December 2018 Registered 43 Private Equity (PE) Investments Worth About INR 22,377 Cr ($3.2 Billion)

IVCA PRIVATE EQUITY-VENTURE CAPITAL REPORT

DECEMBER 2 0 1 8 ADVOCACY

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Section Page No.

1. Executive Summary 3

2. Private Equity Investments 4

3. Venture Capital Investments 8

4. Exits 10

5. Angel Investments 11

6. Investments involving AIFs 12

7. Appendix & Tables 13

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EXECUTIVE SUMMARY

Private Equity Investments & Exits

• December 2018 registered 43 Private Equity (PE) investments worth about INR 22,377 Cr ($3.2 Billion). • The largest investment announced was the $1 Billion investment led by Naspers in food delivery services company Swiggy. • IT companies topped the industry table (by value). • Bangalore topped the chart for most investments in a city (by value). • The month witnessed 13 PE exits that harvested about INR 4,296 Cr ($607 million). • The largest exit during the month was the INR 1,415 Cr ($200 million) part exit by Accel India, Bessemer and others from Swiggy via Secondary sale to Naspers, Tencent and Others.

Venture Capital Investments

• December registered 18 deals worth about INR 702 Cr ($99 million). • The largest VC investment was the $14.2 million (INR 100 Cr) investment in trucks aggregator LetsTransport by Bertelsmann India Investments. • IT companies topped the industry table (by volume & value). • Bangalore topped the chart for highest investments in a city. • The month witnessed 7 VC exits that harvested about INR 3372 Cr ($477 million).

Angel Investments • Super Angels and Angel Networks made 7 investments (compared to 21 deals in December 2017).

• The largest angel investment involving angel investors was the $3.5 million investment by Sonny Kalsi, Amit Singhal and others in real estate tech company BuildSupply.

PRIVATE EQUITY INVESTMENTS

Private Equity Investments in December 2018: 43 Deals, $3.2 Billion (~ INR 22,377 Cr)

December 2018 witnessed 43 Private Equity (PE) investments worth $3.2 Billion (about INR 22,377 Cr) compared to 75 investments worth $1.5 Billion (about INR 9,490 Cr) in December 2017. The value of investments increased by 114% from the corresponding period year-ago and 147.8% compared to the immediate previous month of November 2018 (which registered 37 investments worth $1.3 Billion or ~INR 9,188 Cr) respectively.

Note: The PE investment figures in this Report include Venture Capital (VC) type investments, but exclude PE investments in Real Estate.

The largest PE investment announced in December 2018 was the $1 Billion (INR 7,077 Cr) investment by Naspers, Tencent and existing investors in food ordering

and delivery company Swiggy. (See Appendix for a listing of investments during the month.)

PRIVATE EQUITY INVESTMENTS

IT companies topped the industry chart with $1.4 Billion led by the investment in Swiggy, followed by $140 million in GeBBS Healthcare Solutions by ChrysCapital.

Education companies stood second comprising the $540 million investment in Byju’s Classes by Naspers, Canada Pension Plan Investment Board and General Atlantic.

PRIVATE EQUITY INVESTMENTS

* See Appendix for stage definitions

PRIVATE EQUITY INVESTMENTS

Investments by Industry

VENTURE CAPITAL INVESTMENTS

VC-type investments* in December 2018 fell to 18 deals worth $99 million (INR 702 Cr) compared to 50 deals worth $187 million (INR 1,199 Cr) in December 2017. The value of the investments decreased by 47% and volume of the investments decreased by 6% compared to the same period last year. The largest VC investments announced during the month were the INR 100 Cr ($14.2

million) investment in trucks aggregator LetsTransport and INR 99.6 Cr ($13.8 million) investment in fintech lending company Money View. (*See appendix for definitions)

VENTURE CAPITAL INVESTMENTS

PRIVATE EQUITY EXITS

December 2018 saw 13 PE-VC exits that harvested INR 4,296 Cr ($607 million) - compared to 33 deals that harvested INR 6,282 Cr ($978 Million) in December 2017.

The largest exit during the month was the $200 million (INR 1,415 Cr) part exit by Accel India, Bessemer and others investors from Swiggy via a secondary sale to Naspers and Tencent, followed by, the $190 million part exit by Sequoia

Capital from online learning app Byju’s via secondary sale to Naspers and General Atlantic. The two exits were also the largest VC exits during the month.

