oct ober 201 8 - ivca · 2018-11-18 · 3 private equity investments & exits october 2018...
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Section Page No.
1. Executive Summary 3
2. Private Equity Investments 4
3. Venture Capital Investments 9
4. Exits 10
5. Angel Investments 11
6. Investments involving AIFs 12
7. Appendix & Tables 14
TABLE OF CONTENTS
145 + Members and growing…
3
Private Equity Investments & Exits
October 2018 witnessed 50 Private Equity (PE) investments worth about INR 11,465 Cr ($1.6 Billion)
The largest PE investment announced was the $210 million investment by Steadview Capital and others in publicly-listed financial services company Indiabulls Ventures
Banking and Financial Services companies topped the industry table (by value) Delhi topped the chart for most investments in a city (by value) Month witnessed 10 PE exits that harvested about INR 5,891 Cr ($801million) The largest exit during the month was the INR 3,560 Cr ($483 million) part exit by
Stanchart PE, JM Financial and SBI-Macquarie from GMR Airports Holdings
Venture Capital Investments
October 2018 witnessed 23 VC investments worth about INR 669 Cr ($91 million) The largest VC investment was the INR 134.5 Cr ($18 million) Series C investment
in test preparation company Toppr IT companies topped the industry table (by volume & value) Mumbai, Bangalore and Delhi topped the chart for highest investments in a city Month witnessed 6 VC exits that harvested about INR 364 Cr ($49 million)
Angel Investments
Super Angels and Angel Networks made 11 investments (compared to 22 deals in October 2017)
The largest angel investment involving angel investors was the $5 million investment by Sunil Kalra and Arun Venkatachalam along with new VC investors in e-pharmacy Medikabazaar
EXECUTIVE SUMMARY
PR
RIVATE EQ
Priva
October 20111,465 Cr) c2017. The vago but dec2018 (which Note: The investments
The largest million) invefinancial serfor a listing
QUITY INVE
ate Equity I
18 witnessedcompared tovalue of invecreased by 6
h registered 4
PE investms, but exclud
PE investmestment by rvices compaof investme
ESTMENTS
nvestments
d 50 Private o 55 investmestments inc60% compa48 investme
ment figurese PE investm
ment announSteadview Cany Indiabunts during th
s in October
Equity (PE) ments worth $creased by 5red to the ints worth $3
in this Rements in Rea
nced in OctCapital, Tamalls Ventureshe month.)
r 2018: 50 D
investments$1 Billion (a
51% from thimmediate p3.9 Billion or
eport includl Estate.
tober 2018 arind Capitas via prefere
Deals, $1.6 B
s worth $1.6 bout INR 6,7
he corresponprevious mor ~INR 28,01
de Venture
was the INal and otherential allotme
Billion (~ IN
Billion (abo740 Cr) in Onding periodonth of Sept15 Cr).
Capital (VC
NR 1,539 Cr s in publiclyent. (See Ap
NR 11, 465 C
4
out INROctoberd year-tember
C) type
($210 y-listed pendix
Cr)
PR
RIVATE EQ
BFSI compaled by the inJM Financia Energy comsolar powerplacement d ManufacturiGerdau’s In
QUITY INVE
nies toppednvestment inl Credit Solu
panies with r producer du Québec (C
ing companndia operati
ESTMENTS
the industryn Indiabulls
utions.
$340 millionAzure PowCDPQ).
ies came thons for $120
y chart with s Ventures,
n stood secower by Cana
ird with $290 million.
$375 millionfollowed by
ond led by tadian pensi
94 million le
n (INR 2,759y the $93 mi
the $360 mion fund Ca
d by ADV P
9 Cr) across 4llion investm
llion investmaisse de dé
Partners’ buy
5
4 dealsment in
ment in pôt et
yout of
PR
* See Ap
RIVATE EQ
pendix for st
UITY INVE
tage definiti
ESTMENTS
ons
6
PR
Inv
RIVATE EQ
vestments b
UITY INVE
by Industry
ESTMENTS
7
VE
ENTURE CA
October 201compared tvolume of iperiod last 134.5 Cr($18(See Append
APITAL INV
18 witnessedto 40 deals nvestments year. The la8 million) Sedix for defin
VESTMENTS
d 23 VC-typworth$98 m decreased rgest VC invries C investitions.)
S
e investmenmillion (INR by 7% and vestment antment in test
nts* worth $639 Cr) in 43% respec
nnounced dt preparation
91 million (IOctober 201ctively compuring the mn company T
INR 669 Cr),17. The valupared to the
month was thToppr.
