venture capital report may 2021 - ivca

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IVCA PRIVATE EQUITY - VENTURE CAPITAL REPORT

MAY 2021

NEW DELHI | MUMBAI | BANGALORE

CONTENTS

Executive Summary

Private Equity Investments

Venture Capital Investments

Exits

Angel Investments

Investments involving AIFs

Appendix & Tables

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04

07

09

11

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190+ MEMBERS & GROWING..

Executive Summary

Private Equity(1) Investments & Exits

May 2021 registered 56 Private Equity (PE) investments worth about ₹24,765 Cr ($3.4 Billion).

The largest PE funding deal was the ₹4,000 Cr ($546 million) investment by Area SSG, General Atlantic, andCarlyle in PNB Housing Finance.

Funds with AIF vehicles participated in 32 investments.

The IT & ITeS industry topped the industry table by both value and volume.

NCR Delhi topped the chart for maximum investments in a city.

The month witnessed 14 PE exits that harvested about ₹8,973 Cr ($1.2 Billion).

The largest PE Exit was the ₹3,936 Cr ($537 million) partial exit by Carlyle from SBI Life Insurance Companyvia Public Market Sale.

Venture Capital (1) Investments & Exits

May 2021 registered 33 Venture Capital (VC) investments worth about ₹1,174 Cr ($160 million).

The largest VC funding deal was the $17 million investment in teaching platform provider Teachmint byLightspeed Ventures, Learn Capital, Moneta Ventures, and other angel investors.

Funds with AIF vehicles participated in 18 investments.

16 DPIIT-registered startups raised $84 million during the month.

The IT & ITeS industry topped the industry table (by volume & value).

Bangalore topped the chart for highest number of investments in a city.

The month witnessed 5 VC exits that harvested about ₹626 Cr ($86 million).

The largest VC exit was the ₹438 Cr ($60 million) partial exit by Sequoia Capital India and Madison India from merchant commerce platform Pine Labs, via Secondary Sale.

Angel Investments

Super Angels and Angel Networks made 41 investments.

The largest funding deal involving angel investors was the $50 million investment in D2C Investment firmMensa Brands. Mukesh Bansal, Rahul Mehta, Kunal Shah, and Scott Shleifer invested in the round alongwith other investors.


May 2021 registered 56 Private Equity (PE) investments worth about ₹24,765 Cr

($3.4 Billion).

Private Equity Investments in May 2021: 56 Deals, $3.4 Billion (₹24,765 Cr)

The largest PE funding deal in May 2021 was the ₹4,000 Cr ($545 million) investment by Ares SSG,General Atlantic, and Carlyle in publicly listed mortgage lender PNB Housing Finance.

The second largest was the ₹2,921 Cr ($398 million) buyout deal of publicly listed CadilaHealthcare’s animal health business unit Zydus AHL, led by Multiples PE with participation fromCPPIB and Rare Enterprises.

The third largest was the ₹2,409 Cr ($329 million) investment in contract research organization(CRO) Aragen Life Sciences (formerly GVK Biosciences) by Goldman Sachs.

Funds with AIF vehicles participated in 32 PE investments worth ₹10,517 Cr ($1,436 million). Thelargest funding deals involving funds with AIF vehicles were the investments in Zydus AHL andAragen Life Sciences. This was followed by the ₹2,194 Cr ($300 million) investment by KKR, FalconEdge Capital, and Temasek in omni-channel eyewear retailer Lenskart.

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The IT & ITeS industry topped the industry chart with investments worth $1.4 Billion (₹10,493 Cr)

led by the ₹2,194 Cr ($300 million) investment in Lenskart, ₹2,084 Cr ($285 million) investment

in Pine Labs, and ₹1,883 Cr ($260 million) investment in Zeta (led by SoftBank).

The Healthcare & Life Sciences industry came third with investments worth $728 million (₹5,335

Cr) led by investments in Zydus AHL and Aragen Life Sciences.

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The BFSI industry came second led by the ₹4,000 Cr ($545 million) investment in PNB Housing

Finance and the ₹1,097 Cr ($150 million) investment in National Stock Exchange by CPPIB.


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May 2021 recorded 33 VC-type investments* worth $160 million (₹1,174 Cr). (*See Appendix forVenture Capital definition). This takes the projected figure in the second quarter of 2021 to 99deals worth $352 million (₹2,600 Cr).

