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IVCA PRIVATE EQUITY -

VENTURE CAPITAL REPORT

AUGUST 2020

NEW DELHI | MUMBAI | BANGALORE

CONTENTS

Executive Summary

Private Equity Investments

Venture Capital Investments

Exits

Angel Investments

Investments involving AIFs

Appendix & Tables

03

04

07

09

10

12

14

170+ MEMBERS & GROWING..

Executive Summary

Private Equity(1) Investments & Exits

August 2020 registered 48 Private Equity (PE) investments worth about ₹11,568 Cr ($1.6 Billion).

The largest PE investment was Pacific Alliance Group's 51% stake acquisition in Edelweiss Wealth

Management for ₹2,200 Cr ($300 million).

Funds with AIF vehicles participated in 17 investments.

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

Mumbai topped the chart for most investments in a city (by value).

The month witnessed 16 PE exits that harvested about ₹2,798 Cr ($375 million).

Venture Capital (1) Investments & Exits

August 2020 registered 29 investments worth about ₹827 Cr ($111 million).

The largest VC investment was the $20 million investment in SME-lending startup UniOrbit

Technologies Pvt Ltd led by Accel and Lightspeed.

Funds with AIF vehicles participated in 11 investments.

19 DPIIT-registered startups raised funding during the month.

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

Bangalore topped the chart for highest investments (by volume & value) in a city.

The month witnessed 7 VC exits that harvested about ₹1,469 Cr ($197 million).

Angel Investments

Super Angels and Angel Networks made 29 investments.

The largest angel investment involving angel investors was the $5 million investment by

Stanford Angels and Ryan Johnson along with Blume Ventures, growX ventures, Lightspeed

India and Inventus Capital India in space-technology startup Pixxel.

Private Equity Investments

August 2020 registered 48 Private Equity (PE) investments worth about ₹11,568 Cr

($1.6 Billion). This takes the projected figures in Q3’20 to 159 deals worth $5 Billion.

Private Equity Investments in August 2020: 48 Deals, $1.6 Billion (₹11,568 Cr)

The largest PE investment was Pacific Alliance Group's 51% stake acquisition in Edelweiss

Wealth Management for ₹2,200 Cr ($300 million).

The second largest investment was Kora Management, Tiger Global and Temasek's ₹1,820

Cr ($401 million) investment in online food discovery and delivery platform Zomato.

The third largest investment was the ₹1,566 Cr ($209 million) investment by CDC Group,

Gaja Capital, Baring Asia and ICICI Prudential Life Insurance Co. Ltd in publicly-listed

private sector lender RBL Bank Ltd via a preferential allotment.

Funds with AIF vehicles participated in 17 PE investments. The largest investments

involving funds with AIF vehicles was the investment in publicly-listed private sector lender

RBL Bank Ltd.

4

0

40

80

120

160

200

240

280

$ B

$2 B

$4 B

$6 B

$8 B

$10 B

$12 B

$14 B

Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep

Projected (Q3) Amount($B) Deals Projected (Q3)

Private Equity Investments

IT & ITeS companies topped the industry chart with $662 million (₹4,945 Cr) investment

led by the investment in Zomato. Tencent and Times Internet Limited's $50 million (₹375

Cr) investment in music streaming company Gaana.com was the second largest

investment in the IT & ITeS industry.

Education companies stood third with investments worth $238 million (₹1,773 Cr) led by

the $122 million investment in education technology unicorn Byjus from DST Global. This

was followed by the $113 million investment in Eruditus by Chan Zuckerberg Initiative,

Naspers, Sequoia Capital India and Ved Capital.

5

BFSI (Banking, Financial Services and Insurance) companies stood second with $595 million

(₹4,442 Cr) led by the investment in Edelweiss Wealth Management followed by RBL

Bank.