8
, down ue and e samehe INR
VE
ENTURE CAAPITAL INVVESTMENTSS
9
PR
RIVATE EQ
October 201to 23 deals t The largest Stanchart PE(See Append
QUITY EXIT
18 saw 10 PEthat harveste
exit duringE, JM Financdix for a listi
TS
E-VC exits thed INR 4,969
g the monthcial and SBI-ng of exits d
hat harvested9 Cr ($763 m
h was the IMacquarie fduring the m
d INR 5,891 million) in Oc
INR 3,560 Cfrom GMR A
month.)
Cr ($801 milctober 2017.
Cr ($483 miAirports Ho
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MedikaBaz
Captain Za
VideoKen
*Includes s
ENTURE CA
NGEL INVE
gel Investme
Sect
zaar E-Co
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Ente
share of co-inve
APITAL EXI
ESTMENTS
ents in Octo
or
ommerce - Mar
G (Pet Care)
rprise Software
esting Seed/VC
ITS
ober 2018
rketplace - B2B
e (Utility - Video
C investors
- Healthcare
o Editing)
OctobharvecompOctob
The l$14 mCapitHR teGlobareturn
Innto
Investors
Arun VenkatKalra,Others
Ketan Shah,SKumar,ChaitDesai,Japan
LG ChandrasCapital,Hyde
ber 2018 ested $49 pared to 1 deber 2017.
argest VC emillion (INR al, Blume Veech startup al HR consuns.
n October 2networks mao 22 deals in
tachalam,Sunil
Sunil Agarwal,Nanya Desai,KusVyas
sekhar,SRI erabad Angels,O
witnessed million (ab
eal (that har
exit during 104 Cr) comentures and Mettl via lting firm M
2018, super ade 11 invesn October 20
Am(
Naval Bir shal
Others
6 VC exbout INR rvested $2 m
the month mplete exit by
M&S Partna strategic
Mercer, realiz
angels andstments com018.
11
mount($M)
5
1.5
0.9
its that 364 Cr)
million) in
was the y Kalaari ers from sale to
zing 2-7x
d angel mpared
12
Deals involving PE-VC firms which have an Alternative Investment Funds (AIF) vehicle.
Company Sector Investors Amount
($M) Sesa Care Personal Care TrueNorth 156
Happy Forgings
Auto Components Motilal Oswal 27
Duroflex Consumer Durables (Mattresses)
Lighthouse 22
Toppr Test Preparation Axis Capital Partners, Kaizen PE, Helion Ventures, Eight Roads Ventures, SAIF, Others
18
Collectabillia
Online Services (E-Commerce - Consumer Shopping - Merchandised Goods - Sports)
Alteria Capital,NB Ventures, Accel USA, Accel India 14
KOOH Sports
Sports Education Gaja Capital 10
Healthkart Online Services (E-Commerce - Consumer Shopping - Pharmaceuticals)
IIFL VC, Sequoia Capital India, Others 10
Sukkhi Fashion Jewellery
E-Commerce - Shopping - Jewelry
Duane Park, Carpediem Capital Partners 7
MedikaBazaar
E-Commerce - Marketplace - B2B - Healthcare
Mitsui Sumitomo Insurance Venture Capital, Kois Invest, Healthquad, Rebright Partners, Others
5
Hiver Enterprise Software (Collaboration - Email)
Kae Capital,Kalaari Capital 4
Truebil Online Services (Marketplace - Pre-Owned Cars)
Shunwei Capital, Tekton Ventures, Kae Capital, Inventus Capital Partners, Kalaari Capital
3
Worxogo Enterprise Software (SaaS –HR) Ideaspring,Inventus Capital Partners 2
Eupheus Learning
Content Services, Educational Kits
Sixth Sense Ventures 1.25
LetsMD Online Services (Marketplace - Appointments - Doctors,
WaterBridge Ventures, Orios VP, SRI Capital 1
INVESTMENTS INVOLVING AIFs
13
Diagnostic Tests)
AVG Logistics
Logistics Services Sixth Sense Ventures 0.1
Essel Infra (Transmission Projects)
EPC (Transmission) Edelweiss Private Equity N.A
Clensta Personal Care (Waterless) IAN Fund, Others N.A
FarmersFZ Online Services (Marketplace - Fruits and Vegetables)
IAN Fund, Others N.A
14
Appendix- PE-VC Investments in October 2018
Company Sector Investors Amount
($M) Indiabulls Ventures
Broking Steadview, Others 210
Azure Power Renewable Power Projects (Solar) CDPQ 185
Sesa Care Personal Care TrueNorth 156
Gerdau Steel India
Metals & Alloys (Steel) ADV Partners 120
JM Financial Credit Solutions