The largest VC funding deal was the $17 million investment in teaching platform providerTeachmint by Lightspeed Ventures, Learn Capital, Moneta Ventures, and other angel investors,followed by the $16 million investment in SaaS data collaboration platform Atlan led byWaterBridge Ventures, Insight Venture Partners, Sequoia Capital India, and other angel investors.

Venture Capital Investments in May 2021: 33 Deals, $160 Million (₹1,174 Cr)

Funds with AIF vehicles participated in 18 VC investments worth $83 million (₹608 Cr).

Sixteen DPIIT-registered startups raised $84 million (₹617 Cr). Top funding deals in DPIITregistered startups include the investments in Teachmint and Atlan. This was followed by the $11million (₹81 Cr) investment in Space Tech start-up AgniKul Cosmos by Speciale Invest, Artha IndiaVentures, Beenext, Pi Ventures, Lionrock Capital, and Mayfield. Angel investors like Anicut AngelFund, LetsVenture, Anand Mahindra, Naval Ravikant, Nithin Kamath, and a few others had alsoparticipated in this round.

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Private Equity Exits

May 2021 saw 14 PE-VC exits that harvested ₹8,973 Cr ($1,225 million).

The largest PE Exit was the ₹3,936 Cr ($537 million) partial exit by Carlyle from SBI Life Insurance

Company via Public Market Sale.

The second largest PE exit was the ₹1,624 Cr ($222 million) partial exit by Baring Asia from

publicly listed IT Services company Coforge via Public Market Sale.

Private Equity Exits in May 2021: 14 Deals, $1,225 Million (₹8,973 Cr)

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Venture Capital Exits

May 2021 saw 5 VC exits that harvested ₹626 Cr ($86 million).

The largest VC exit was the ₹438 Cr ($60 million) partial exit by Sequoia Capital India and

Madison India from merchant commerce platform Pine Labs, via Secondary Sale. The stake was

acquired by Marshall Wace, Duro Capital, Aranda Investments, Lone Pine Capital, and others.

Venture Capital Exits in May 2021: 5 Deals, $86 Million (₹626 Cr)

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Venture Capital ExitsAngel Investments*

In May 2021, super angels and angel networks made 41 investments.

The largest funding deal involving angel investors was the $50 million investment in D2CInvestment firm Mensa Brands. Mukesh Bansal (Founder, Curefit), Rahul Mehta (ManagingPartner, DST Global), Kunal Shah (Founder, CRED), and Scott Shleifer (Partner, Tiger Global)invested in the round along with other investors.

This was followed by the $43 million investment in two-wheeler ride aggregator Rapido.Kunal Shah, Amarjit Singh Batra (Managing Director, Spotify India), and other institutionalinvestors participated in the round.

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*Investments by Super Angels & Angel Networks

Annual PE-VC Investments

Private Equity in 2021 (YTD): 358 Deals, $23.8 Billion (₹1,74,619 Cr)

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*Deal value includes share of Non-AIF investors participating in the round.

Company Sector Investors Amount(US$M)

Zydus AHL PharmaceuticalsCPPIB, Multiples PE, Rare Enterprises

398

Aragen Life Sciences CRO Goldman Sachs 329

Lenskart.comOnline Services (Shopping -Eyewear & Accesories)

Falcon Edge Capital, KKR, Temasek 300

FareyeEnterprise Software (SaaS -Logistics Management)

Honeywell Ventures, Fundamentum, Dragoneer Investment Group, TCV, Eight Roads Ventures, Others

100

RapidoMobile VAS (Taxi Booking -Bikes)

WestBridge, Nexus Venture Partners, Others

43

EsperEnterprise Software (Development Tools - Android)

Roots Ventures, Scale Ventures, Haystack Investment, Others

30

Koo AppConsumer App (Microblogging Platform)

Mirae Asset Global Investments, 3ONE4 Capital, IIFL VC, Blume Ventures, Accel India, Tiger Global

30

Jai KisanMarketplace (Agri Equipment Leasing)

NAB Ventures, Prophetic Ventures, Mirae Asset Global Investments, Syngenta Ventures, Arkam Ventures, Blume Ventures, Others

30

DealShareOnline Services (B2C - Social Commerce)

Falcon Edge Capital, WestBridge, Matrix Partners India

28

Fincare Banking (Small Finance Bank) Motilal Oswal 25

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Vernacular.aiEnterprise Software (Artificial Intelligence - Speech Recognition - Vernacular)

