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Perspectives on Indian VC Ecosystem, 2018

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Perspectives on Indian VC Ecosystem, 2018 Perspectives on Indian VC Ecosystem, 2018 December, 2018 Context • This report is a comprehensive assessment of the Indian VC industry – includes key trends shaping the industry with respect to VC investment landscape, India’s start-up ecosystem and the supporting regulatory framework • The primary sources used for this report include Bain Deals Database, AVCJ, Venture Intelligence, VCCEdge, Tracxn, NASSCOM, WorldBank Data and Euromonitor • For the purpose of this report, we define a VC investment as follows: o Investments with deal size <$20M at Seed/Series A/Series B/Series C round of investment o Investments with deal size between $20-100M at Seed/Series A/Series B/Series C/Series D round of investment by typical VC firms (such as Sequoia, Lightspeed, etc.) as well as other companies that typically engage in VC activity (such as Softbank, Naspers, Tiger, etc.) BOS IVCA Bain India VC report 2018_PPT 2 Summary • India Venture Capital landscape – Fund-raising environment in India is positive with ~$10B worth India-focused funds raised since 2014; momentum to continue and expected to be stronger in future, with multiple global LPs viewing India as an attractive VC investment destination – VC deal value grew 5x in last 10 years with 2017 deal value at ~$3.4B; the VC investment ecosystem in India is now maturing with focus shifting to a few high quality deals vs. larger volume of deals – Multiple trends that affected the Indian VC landscape over the last few years are expected to continue being relevant in the future as well. These include increasing focus of larger VCs on late stage investment deals, increasing quantum of investment by corporate VCs and diversification of investment in terms of industry segments (albeit within consumer technology) – VCs in India have seen some early success with 5-15% of start-ups funded by the larger VCs going on to raise >$100M; exit momentum has also picked up in the last few years - ~$4B worth of exits in 2017 with the industry seeing multiple, recent big ticket exits – With increasing maturity of start-up ecosystem - exits are expected to increase in future with ~80% start-up founders expecting investor exits by 2024 • Startup ecosystem in India – India is among one of the top startup ecosystems in the world - housing ~3.5K+ funded start-ups growing rapidly at 30%+ – Multiple drivers that have been at play in building a flourishing start-up ecosystem in India – 1) Access to abundant, high quality talent (e.g. second highest number of annual engineering grads), 2) Strong underlying macroeconomic growth (e.g. growing internet users), 3) Holistic ecosystem enablers (e.g. co-working spaces, incubators, global initiatives, etc.) and 4) Supportive regulatory framework - are expected to drive further growth in future – While Bangalore is the startup capital of India followed by Delhi-NCR and Mumbai, smaller cities such as Hyderabad, Pune and Chennai are emerging hubs witnessing a lot of recent start-up activity - indicating maturity of the overall start-up ecosystem • Regulatory framework – Regulatory Framework in India has been increasingly conducive to the start-up ecosystem with multiple government policies and initiatives launched over the last few years committed to the success of start-ups in India – Initiatives such as Startup India, SIDBI Fund-of-Funds, Atal Innovation Mission, Make In India, SEBI AIPAC recommendations for VC funds, expected to continue to foster the ecosystem in India over the next few years; more initiatives such as ease of closing a company are though needed to further turbocharge growth BOS IVCA Bain India VC report 2018_PPT 3 AGENDA India Venture Capital landscape Startup ecosystem in India Regulatory framework BOS IVCA Bain India VC report 2018_PPT 4 Venture Capital – Key Messages 1 VCs in India are Well Funded with ~$10B capital raised over the last 4-5 years by a mix of large and small VCs – 80-85% total capital raised by 10-15 large VCs, while the rest has been raised by smaller, domestic VCs (fund-raising by smaller VCs significantly increased over this period) 2 VC landscape in India is moving from its Scale-up Phase to Maturing Phase with shift in focus from quantity of deals to quality of deals - secular increase in round sizes across investment stages over the past 3-4 years; future outlook for investments in India is positive 3 Number of VCs with investments in India grew rapidly from ~130 in 2013 to ~270 in 2018; additionally, bigger funds are increasingly focusing on later stage, higher ticket size deals (largest 10 VCs account for ~50% of all Seed B/ C/ D deals in 2017 vs. 30% in 2012) while multiple, smaller funds are dominant in the seed/ series A stages 4 Investment by Corporate VCs has increased 4x over the past 4-5 years; expected to increase further in future given traction from funds set-up by mature start-ups