VENTURE CAPITAL EXITS

December 2018 witnessed 7 VC exits that

harvested $477 million (about INR 3375 Cr) compared to 11 deals (that harvested $218 million) in December 2017.

ANGEL INVESTMENTS

In December 2018, investments by super

angels and angel networks slid to 7 compared to 21 deals in December 2017.

Top Angel Investments in December 2018 Amount Company Sector Investors ($M)* Enterprise Software (SaaS - ERP - Real BuildSupply Estate) Sonny Kalsi, Amit Singhal, Others 3.5

OTO Capital Car Rental (Self Drive Cars) Sameer Sawhney, Venture Catalysts Angels, K Ganesh 0.7

Assure Clinic Clinics (Hair & Skin Care) Venture Catalysts Angels 0.14

*Includes share of co-investing Seed/VC investors

INVESTMENTS INVOLVING AIFs Deals involving PE-VC firms which have an Alternative Investment Funds (AIF) vehicle.

Amount Company Sector Investors ($M) Future Group AION Capital Holding Co. Holding Company 200

Zydus Wellness Wellness Products Pioneer Investment, India Value Fund 156

Symbiotec India Life Sciences Fund, Motilal Oswal Pharmalab Pharmaceuticals 100

Online Services (Classifieds - Trifecta Capital, Hillhouse Capital, Google Capital, Sequoia Cardekho Cars) Capital India, Others 100

Aqualite Footwear Lighthouse, IFC 35.9

APAC Financial NBFC (SME Financing, Home Multiples PE Services Loans) 35

Syngenta Ventures, Neoplux, HR Capital Partners, Mistletoe, E-Commerce (Marketplace - Nandan Nilekani, Trifecta Capital, Accel USA, Qualcomm Ninjacart B2B - Agri Business) Ventures, Accel India, Others 34.6

Sapphire Foods Restaurants Edelweiss Private Equity, Goldman Sachs 31.8

Online Services (Interior Design - Modular Kitchens, Home Fireside Ventures, WestBridge, Others Design Cafe Products) 28.5

M-Commerce - Consumer 3ONE4 Capital, Sistema Asia Fund, Bertelsmann India Licious Shopping - Meat Ordering Investments, Vertex, Others 25

M-Commerce - Consumer Unilever Ventures, Stellaris Venture Partners, Vy Capital, Shop 101 Shopping Kalaari Capital 10

Enterprise Software (SaaS - Exfinity Fund, Ventureast, Matrix Partners India, Helion Programming Tools - Mobile Ventures MoEngage App Engagement) 9

Unilever Ventures, Beenext, Blume Ventures, Mayfield, Milkbasket M-Commerce (Groceries) Kalaari Capital 5.7

Sedemac Equipment (Electronic Speed Iron Pillar Mechatronics Governors) 5

Online Services (Marketplace - Vertex, Saama Capital, Qualcomm Ventures, Matrix Partners Housejoy Handyman Services) India, Others 3.24

Generico Pharma Retail Tomorrow Capital, Whiteboard Capital 3

Amount Company Sector Investors ($M) AVG Logistics Logistics Services Sixth Sense Ventures 0.18

Veeda Clinical CX Partners, Others Research CRO NA

E-Commerce (Marketplace - Equanimity Investments DrStore B2B - Medical Equipment) NA

Enterprise Software (Robotic Contrarian Drishti, Others Zestl Process Automation) NA

Clinikk Consumer App - Healthcare WEH Ventures NA

Appendix- Top PE Investments in December 2018

Amount Company Sector Investors ($M) Wellington Management, Naspers, Tencent, Coatue Swiggy.com Online Services (Food delivery services) Management, Hillhouse Capital, DST Global, Others 1000

Byjus Classes Test Preparation Naspers, CPPIB, General Atlantic 540

Hamstede Warburg Pincus Living Hostels 430

Future Group AION Capital Holding Co. Holding Company 200

Zydus Pioneer Investment, India Value Fund Wellness Wellness Products 156

GeBBS BPO (Healthcare Revenue Cycle Healthcare Management & Health Information ChrysCapital Solutions Management) 140

Symbiotec India Life Sciences Fund, Motilal Oswal Pharmalab Pharmaceuticals 100

Trifecta Capital, Hillhouse Capital, Google Capital, Cardekho Online Services (Classifieds - Cars) Sequoia Capital India, Others 100

