10 B 200 $8 B 160 $6 B 120 $4 B 80 $2 B 40 $ B 0 Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep August 2020 registered 48 Private Equity (PE) investments worth about ₹11,568 Cr ($1.6 Billion). This takes the projected figures in Q3’20 to 159 deals worth $5 Billion. The largest PE investment was Pacific Alliance Group's 51% stake acquisition in Edelweiss Wealth Management for ₹2,200 Cr ($300 million). The second largest investment was Kora Management, Tiger Global and Temasek's ₹1,820 Cr ($401 million) investment in online food discovery and delivery platform Zomato. The third largest investment was the ₹1,566 Cr ($209 million) investment by CDC Group, Gaja Capital, Baring Asia and ICICI Prudential Life Insurance Co. Ltd in publicly-listed private sector lender RBL Bank Ltd via a preferential allotment. Funds with AIF vehicles participated in 17 PE investments. The largest investments involving funds with AIF vehicles was the investment in publicly-listed private sector lender RBL Bank Ltd. 4 Private Equity Investments By Industry IT & ITES $662 M BFSI $595 M Education $238 M Healthcare $47 M Others $7 M IT & ITeS companies topped the industry chart with $662 million (₹4,945 Cr) investment led by the investment in Zomato. Tencent and Times Internet Limited's $50 million (₹375 Cr) investment in music streaming company Gaana.com was the second largest investment in the IT & ITeS industry. BFSI (Banking, Financial Services and Insurance) companies stood second with $595 million (₹4,442 Cr) led by the investment in Edelweiss Wealth Management followed by RBL Bank. Education companies stood third with investments worth $238 million (₹1,773 Cr) led by the $122 million investment in education technology unicorn Byjus from DST Global. This was followed by the $113 million investment in Eruditus by Chan Zuckerberg Initiative, Naspers, Sequoia Capital India and Ved Capital. 5 Private Equity Investments By Region $518 M $444 M $249 M $209 M $129 M Mumbai NCR Delhi Bangalore Kohlapur Others By Stage By Size Buyout $385 M <$2 M 12 $2-5M 10 PIPE $295 M $5-10M 7 Late $554 M $10-25M 7 Growth-PE $205 M $25-50M 3 $50-100M 4 VC $111 M $100M+ 5 6 Venture Capital Investments Venture Capital Investments in August 2020: 29 Deals, $111 Million (₹827 Cr) Projected (Q3) Amount($M) Deals Projected (Q3) $800 M 200 $700 M 175 $600 M 150 $500 M 125 $400 M 100 $300 M 75 $200 M 50 $100 M 25 $ M 0 Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep In August 2020, VC-type investments* recorded 29 deals worth $111 million (₹827 Cr). (*See Appendix for Venture Capital definition.) The largest VC investment was the $20 million investment in SME-lending startup UniOrbit led by Accel and Lightspeed. Funds with AIF vehicles participated in 11 VC investments worth $33 million (₹246 Cr). 19 DPIIT-registered startups raised $54 million (₹403 Cr). Among DPIIT registered startups, short video commerce app Trell raised $11 million from KTB Ventures, Samsung Ventures and existing investors. AI analytics startup Entropik raised $8 million from Falcon Edge Capital and existing investors. 7 Venture Capital Investments By Industry 23 4 2 IT & ITES FMCG Others By City By Size Bangalore 13 <$1 M 4 $1M -2M 8 NCR Delhi 8 $2M -5M 10 Mumbai 4 $5M-10M 3 Hyderabad 2 $10M-15M 3 Others 2 $15M-20M 1 8 Private Equity Exits Private Equity Exits in August 2020: 16 Deals, $375 Million (₹2,798 Cr) Projected (Q3) Amount($B) Deals Projected (Q3) $4.0 B 60 $3.0 B 45 $2.0 B 30 $1.0 B 15 $0.0 B 0 Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep August 2020 saw 16 PE-VC exits that harvested ₹2,798 Cr ($375 million). The largest PE-Exit was the $143 million complete exit by investors from WhiteHat Jr via a strategic sale to edtech unicorn Byju's. This was followed by the sale of shares worth $49 million by Partners Group