such as Flipkart/ PayTM as well as from top international corporate VCs such as Google Ventures Consumer Technology accounts for ~60% of total VC investments in India with SaaS accounting for another ~20%; most large funds have presence across 5 segments (consumer tech./ IT accounting for 60-80% of the portfolio) with very few funds having any vertical-specific focus Investments within Consumer Technology have diversified (more verticalized/ niche vs. horizontal investments) over the past few years - trend is expected to 6 continue in future with emergence of new verticals in e-tailing and rising prominence of vernacular web content; IT investments also expected to be increasingly focused on SaaS/ Analytics B2B Products (vs. services focus till a few years ago) 7 VC investments is India have seen reasonable success - 5-15% of start-ups funded by large funds have gone on to cumulatively raise >$100M; 30% of VC seed investments and ~50% of VC Series A+ investments have raised follow-up capital in subsequent rounds 8 Exit Momentum in India has been picking up over the past few years (~$4.2B net VC exit value in 2017, vs. ~$1.3B in 2014), and is expected to accelerate in the future as the start-up ecosystem matures; ~80% of start-up founders expect exits by 2024 BOS IVCA Bain India VC report 2018_PPT 5 Quantum of fund-raising for focused Indian VC investments has increased significantly since 2014 1 . F U N D I N G FUNDS EARMARKED FOR INDIA Value of funds raised in 2017 considerably lower because (a) Highest quantum of funds raised in 2016 (vs. previous years), (b) 40% drop in investments in 2016 vs. 2015 leading to higher than expected availability of funds , (c) Smaller seed/ series A focused funds led fund- raising in 2017 → low value raised per fund Number of funds raised Note: (*) Only includes funds that are earmarked for India – whether raised by Indian or global VCs BOS IVCA Bain India VC report 2018_PPT 6 Source: Venture Intelligence ~$10B capital raised by VCs for India-focused investments over the past 4 years 1 . F U N D I N G FUNDS EARMARKED FOR INDIA Others includes smaller, domestic Multiple smaller series/ seed A funds raised by VCs such as Prime focused raised capital in 2017, Venture Partners, Pi ventures and while participation of larger VCs in Fireside that primarily focus on fund-raising was limited seed/early stage startups ~20% of total funds raised by Sequoia deployed ex- India in SEA Note: (*) Only includes funds that are earmarked for India – whether raised by Indian or global VCs BOS IVCA Bain India VC report 2018_PPT 7 Source: Venture Intelligence Significant fund-raising activity also seen by smaller, seed/ series A focused VCs 1 . F U N D I N G Funds raised Funds raised (’14 -’18, in (’14 -’18, in VC Firm $M) VC Firm $M) Prime Venture Partners 109 Stellaris Ventures 50 IvyCap Ventures 100 Unitus Seed Fund 46 SRI Capital 100 Exfinity Fund 45 Ventureast 83 Lok Capital 40 Fireside Ventures 79 Omnivore Partners 40 DSG Consumer Partners 75 Blume Ventures 30 Pi Ventures 58 Kae Capital 30 IIM-A-CIIE 57 Ganesh Ventures 30 Saama Capital 57 Trifecta Capital 30 Alteria Capital 55 Zodius Capital 30 Lightbox 54 Endiya Partners 26 Indus Age 50 Indian Angel Network 26 Montane Ventures 50 Note: (*) Includes all funds above $50M raised from 2014-18 BOS IVCA Bain India VC report 2018_PPT 8 Source: Venture Intelligence; Bain Analysis VC industry in India has evolved to a more “mature” phase in the last couple of years 2. INVESTMENTS Scale-up Phase Maturing Phase • Scale-up Phase for VCs in India with multiple new VCs setting up funds to benefit from a • Maturing Phase for VCs in India as VCs now booming start-up environment more focused on placing select bets on fewer investments - given their initial portfolios are • Focus on doing more deals given high number of start-ups seeking investment and aggressive already in place competition among VCs Source: Venture Intelligence; AVCJ; VCCEdge; Bain Analysis BOS IVCA Bain India VC report 2018_PPT 9 Focus has shifted to fewer, higher quality deals 2. INVESTMENTS Number of Deals Average Deal Size Scale-up Phase Maturing Phase Scale-up Phase Maturing Phase (VC focus on doing more (VC focus on doing select deals (VC focus on making (Focus on placing select bets deals and building initial to holistically grow portfolio) multiple, smaller on fewer investments) portfolio) investments) Source: Venture Intelligence; Bain Analysis BOS IVCA Bain India VC report 2018_PPT 10 With increasing focus on quality – number of deals has declined and deal size has increased across all investment stages 2. INVESTMENTS Number of Deals per Round Round Size Classification of rounds Classification of rounds as Seed/ Series A/ as Seed/ Series A/ Series B/ Series C per Series B/ Series C per investment investment announcements announcements Source: Venture Intelligence; Bain Analysis BOS IVCA Bain India VC report 2018_PPT 11 India is well positioned to attract high quantum of investments in future 2.
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