NBFC (Real Estate) Falcon Edge Capital, GIC, Others 93
Gemini Edibles & Fats
Edible Oils Proterra Investment Partners 87
Cleartax.in Online Services (Utility - Tax Filing) Composite Capital 50
Ess Kay Auto Finance
NBFC (Auto Finance) Evolvence India, TPG Growth, Norwest 42
IndWealth.in Online Services - Wealth Management Steadview 30
Veritas Finance
NBFC Norwest 30
BlackBuck Online Services (Marketplace - Trucks - Inter City)
Sands Capital, Accel India, Sequoia Capital India
27
Byjus Classes Test Preparation General Atlantic 27
Happy Forgings
Auto Components Motilal Oswal 27
Duroflex Consumer Durables (Mattresses) Lighthouse 22
Strides Consumer
Pharmaceuticals ICP Investment Advisors 20
Toppr Test Preparation Axis Capital Partners, Kaizen PE, Helion Ventures, Eight Roads Ventures, SAIF, Others
18
Collectabillia Online Services (E-Commerce - Consumer Shopping - Merchandised
Alteria Capital, NB Ventures, Accel USA, Accel India
14
15
Company Sector Investors Amount
($M) Goods - Sports)
LetsTransport Online Services (Aggergator - Trucks) Fosun Group, Others 12
KOOH Sports Sports Education Gaja Capital 10
Healthkart Online Services (E-Commerce - Consumer Shopping - Pharmaceuticals)
IIFL VC, Sequoia Capital India, Others 10
myGate IT Products (Security Devices) Prime Venture Partners 9
Grover Zampa
Liquor (Wine) VisVires Capital, Others 8
Sukkhi Fashion Jewellery
E-Commerce - Shopping - Jewelry Duane Park, Carpediem Capital Partners 7
Lucideus IT Services (Cyber Security) JC2 Ventures 5
MedikaBazaar E-Commerce - Marketplace - B2B - Healthcare
Mitsui Sumitomo Insurance Venture Capital, Kois Invest, Healthquad, Rebright Partners, Others
5
Bajaj Corp Personal Care SAIF 5
Hiver Enterprise Software (Collaboration - Email)
Kae Capital, Kalaari Capital 4
Innov8 Co-Working Space Credence Family Office, Others 4
Truebil Online Services (Marketplace - Pre-Owned Cars)
Shunwei Capital, Tekton Ventures, Kae Capital, Inventus Capital Partners, Kalaari Capital
3
Worxogo Enterprise Software (SaaS - HR) Ideaspring, Inventus Capital Partners 2
Solara Active Pharma
Pharmaceuticals HBM Healthcare Investments 2
Cube Wealth Consumer App - BFSI - Wealth Management
Asuka, Beenext, Others 2
Eupheus Learning
Content Services, Educational Kits Sixth Sense Ventures 1.25
Kredily Enterprise Software (SaaS - HR) Fosun Group 1
LetsMD Online Services (Marketplace - WaterBridge Ventures, Orios VP, SRI Capital 1
16
Company Sector Investors Amount
($M) Appointments - Doctors, Diagnostic Tests)
Mylo App Consumer App (Community - Parenting) Fosun Group 1
Perk Finance Online Services (Lending - Personal Loans)
Fosun Group 1
VideoKen Enterprise Software (Utility - Video Editing)
SRI Capital, Others 1
AVG Logistics Logistics Services Sixth Sense Ventures 0.1
Manjushree Technopack
Packaging (Plastic Containers) Advent International N.A
SolarArise Renewable Power Projects (Solar) ThomasLloyd N.A
Essel Infra (Asset Sale)
EPC (Transmission) Edelweiss Private Equity N.A
PLG Photovoltaic
Renewable Power Projects (Solar) Sindicatum N.A
Capillary Technologies
Enterprise Software (Retail - Loyalty Program)
Warburg Pincus N.A
Faasos E-Commerce - Consumer Shopping - Food Ordering
Sistema Asia Fund, Lightbox, Ru-Net Holdings, Evolvence India, Sequoia Capital India
N.A
Clensta Personal Care (Waterless) IAN Fund, Others N.A
FarmersFZ Online Services (Marketplace - Fruits and Vegetables)
IAN Fund, Others N.A
Hospals Medical Tourism Spiral Ventures N.A
Medimetry Online Services (Healthcare - Disease Management)
3737 North Capital N.A
HoloSuit IT Products (Hardware - Virtual Reality) YouWeCan Ventures N.A
17
Appendix- VC Investments in October 2018
Company Sector Investors Amount
