Indian PE/VC Weekly Update 2nd Jan – 7th Jan, 2017

295

77

191

41

1715

0

5

10

15

20

25

30

35

40

45

0

50

100

150

200

250

300

350

YTD 2015 YTD 2016 YTD 2017

PE Investments ($mn) No. of Deals

PE activity for the week

Private Equity: Investment Summary during the week

Investor (s) Target Stake (%)

Equity Check in ($Mn)

Type of Deal

Sector Industry and Segment

IFC Hero Future Energies NA 125.0 Growth Infrastructure Renewable Electricity

Everstone Capital OmniActive Health Technologies NA 35.0 Growth Pharma & Healthcare

Nutracueticals

IndiaNivesh Growth Fund, Sixth Sense, TCI Ventures, Mayfield Fund, Rishabh Mariwala

LEAP India Pvt Ltd NA 13.0 Growth Infrastructure Logistics – Supply Chain

Kitara Capital APL Apollo Tubes Ltd 3.6 11.3 PIPE Manufacturing Steel Tubes

Balram Chainrai Asian Oilfield Services Ltd 12.0 5.3 PIPE Manufacturing Oil & Gas - Drilling

Sequoia Capital Suburban Diagnostics India NA NA Growth Pharma & Healthcare

Healthcare

Undisclosed Existing Investor Thea Kitchen Pvt. Ltd (Biryani Blues )

NA NA Growth Retail Quick Service Restaurant

K2 Capital TempoGo NA 0.8 Early IT/ITeS IT Services – IoT/ Saas

V Balakrishnan, T V Mohandas Pai, P V Srinivasan

Taxsutra Services NA 0.4 Growth E-Commerce Services – Tax portal

WaterBridge Ventures LetsMD NA NA Early E-Commerce Services – Health portal

Kae Capital Heuristix Digital Technologies (Learntron )

NA NA Early IT/ITeS IT Services

DanGold Investment Corp. Doux Dentistry Pvt Ltd (MobiDent)

NA NA Early Pharma & Healthcare

Healthcare

Vishal Malik, and a group of IIT-Delhi alumni GreyHair Ventures (VOW CarClinic )

NA NA Early E-Commerce Services – car servicing

marketplace Anand Chandrasekaran, Rajiv Mehta and Ramakant Sharma

Shopsense Technologies (Fynd) NA NA Early E-Commerce Services – Fashion App

Marico Innovation Foundation (MIF) and Villgro Yostra Labs Pvt Ltd NA NA Early Pharma & Healthcare

Healthcare

Source: Four-S PE Database

IFC announces $125 mn investment in Hero Future Energies IFC has announced an investment of $125 mn in Hero Future Energies (HFE), one of the leading independent power producers and part of the Hero Group.

The investment will be used to set up 1 GW of greenfield solar and wind plants across India. Currently HFE has 360 MW capacity in 12 states.

Four-S Deal Track…

The first week of 2017 saw $190.8 mn of disclosed PE investments

across 15 deals compared to $77.4 mn (17 deals) during the same

period last year.

The largest disclosed transaction during the week was $125 mn

investment by IFC in Clean energy firm Hero Future Energies, part of

the Hero Group.

Issue: 2nd Jan – 7th Jan, 2017 ……Your Eye to Indian PE/VC Deals

YTD (from 1st Jan to 7th Jan) )

Indian Private Equity Weekly Update 2nd Jan – 7th Jan, 2017

Everstone invests $35 mn in OmniActive Everstone Capital has invested $35 mn in nutraceuticals company OmniActive Health Technologies Ltd for a significant minority stake. This is Everstone’s third investment in the healthcare sector after Ascent Health (March 2016) and Rubicon Research (October 2016). LEAP India raises $13 mn LEAP India Pvt Ltd, a supply chain solutions company, has raised $13 mn in Series B from IndiaNivesh Growth Fund, Sixth Sense, TCI Ventures and existing investors - Mayfield Fund, Rishabh Mariwala (Sharp Ventures). LEAP India had earlier raised $3 mn in a bridge round in May 2016 from Mayfield Fund and Rishabh Mariwala. It has raised total of $23 mn in equity and debt funding till date. Kitara ups stake in APL Apollo Kitara Capital has purchased additional 3.61% stake in steel tubes maker APL Apollo Tubes Ltd. for $11.3 mn as per stock exchange disclosure. The transaction take its total stake in the firm to 16.33%. Kitara had invested in the firm in 2011. Balram Chainrai buys 12% into Asian Oilfield Hong Kong based Balram Chainrai is picking 12% additional stake in the loss-making Asian Oilfield that provides geophysical and drilling services for $5.3 mn via share warrants. Sequoia invests more in Suburban Diagnostics Pathology chain Suburban Diagnostics India Pvt Ltd has received additional undisclosed investment from Sequoia Capital. Sequoia had earlier invested $7.5 mn in the firm for 30% stake in 2012. Biryani Blues raises bridge round Thea Kitchen Pvt. Ltd, which runs quick service restaurant (QSR) brand Biryani Blues, has raised fresh capital in a bridge round from one of its existing investors. It had raised an undisclosed amount in Series A in 2015 from Carpediem Capital.

