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$M) Edelweiss Wealth Wealth Management Pacific Alliance Group 300 Management Online Services (Local Search - Zomato Kora Management, Tiger Global, Temasek 250 Restaurants) CDC Group, Gaja Capital, Baring Asia, RBL Bank Banking 209 Others
Byjus Classes Test Preparation DST Global 122
Higher Education Chan Zuckerberg Initiative, Naspers, Eruditus 113 (Management Education) Sequoia Capital India, Others
Indiabulls Ventures Broking Think Investments, Ribbit Capital, Others 80
Gaana.com Online Services (Music) Tencent, Others 50
Shriji Polymers Pharmaceuticals (Packaging) Creador 34 (India)
Tencent, Sofina, CapitalG, RTP Global, Consumer App (Marketplace - Practo Matrix Partners India, Sequoia Capital 32 Healthcare Services) India, Others
Online Services (E-Learning - Blue Fog Capital, Pearson, Vulcan Capital, Springboard 31 Vocational) IFC, Others
Online Services (Lending - SME UniOrbit Accel India, Lightspeed Ventures 20 Loans) Enterprise Software RateGain Avataar Venture Partners 15 (Hospitality, Travel)
Inventia Healthcare Pharmaceuticals India Life Sciences Fund 13
Enterprise Software (SaaS - Fareye KB Investment, Fundamentum 13 Logistics Management) Enterprise Software (SaaS - E- Anchanto MDI Ventures, Others 12 Commerce Logistics)
14 Appendix - DPIIT Registered Startups that raised funding
Company Sector Investors Amount(US$M)
Samsung Ventures, Fosun Consumer App (E-Commerce - Trell Group, KTB Ventures, Sequoia 11 Streaming Commerce) Capital India, Others
Bharat Innovation Fund, Falcon Enterprise Software (Computer Entropik Edge Capital, IDFC Parampara 8 Vision, Artificial Intelligence) Capital
Mobile VAS (Marketplace - Handyman Urban Company Vy Capital 5 Services)
3ONE4 Capital, Nexus Venture MitronTV Consumer App (Social Media - Videos) 5 Partners, Others
Consumer App - Personalised Videos - Unilazer Ventures, Saama TrueFan 4 Celebrities & Influencers Capital, Mayfield Kris Gopalakrishnan, Falcon Verloop Enterprise Software (SaaS - CRM) Edge Capital, IDFC Parampara 4 Capital, Others
Consumer App (Keyboard - Bobble AI Affle 3 Vernacular)
India Quotient, Unitus Masai School Training & Certification (Coding) 3 Ventures, Others
Online Services (Marketplace - Brick & Bolt Foundamental 2 Construction Services)
RummyBaazi Consumer App - Gaming Udtara Ventures 2
15 Appendix - DPIIT Registered Startups that raised funding
Company Sector Investors Amount(US$M)
Online Services (Identity, Document NB Ventures, Dream Incubator, IDfy 2 Storage & Verification Services) NEA
Beyond Next Ventures, E-Commerce (Seeds, Agri Equipment, BigHaat Rockstud Capital, Ankur Capital, 2 Agri Chemicals) Others
Mobile VAS (B2B - DIY E-Commerce Bikayi Others 2 Platform)
Online Services (B2B - Corporate HungerBox Paytm, Sabre Capital, Others 2 Catering)
Phool.co Aromatic Products (Incense Sticks) IAN Fund, Others 1
GrayQuest Consumer App (Loans - Education) Foundation Holdings, Others 1
CityCash IT Products (Payments - NFC) Orios VP 1
Daalchini Vending Machine Operator Artha India Ventures, Others 1
The Healthy Packaged Foods Udtara Ventures, Others 0.4 Company
E-Commerce (Consumer Shopping - OneCode WaterBridge Ventures, Others N.A. Social Commerce)
16 Appendix - PE-VC Exits
Company Sector Exiting Investor Acquirer Deal Amount(US$M)
Online Services (E- Nexus Venture Partners, WhiteHat Jr Learning - Coding Omidyar Network, Owl Byjus Classes 143 for Kids) Ventures
NBFC (Housing Open Market Aavas Financiers Partners Group 49 Finance) Transaction
Tata Capital Healthcare Pharmaceuticals Shriji Polymers (India) Fund, HBM Healthcare Creador Capital 28 (Packaging) Investments
Online Services Open Market Matrimony.com Mayfield 17 (Classifieds) Transaction
CG Power and Open Market Equipment KKR 12 Industrial Solutions Transaction
Metals & Alloys Open Market PTC Industries Pragati Fund 5 (Alloy Castings) Transaction
Sadbhav Infrastructure Open Market Norwest 2 Infrastructure Project (Roads) Transaction
EPC (Bulk Material Open Market Thejo Engineering SIDBI VC 0.3 Handling) Transaction
17 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 business 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
18 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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