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H1 2019 Advocacy IVCA PRIVATE EQUITY-VENTURE CAPITAL REPORT H1 2019 ADVOCACY www.ivca.inMissionaries RESEARCH PE/ VC Report Feedback Rohan Parulekar - [email protected] EDUCATION IVCA Membership & Event Sponsorship AakritiBamniyal - [email protected] Other Queries KONNECT IVCA Team - [email protected] Contact number: 011- 49879305 | 011- 49876992 Delhi Office: Mumbai Office: Bangalore Office: IVC Association IVC Association IVC Association 806, 8th Floor, Akashdeep Building, One Indiabulls Centre, South Annexe, Axilor Transit, 3B, West 1Wing Sobha 26A Barakhamba Road, Connaught Place, Tower 2A, 03rd Floor, ISME Ace Senapati Bapat Marg, Pearl, No. 1, commissariat road, New Delhi – 110001 Elphinstone Road, Mumbai - 400013 Bangalore 560001 TABLE OF CONTENTS Section Page No. 1. Executive Summary 3 2. Private Equity Investments 4 3. Venture Capital Investments 9 4. Exits 13 5. Angel Investments 15 6. Fund Raising Activity 16 7. Appendix & Tables 18 2 150 + Members and growing… EXECUTIVE SUMMARY Private Equity Investments & Exits • H1 2019 witnessed 385 Private Equity (PE) investments worth ₹114,446 Cr ($16.3 Billion) • The largest PE investment announced was the Canadian asset management firm Brookfield's $1.9 Billion acquisition of Pipeline Infrastructure India • Private Equity (PE) investments involving AIF funds registered 195 transactions worth ₹30,287 Cr ($4.3 Billion) • IT & ITES companies topped the industry table (by value and volume) • Mumbai topped the chart for highest investments (by value) in a City • H1 2019 saw 85 PE exits that harvested ₹28,648 Cr ($4.1 Billion) • The largest exit was the ₹2,624 Cr ($377 million) complete exit by investors and promoters of hospital chain Medanta via a strategic sale to Manipal Hospitals • India-focused funds raised ₹26,935 Cr across 16 funds in H1 2019 • 83 New AIF fund registrations in H1 2019 vs. 43 in H1 2018 Venture Capital Investments • H1 2019 witnessed 236 VC investments worth ₹6,313 Cr ($902 million) • The largest VC investment was the $20 million investment in digital lending startup ZestMoney • Venture Capital (VC) investments involving AIF funds registered 140 transactions worth ₹3,566 Cr ($509 million) • IT & ITES companies topped the industry table (by volume & value) • Bangalore topped the chart for highest investment in a City • H1 2019 saw 37 VC exits that harvested ₹3,647 Cr ($521 million) Investments by Super Angels and Angel Networks decreased to 78 deals (compared to 110 deals in H1 2018) 3 PRIVATE EQUITY INVESTMENTS Private Equity Investments in H1 2019: 385 Deals worth ₹114,446 Cr ($16.3 Billion) Amount($B) Deals $20 B 420 430 $18 B 413 420 $16 B 402 410 $14 B 400 385 $12 B 390 $10 B 366 380 $8 B 370 $6 B 360 $4 B 350 $2 B $11.4 B $12.8 B $17.8 B $17.5 B $16.3 B 340 $ B 330 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 The first half of calendar year 2019 witnessed 385 Private Equity (PE) investments worth about ₹114,446 Cr ($16.3 Billion). The value of investments declined 8% compared to same period in 2018 (which registered 420 investments worth about ₹117,055 Cr or $17.8 Billion). It was 6% lower compared to H2 2018 which had witnessed 413 investments worth ₹124,244 Cr ($17.5 Billion). The largest PE investment announced was the Canadian asset management firm Brookfield's $1.9 Billion acquisition of Pipeline Infrastructure India from Reliance Industries. 4 PRIVATE EQUITY INVESTMENTS Top Industries $4.9 B H1 2018 H1 2019 $4.0 B $3.2 B $3.2 B $3.2 B $1.8 B $1.5 B $1.3 B $1.2 B $1.1 B $0.8 B $0.1 B IT & ITES companies topped the industry table with $4 Billion investments led by Baring Private Equity Asia's purchase of 35% stake in publicly listed IT Services firm NIIT Technologies for ₹2,992 Cr ($430 million). Energy companies stood second with $3.2 Billion investments led by Brookfield's $1.9 Billion acquisition of Pipeline Infrastructure India. BFSI companies stood third with $3.18 Billion investments led by the ₹4,635 Cr ($653 million) secondary purchase of shares by Carlyle in publicly listed SBI Life Insurance Company from BNP Paribas. 