WestBridge, Kalaari Capital, Others

25

AtlanEnterprise Software (SaaS -Data Analytics)

WaterBridge Ventures, Insight Venture Partners, Sequoia Capital India, Others

16

ANSR ConsultingAdvisory Services (Consulting -Outsourcing)

Sistema Asia Fund, Evolvence India

15

AgniKul Cosmos Aviation (Aerospace)Speciale Invest, Artha India Ventures, Beenext, Pi Ventures, Lionrock Capital, Mayfield, Others

11

PG Electroplast EMS Baring India, Others 11

NamasteCreditOnline Services (Marketplace -Consumer Loans, SME Loans)

Amicus Capital 8

Get My ParkingMobile VAS (Consumer Apps -Aggregator - Parking Spots)

IAN Fund, IvyCap Ventures 6

WysaConsumer App - Bots - Mental Health

Pi Ventures, Kae Capital, Others 5

CRON SystemsIT Products (Defence - Border Security)

YourNest, Ventureast, Others 4

Avail FinanceOnline Services (Marketplace -Consumer Loans)

Alteria Capital 4

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FabAlley.comE-Commerce (Fashion Apparel -Women)

India Quotient, Elevation Capital, Others

3

SuperOps.aiEnterprise Software (SaaS -MSP Software)

Matrix Partners India, Elevation Capital, Others

3

FarMartE-Commerce (B2B -Agriculture)

Avaana Capital, Omidyar Network, Others

2

Nivesh.comOnline Services (Personal Finance - Mutual Funds)

IAN Fund, Others 2

TekieOnline Services (E-Learning -Coding for Kids)

GSV Ventures, Multiply Ventures, Others

2

LocobuzzEnterprise Software (SaaS -CRM - Social Media Tools)

SIDBI VC 1

Karbon CardOnline Services (Lending -Corporate Credit Card)

Orios VP, Others 1

Myelin FoundryEnterprise Software (Artificial Intelligence)

Beyond Next Ventures, Endiya Partners

1

Breathe Well-beingOnline Services (Wellness -Diabetes Management)

3ONE4 Capital, Others 1

Avalon Meta Training & CertificationBlume Founders Fund, Tanglin Venture Partners, Whiteboard Capital, Others

N.A.

Eyestem Biotech (Cell Therapy) Endiya Partners N.A.

Gati Kausar Logistics Services (Cold Chain) Mandala Capital Fund N.A.

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Appendix - Top PE Investments

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PNB Housing Finance

NBFC (Home Loans) Ares SSG, General Atlantic, Carlyle 546

Zydus AHL Pharmaceuticals CPPIB, Multiples PE, Rare Enterprises 398

Aragen Life Sciences

CRO Goldman Sachs 329

Lenskart.comOnline Services (Shopping -Eyewear & Accesories)

Falcon Edge Capital, KKR, Temasek 300

Pine LabsIT Products & Services (Payments - PoS)

Temasek, Others 285

DelhiveryLogistics Services (E-Commerce)

Baillie Gifford, Fidelity India, GIC, Others 275

Zeta Online Services (Neo Bank) SoftBank Corp, Others 260

National Stock Exchange

Exchange (Stocks) CPPIB 150

L&T IndInfravit Trust

Infrastructure (Roads) CPPIB 137

MoglixOnline Services (Marketplace -Industrial Equipment)

Falcon Edge Capital, VH Capital, Tiger Global, Sequoia Capital India, Others

120

Appendix - Top PE Investments

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FareyeEnterprise Software (SaaS -Logistics Management)

Honeywell Ventures, Fundamentum, Dragoneer Investment Group, TCV, Eight Roads Ventures, Others

100

Mensa BrandsOnline Services (Consumer Goods)

Falcon Edge Capital, Accel India, Norwest, Others

50

Ess Kay Fincorp NBFC (Auto Finance) Evolvence India, TPG Growth, Norwest 46

RapidoMobile VAS (Taxi Booking -Bikes)

WestBridge, Nexus Venture Partners, Others

43

EsperEnterprise Software (Development Tools - Android)

Roots Ventures, Scale Ventures, Haystack Investment, Others

30

Koo AppConsumer App (Microblogging Platform)

Mirae Asset Global Investments, 3ONE4 Capital, IIFL VC, Blume Ventures, Accel India, Tiger Global