Fusion Creation Investments, Warburg Pincus Microfinance Microfinance 75

Aqualite Footwear Lighthouse, IFC 35.9

Appendix- Top VC Investments in December 2018

Amount Company Sector Investors ($M)

LetsTransport Online Services (Aggergator - Trucks) Bertelsmann India Investments, Others 14.2

Mobile VAS (Consumer Apps - Utility - Expense MoneyView Ribbit Capital, Accel USA, Accel India, Others 13.8 Tracking)

Unilever Ventures, Stellaris Venture Partners, Shop 101 M-Commerce - Consumer Shopping 10 Vy Capital, Kalaari Capital

Wakefit Consumer Durables (Mattresses) Sequoia Capital India 9

Enterprise Software (SaaS - Programming Tools Exfinity Fund, Ventureast, Matrix Partners MoEngage 9 - Mobile App Engagement) India, Helion Ventures

Online Services (E-commerce - Consumer FabAlley.com SAIF 8.3 Shopping - Fashion Apparel - Women)

IT Products (SaaS - IoT for Facilities Facilio Accel India, Tiger Global 6.4 Management)

Unilever Ventures, Beenext, Blume Ventures, Milkbasket M-Commerce (Groceries) 5.7 Mayfield, Kalaari Capital

Connect India Distribution (Rural - Assisted E-Commerce) Entrust Family Office, Others 4.2

BuildSupply Enterprise Software (SaaS - ERP - Real Estate) GREE Ventures, Others 3.5

Appendix- Top PE Exits in December 2018

Acquirer/Exit Amount Company Sector Exiting Investor Route ($M) Online Services (Food delivery Swiggy.com Accel India, Bessemer, Others Tencent, Naspers 200 services)

Naspers, General Byjus Classes Test Preparation Sequoia Capital India 190 Atlantic

Symbiotec Motilal Oswal PE, Pharmaceuticals Actis 100 Pharmalab InvAscent

Online Services (Classifieds - Chiratae Ventures, Inventus Capital Aasaanjobs OLX India BV 11.96 Jobs - Entry Level) Partners, Aspada Investments

Microfinance MicroVest 2.76 Satin Creditcare Open Market

Acquirer/Exit Amount Company Sector Exiting Investor Route ($M) Network Transaction

Amar Chitra Publishing (Comics) Elephant Capital SSG Capital 2.19 Katha

Appendix- Top VC Exits in December 2018

Acquirer/Exit Amount Company Sector Exiting Investor Route ($M) Swiggy.co Online Services (Food delivery Accel India, Bessemer, Others Tencent, Naspers 200 m services)

Byjus Naspers, General Test Preparation Sequoia Capital India 190 Classes Atlantic

Aasaanjob Online Services (Classifieds - Chiratae Ventures, Inventus Capital Partners, OLX India BV 11.96 s Jobs - Entry Level) Aspada Investments

Appendix: Definitions of Stages-of-company-development used:

Venture Capital (Early Stage) 1. First / Second Round of institutional investments into companies that are: 2. Less than five years old, AND 3. Not part of a larger business group, AND 4. Investment amount is less than $20 M

Venture Capital (Growth Stage): 1. Third / Fourth Round funding of institutional investments OR 2. First/Second Round of institutional investments for companies that are >5 years old and <10 years old OR spin-outs from larger businesses, AND 3. Investment amount is less than $20 M

Growth-PE: 1. First-to-Fourth Round Investments >$20 M into companies <10 years old, OR 2. Fifth / Sixth rounds of institutional investments into companies <10 years old

Late Stage: 1. Investment into companies that are over 10 years old, OR 2. Seventh or later rounds of institutional investments

PIPEs: 1. PE investments in publicly-listed companies via preferential allotments / private placements, 2. Acquisition of shares by PE firms via the secondary market

Buyout: 1. Acquisition of controlling stake via purchase of stakes of existing shareholders

Knowledge Partner

Note: This report aims to provide a snapshot of the transaction activity for the corresponding period with data available at the time of its creation. Please refer to Venture Intelligence to access the latest and most accurate data for your internal presentations and other requirements.

This report is meant solely for informational purposes, not for trading purposes or advice. IVCA and Venture Intelligence are not responsible for decisions, damages or other losses resulting from the use of the Information.

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