TempoGo, an IoT and SaaS solution provider for commercial transportation, has raised $0.8 mn in seed funding from K2 Capital. Taxsutra Services Pvt Ltd, which runs tax information portal TaxSutra, has raised $0.4 mn in its third round of

funding from existing investors V Balakrishnan and T V Mohandas Pai, and P V Srinivasan (ex-Wipro). LetsMD, a health fin-tech platform focused on medical cost comparison and providing financing to patients for elective surgeries, has raised an additional angel funding from WaterBridge Ventures. The total funding raised by the startup is $0.5 mn till date. Chennai-based Heuristix Digital Technologies Pvt Ltd, which runs and operates learning-technology venture Learntron for tutoring and online learning ventures, has raised an undisclosed amount from Kae Capital. Bangalore-based dental care startup MobiDent run by Doux Dentistry Pvt Ltd has raised an undisclosed amount in pre-Series A from DanGold Investment Corp. GreyHair Ventures Pvt Ltd, which runs car servicing and repair startup VOW CarClinic, has raised an undisclosed amount of angel funding from Vishal Malik (founder of Gemini Solutions) and a group of IIT-D alumni. Fashion portal Fynd, run by Shopsense Technologies Pvt Ltd, has raised an undisclosed amount from Facebook’s Anand Chandrasekaran, Rajiv Mehta (Arvind SportLifestyle) and Ramakant Sharma (LivSpace). Bengaluru-based medical technology startup Yostra Labs Pvt Ltd has raised an undisclosed amount from Marico Innovation Foundation and Villgro. SCPE part exits Fortis Healthcare Standard Chartered Private Equity has sold additional 1% stake in Fortis Healthcare for over $12 mn via open market, making ~2x on its 3 year old investment. SCPE had invested ~$50 mn in multiple tranches in the company in 2013, including open market transactions at Rs 95 per share. Its current transaction included a bulk deal at Rs 191.37 per share.

Fund Raising & Liquidity Events

Angel/ Seed Investments of the week

Indian Private Equity Weekly Update 2nd Jan – 7th Jan, 2017

Apax part-exits Cholamandalam Apax Partners has sold two fifth of its remaining stake, reducing its current holding to 3.75% in it’s under three-year-old investment in Cholamandalam Investment & Finance Company. The round netted $62 mn while an earlier partial exit in September 2016, had realized $109 mn to Apax. Apax had invested $103.3 mn in two tranches in 2014 for ~10% stake, indicating it has done the exits at over 2.5x returns. Everstone part-exits Centrum Capital Everstone Capital continues its exit from its nearly nine-year old investment

in Centrum Capital at loss. The PE firm sold 0.5% stake for $0.91 mn in a bulk deal, reducing its stake to less than 6% in the company. It had earlier sold 6.28% stake in December 2016. Everstone had invested $30 mn in 2008. Lodha Group launches maiden investment fund Lodha Group has launched its maiden investment fund for startups focusing on smart city solutions and the overall realty sector with a corpus of over $7 mn.

Acquiror Target Sector Stake (%) Deal value

($ mn)

Aurobindo Pharma Ltd Generis Farmaceutica SA Pharma & Healthcare 100 143.1

Sona Group Mahindra Group Auto & Automotive 37.5 120

HCL Technologies Ltd Butler America Aerospace, LLC IT & ITES 100 85

Jaguar Land Rover CloudCar Auto & Automotive NA 15

S H Kelkar Gujarat Flavours' Flavours division Chemical & Allied 100 2.1

Link Legal India Law Services DH Law Associates Misc. Services NA NA

Freshdesk Inc Pipemonk IT & ITES NA NA

Zoho Zentron Labs IT & ITES NA NA

Zoho vTitan IT & ITES NA NA

Zoho Undisclosed Other Three Statrups IT & ITES NA NA

02-Jan-17 06-Jan-17 Change (%) High Low

BSE Sensex 26,595 26,759 0.6% 29,077 22,495

S&P CNX Nifty 8,180 8,244 0.8% 8,969 7,242

CNX Nifty Junior 21,580 22,024 2.1% 23,976 16,608

Nifty Mid Cap 50 3,696 3,767 1.9% 4,183 2,633

NASDAQ 5,429 5,521 1.7% 5,537 4,210

Dow Jones 19,882 19,964 0.4% 20,000 15,451

S&P 500 2,258 2,277 0.8% 2,282 1,810

NIKKEI 19,594 19,454 -0.7% 19,615 14,864

Hang Seng 22,150 22,503 1.6% 24,364 18,279

FTSE 7,178 7,210 0.4% 7,212 5,500

Merger & Acquisitions

During the week ended 7th Jan, 2017, there were 10 M&A deals with disclosed value of $365.2 mn (Values

of 5 deals were not disclosed).

During the week ended 30rd Jan, 2016, there were xx M&A deals with disclosed value of $xx mn (Value of xx

deals is not disclosed). The largest deal was xxxxxxxxxxxxx.

Stock Market Updates

Key Domestic & Global Indices

FII/ DII Activity (In Rs Bn)

-2.6-5.0

-8.0

-0.1-2.6

0.0

5.64.3 4.5

1.7

2-Jan 3-Jan 4-Jan 5-Jan 6-Jan

FII Inflow

DII Inflow

Source: BSE, NSE, Yahoo Finance, Google Finance

Indian Private Equity Weekly Update 2nd Jan – 7th Jan, 2017

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