30

Jai KisanMarketplace (Agri Equipment Leasing)


30

DealShareOnline Services (B2C - Social Commerce)

Falcon Edge Capital, WestBridge, Matrix Partners India

28

Fincare Banking (Small Finance Bank) Motilal Oswal 25

Vernacular.aiEnterprise Software (Artificial Intelligence - Speech Recognition - Vernacular)

WestBridge, Kalaari Capital, Others 25

Appendix - DPIIT Registered Startups that Raised Funding

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Rapido Mobile VAS (Taxi Booking - Bikes)WestBridge, Nexus Venture Partners, Others

43

Jai Kisan Marketplace (Agri Equipment Leasing)


30

Vernacular.aiEnterprise Software (Artificial Intelligence - Speech Recognition -Vernacular)

WestBridge, Kalaari Capital, Others

25

Teachmint Mobile VAS (Teaching Tools - Tutors) Lightspeed Ventures, Others 17

AtlanEnterprise Software (SaaS - Data Analytics)

WaterBridge Ventures, Insight Venture Partners, Sequoia Capital India, Others

16

AgniKul Cosmos Aviation (Aerospace)

Speciale Invest, Artha India Ventures, Beenext, Pi Ventures, Lionrock Capital, Mayfield, Others

11

Skyroot Aerospace

Aviation (Aerospace)Worldquant Ventures, Graph Ventures, Sutton Capital, Others

11

Get My ParkingMobile VAS (Consumer Apps -Aggregator - Parking Spots)

IAN Fund, IvyCap Ventures 6

Finnable Consumer App - Consumer Loans MEMG Family Office 5

Wysa Consumer App - Bots - Mental Health Pi Ventures, Kae Capital, Others 5

Appendix - DPIIT Registered Startups that Raised Funding

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CRON SystemsIT Products (Defence - Border Security)

YourNest, Ventureast, Others 4

Nivesh.comOnline Services (Personal Finance -Mutual Funds)

IAN Fund, Others 2

TekieOnline Services (E-Learning - Coding for Kids)

GSV Ventures, Multiply Ventures, Others

2

RuleZeroEnterprise Software (SaaS - Equity Management)

Rainmatter Capital, Kris Gopalakrishnan, Others

1

LocobuzzEnterprise Software (SaaS - CRM -Social Media Tools)

SIDBI VC 1

Myelin FoundryEnterprise Software (Artificial Intelligence)

Beyond Next Ventures, Endiya Partners

1

Haqdarshak Consumer App (Welfare Schemes) Beyond Capital Fund, Others 1

Rubix Data Sciences

Enterprise Software (SaaS - Risk Management)

Cactus Venture Partners, Others

1

Eyestem Biotech (Cell Therapy) Endiya Partners N.A.

Appendix – Top PE-VC Exits

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Company Sector Exiting Investor Acquirer Deal Amount(US$M)

SBI Life Insurance Company

Insurance (Life) Carlyle Public Market Sale 537

Coforge IT Services (GIS) Baring Asia Public Market Sale 222

Aragen Life Sciences CRO ChrysCapital Goldman Sachs 167

Lenskart.com

Online Services (Shopping -Eyewear & Accesories)

TPG Growth, TR Capital KKR 95

Pine LabsIT Products & Services (Payments - PoS)

Sequoia Capital India, Madison India

Marshall Wace, Duro Capital, Aranda Investments, Lone Pine Capital and Others

60

Magma Fincorp NBFC ChrysCapital, TrueNorth Public Market Sale 59

Solara Active Pharma Pharmaceuticals TPG Growth Public Market Sale 28

Fincare Small Finance Bank

Banking (Small Finance Bank)

TrueNorth Motilal Oswal 25

Pennar IndustriesMetals & Alloys (Iron & Steel)

Elevation Capital Public Market Sale 4

Globus Spirits LiquorTempleton Strategic Emerging Markets Fund

Public Market Sale 3

Appendix - Definitions of Stages Used

Venture Capital:

Early Stage

First / Second Round of institutional investments into companies that are:Less than five years old, ANDNot part of a larger business group, ANDInvestment amount is less than $20 M

Growth Stage:

Third / Fourth Round funding of institutional investments ORFirst/Second Round of institutional investments for companies that are >5 years old and <10 years old OR spin-outs from larger businesses, ANDInvestment 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, ORFifth / 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

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venture capital report may 2021 - ivca

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