($M)
Toppr Test Preparation Axis Capital Partners, Kaizen PE, Helion Ventures, Eight Roads Ventures, SAIF, Others
18
LetsTransport Online Services (Aggergator - Trucks)
Fosun Group, Others 12
KOOH Sports Sports Education Gaja Capital 10
myGate IT Products (Security Devices) Prime Venture Partners 9
Sukkhi Fashion Jewellery
E-Commerce - Shopping - Jewelry Duane Park, Carpediem Capital Partners 7
Lucideus IT Services (Cyber Security) JC2 Ventures 5
MedikaBazaar E-Commerce - Marketplace - B2B - Healthcare
Mitsui Sumitomo Insurance Venture Capital, Kois Invest, Healthquad, Rebright Partners, Others
5
Hiver Enterprise Software (Collaboration - Email)
Kae Capital, Kalaari Capital 4
Innov8 Co-Working Space Credence Family Office, Others 4
Truebil Online Services (Marketplace - Pre-Owned Cars)
Shunwei Capital, Tekton Ventures, Kae Capital, Inventus Capital Partners, Kalaari Capital
3
Worxogo Enterprise Software (SaaS - HR) Ideaspring, Inventus Capital Partners 2
Cube Wealth Consumer App - BFSI - Wealth Management
Asuka, Beenext, Others 2
Eupheus Learning
Content Services, Educational Kits Sixth Sense Ventures 1.25
Kredily Enterprise Software (SaaS - HR) Fosun Group 1
LetsMD Online Services (Marketplace - Appointments - Doctors, Diagnostic Tests)
WaterBridge Ventures, Orios VP, SRI Capital 1
Mylo App Consumer App (Community - Parenting)
Fosun Group 1
Perk Finance Online Services (Lending - Personal Loans)
Fosun Group 1
VideoKen Enterprise Software (Utility - Video Editing)
SRI Capital, Others 1
18
Company Sector Investors Amount
($M)
Clensta Personal Care (Waterless) IAN Fund, Others N.A
FarmersFZ Online Services (Marketplace - Fruits and Vegetables)
IAN Fund, Others N.A
Hospals Medical Tourism Spiral Ventures N.A
Medimetry Online Services (Healthcare - Disease Management)
3737 North Capital N.A
HoloSuit IT Products (Hardware - Virtual Reality)
YouWeCan Ventures N.A
Appendix- PE Exits in October 2018
Company Sector Exiting Investor Acquirer/Exit Route
Amount ($M)
GMR Airports Holding
Aviation (Airports) StanChart PE, JM Financial, SBI-Macquarie
Company 483
Aavas Financiers
NBFC (Housing Finance) Partners Group, Kedaara Capital IPO 169
Mettl Online Services (HR Services) Kalaari Capital, Blume Ventures, M&S Partners
Mercer 14
Sharechat Social Networking India Quotient Hillhouse Capital
7
StyleCraze Online Services (Content - Beauty & Wellness)
Ventureast Tenet Istyle 3
Betaout Enterprise Software (SaaS - E-Commerce Marketing)
Beenos Partners, Grace Capital Ventures, East Ventures
Bluecore N.A
Holachef.com E-Commerce - Food Ordering Kalaari Capital, SIDBI VC, India Quotient, Ratan Tata, InnoVen Capital
FoodPanda
N.A
KOOH Sports Sports Education Faering Capital Gaja Capital
N.A
Manjushree Technopack
Packaging (Plastic Containers) Kedaara Capital Advent International
N.A
Skeiron Renewable
Renewable Power Projects (Wind)
Olympus Capital, Asia Climate Partners Greenko Energy
N.A
19
Appendix- VC Exits in October 2018
Company Sector Exiting Investor Acquirer/Exit Route
Amount ($M)
Mettl Online Services (HR Services) Kalaari Capital, Blume Ventures, M&S Partners
Mercer 14
Sharechat Social Networking India Quotient Hillhouse Capital
7
StyleCraze Online Services (Content - Beauty & Wellness)
Ventureast Tenet Istyle 3
Betaout Enterprise Software (SaaS - E-Commerce Marketing)
Beenos Partners, Grace Capital Ventures, East Ventures
Bluecore N.A
Holachef.com
E-Commerce - Food Ordering
Kalaari Capital, SIDBI VC, India Quotient, Ratan Tata, InnoVen Capital
FoodPanda N.A
KOOH Sports
Sports Education Faering Capital Gaja Capital
N.A
20
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
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