in publicly listed housing finance company Aavas Financiers via an open market transaction. By Industry IT & ITES $274 M BFSI $49 M Others $51 M 9 Venture Capital Exits Venture Capital Exits in August 2020: 7 Deals, $197 Million (₹1,469 Cr) Projected (Q3) Amount($B) Deals Projected (Q3) $2.0 B 24 $1.5 B 18 $1.0 B 12 $0.5 B 6 $0.0 B 0 Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Angel Investments* 76 75 70 69 In August 2020, super angels and angel 56 networks made 29 investments. The largest angel investment involving angel investors was the $5 million investment by Stanford Angels and Ryan Johnson along with Blume Ventures, growX ventures, Lightspeed India and Inventus Capital India in space- technology startup Pixxel. Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep *Investments by Super Angels & Angel Networks 10 Annual PE-VC Investments Private Equity in 2020 (YTD): 479 Deals, $22.8 Billion (₹1,69,624 Cr) Amount($B) Projected ($B) Deals Projected $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 11 Investments involving AIFs *Deal value includes share of Non-AIF investors participating in the round. Company Sector Investors Amount(US$M) CDC Group, Gaja Capital, Baring RBL Bank Banking 209 Asia, Others Tencent, Sofina, CapitalG, RTP Consumer App (Marketplace - Practo Global, Matrix Partners India, 32 Healthcare Services) Sequoia Capital India, Others Enterprise Software (SaaS - Fareye KB Investment, Fundamentum 13 Logistics Management) Online Services (Marketplace - Falcon Edge Capital, Matrix Avail Finance 12 Consumer Loans) Partners India DCB Bank Banking Oman India Joint Investment Fund 6 Online Services (Interior Design JSW Ventures, Evolvence India, HomeLane - Modular Kitchens, Home 6 Accel India, Sequoia Capital India Products) Consumer App (Social Media - 3ONE4 Capital, Nexus Venture MitronTV 5 Videos) Partners, Others Inventus India, Growx Ventures, Aviation (Aerospace - Satellite Pixxel Blume Ventures, Lightspeed 5 Services) Ventures, Others Training & Certification India Quotient, Unitus Ventures, Masai School 3 (Coding) Others 12 Investments involving AIFs *Deal value includes share of Non-AIF investors participating in the round. Company Sector Investors Amount(US$M) Consumer App (B2B - Incubate Fund, Ankur Capital, Captain Fresh 2 Marketplace - Seafood) Others E-Commerce (Seeds, Agri Beyond Next Ventures, Rockstud BigHaat 2 Equipment, Agri Chemicals) Capital, Ankur Capital, Others Online Services (B2B - HungerBox Paytm, Sabre Capital, Others 2 Corporate Catering) Aromatic Products (Incense Phool.co IAN Fund, Others 1 Sticks) CityCash IT Products (Payments - NFC) Orios VP 1 Daalchini Vending Machine Operator Artha India Ventures, Others 1 Infostretch IT Services Everstone, Goldman Sachs N.A. E-Commerce (Consumer OneCode WaterBridge Ventures, Others N.A. Shopping - Social Commerce) 13 Appendix - Top PE Investments Company Sector Investors Amount(US$M) Edelweiss Wealth Wealth Management Pacific Alliance Group 300 Management Online Services (Local Search - Zomato Kora Management, Tiger Global, Temasek 250 Restaurants) CDC Group, Gaja Capital, Baring Asia, RBL Bank Banking 209 Others Byjus Classes Test Preparation DST Global 122 Higher Education Chan Zuckerberg Initiative, Naspers, Eruditus 113 (Management Education) Sequoia Capital India, Others Indiabulls Ventures Broking Think Investments, Ribbit Capital, Others 80 Gaana.com Online Services (Music) Tencent, Others 50 Shriji Polymers Pharmaceuticals (Packaging) Creador 34 (India) Tencent, Sofina, CapitalG, RTP Global, Consumer App (Marketplace - Practo Matrix Partners India, Sequoia Capital 32 Healthcare Services) India, Others Online Services (E-Learning - Blue Fog Capital, Pearson, Vulcan Capital, Springboard 31 Vocational) IFC, Others
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