5 AIF INVESTMENTS IN PE Amount($B) Deals $7 B 250 191 $6 B 192 195 200 $5 B 150 146 150 $4 B $3 B 100 $2 B 50 $1 B $3.5 B $2.2 B $4.8 B $6.2 B $4.3 B $ B 0 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H1 2019 witnessed 195 Private Equity (PE) investments involving AIF funds worth about ₹30,287 Cr ($4.3 Billion). The value of investments fell 31% compared to the immediate previous half-year which had witnessed 191 investments worth about ₹43,746 Cr ($6.2 Billion). The largest investment was KKR and GIC’s acquisition of India Grid Trust, managed by Sterlite Investment Managers Ltd. 6 PRIVATE EQUITY INVESTMENTS By Region H1 2018 H1 2019 $5.0 B Mumbai $6.2 B $6.9 B NCR Delhi $5.7 B $1.4 B Bangalore $2.2 B $0.2 B Pune $0.8 B $0.8 B Hyderabad $0.7 B $0.6 B Chennai $0.4 B $2.9 B Others $0.4 B Investments by Industry IT & ITeS Energy Amount($M) Deals Amount($M) Deals 7,000 235 3,500 16 6,000 230 3,000 14 12 5,000 225 2,500 10 4,000 220 2,000 8 3,000 215 1,500 6 2,000 210 1,000 4 1,000 205 500 2 0 200 0 0 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 2017 2017 2018 2018 2019 2017 2017 2018 2018 2019 7 PRIVATE EQUITY INVESTMENTS 8 VENTURE CAPITAL INVESTMENTS Venture Capital Investments Amount($M) Deals 1000 280 245 238 246 236 900 233 230 800 700 180 600 500 130 400 80 300 200 30 100 $686 M $713 M $829 M $886 M $902 M 0 -20 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 Venture Capital firms made 236 investments worth ₹6,313 Cr ($902 million) in H1 2019 - 9% higher (in value terms) compared to 246 deals worth ₹5,446 Cr ($829 million) recorded in the same period in 2018. The Largest VC investment announced was the $20 million investment in digital lending startup ZestMoney led by fintech investor Accion Frontier Inclusion Fund (managed by Quona Capital), along with Australian fintech investor Reinventure and existing investors. This was followed by $18.78 million investment in online direct-to-consumer cosmetics brand MyGlamm by Bessemer Venture Partners and others 9 AIF INVESTMENTS IN VC Venture Capital AIF Investments Amount($M) Deals $600 B 160 135 140 140 $500 B 120 120 100 105 $400 B 100 $300 B 80 60 $200 B 40 $100 B 20 $215 M $306 M $470 M $438 M $509 M $ B 0 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H1 2019 witnessed 140 Venture Capital (VC) investments involving AIF funds worth about ₹3,566 Cr ($509 million). The value of investments rose 15% compared to the same period last year which had witnessed 135 investments worth about ₹3,090 Cr ($470 million). Health-tech AI startup mfine raised $17.2 million Series B round of funding from Japanese investor SBI Ven Capital, with participation from existing investors Beenext, Stellaris Venture Partners and Prime Venture Partners. Diagnostics startup SigTuple raised $16 million Series C round of round of funding from existing investors Accel India, Chiratae Ventures, Pi Ventures, Trifecta Capital and others. 10 VENTURE CAPITAL INVESTMENTS By Industry 182 174 H1 2018 H1 2019 26 25 12 12 4 9 9 6 7 5 6 5 Early Growth 100% 75% 50% 25% 0% H2 H1 H2 H1 H2 H1 2016 2017 2017 2018 2018 2019 11 VENTURE CAPITAL INVESTMENTS H1 2018 H1 2019 139 113 63 54 32 24 20 17 9 11 <$2 M $2-5 M $5-10 M $10-15 M $15M+ H1 2018 H1 2019 92 82 66 61 57 42 20 23 15 11 6 7 Bangalore NCR Delhi Mumbai Hyderabad Chennai Others 12 PRIVATE EQUITY EXITS Amount($B) Deals $25 B 200 172 180 $20 B 151 145 160 140 $15 B 103 120 85 100 $10 B 80 60 $5 B 40 20 $6.3 B $8.2 B $19.6 B $6.2 B $4.1 B $ B 0 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 Private Equity firms in India made 85 exits from Indian companies that harvested ₹28,648 Cr ($4.1 Billion) during H1 2019 - a 79% decrease compared to the ₹128,690 Cr ($19.6 Billion) harvested in the same period in 2018. The largest PE exit was the ₹2,624 Cr ($377 million) complete exit by investors viz. Carlyle and Temasek (realizing 1.60x and 1.47x returns respectively) and promoters of hospital chain Medanta via a strategic sale to Manipal Hospitals. This was followed by sale of shares worth ₹2515.44 Cr ($360.10 million) by GIC and Bain Capital (realizing 2.82x returns each) in publicly listed Genpact. 13 PRIVATE EQUITY EXITS By Exit Multiple H1 2018 H1 2019 49 25 20 16 8 9 4 4 <1x 1-3x 3-5x 5-10x By Type H1 2018 H1 2019 $14.2 B $2.9 B $1.4 B $1.6 B $1.7 B $0.9 B $0.5 B $0.3 B $0.1 B Strategic Sale Secondary Sale Public Market/IPO Buyback Other 14 VENTURE CAPITAL EXITS Venture Capital investors made 37 exits harvesting ₹3,647 Cr ($521 million) in H1 2019 - 96% decrease compared to the ₹87,208 Cr ($13.3 Billion) harvested in the same period in 2018.
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