$662 M

$595 M

$238 M

$47 M

$7 M

IT & ITES

BFSI

Education

Healthcare

Others

By Industry

Private Equity Investments

6

$518 M

$444 M

$249 M$209 M

$129 M

Mumbai NCR Delhi Bangalore Kohlapur Others

By Region

$111 M

$205 M

$554 M

$295 M

$385 M

VC

Growth-PE

Late

PIPE

Buyout

By Stage

12

10

7

7

3

4

5

<$2 M

$2-5M

$5-10M

$10-25M

$25-50M

$50-100M

$100M+

By Size

Venture Capital Investments

In August 2020, VC-type investments* recorded 29 deals worth $111 million (₹827 Cr).

(*See Appendix for Venture Capital definition.)

The largest VC investment was the $20 million investment in SME-lending startup

UniOrbit led by Accel and Lightspeed.

Venture Capital Investments in August 2020: 29 Deals, $111 Million (₹827 Cr)

Funds with AIF vehicles participated in 11 VC investments worth $33 million (₹246 Cr).

19 DPIIT-registered startups raised $54 million (₹403 Cr). Among DPIIT registered startups,

short video commerce app Trell raised $11 million from KTB Ventures, Samsung Ventures

and existing investors. AI analytics startup Entropik raised $8 million from Falcon Edge

Capital and existing investors.

7

0

25

50

75

100

125

150

175

200

$ M

$100 M

$200 M

$300 M

$400 M

$500 M

$600 M

$700 M

$800 M

Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep

Projected (Q3) Amount($M) Deals Projected (Q3)

Venture Capital Investments

8

23

2

4

IT & ITES FMCG Others

By Industry

13

8

4

2

2

Bangalore

NCR Delhi

Mumbai

Hyderabad

Others

By City

4

8

10

3

3

1

<$1 M

$1M -2M

$2M -5M

$5M-10M

$10M-15M

$15M-20M

By Size

Private Equity Exits

August 2020 saw 16 PE-VC exits that harvested ₹2,798 Cr ($375 million).

The largest PE-Exit was the $143 million complete exit by investors from WhiteHat Jr via

a strategic sale to edtech unicorn Byju's. This was followed by the sale of shares worth

$49 million by Partners Group in publicly listed housing finance company Aavas

Financiers via an open market transaction.

Private Equity Exits in August 2020: 16 Deals, $375 Million (₹2,798 Cr)

9

0

15

30

45

60

$0.0 B

$1.0 B

$2.0 B

$3.0 B

$4.0 B

Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep

Projected (Q3) Amount($B) Deals Projected (Q3)

$274 M

$49 M

$51 M

IT & ITES

BFSI

Others

By Industry

Venture Capital Exits

Venture Capital Exits in August 2020: 7 Deals, $197 Million (₹1,469 Cr)

Angel Investments*

In August 2020, super angels and angel

networks made 29 investments.

The largest angel investment involving angel

investors was the $5 million investment by

Stanford Angels and Ryan Johnson along with

Blume Ventures, growX ventures, Lightspeed

India and Inventus Capital India in space-

technology startup Pixxel.

10

*Investments by Super Angels & Angel Networks

0

6

12

18

24

$0.0 B

$0.5 B

$1.0 B

$1.5 B

$2.0 B

Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep

Projected (Q3) Amount($B) Deals Projected (Q3)

76 7569 70

56

Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep

Annual PE-VC Investments

Private Equity in 2020 (YTD): 479 Deals, $22.8 Billion (₹1,69,624 Cr)

11

0

250

500

750

1000

1250

$ B

$8 B

$16 B

$24 B

$32 B

$40 B

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Amount($B) Projected ($B) Deals Projected

Investments involving AIFs

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

Company Sector Investors Amount(US$M)

RBL Bank BankingCDC Group, Gaja Capital, Baring Asia, Others

209

PractoConsumer App (Marketplace -Healthcare Services)

Tencent, Sofina, CapitalG, RTP Global, Matrix Partners India, Sequoia Capital India, Others

32

FareyeEnterprise Software (SaaS -Logistics Management)

KB Investment, Fundamentum 13

Avail FinanceOnline Services (Marketplace -Consumer Loans)

Falcon Edge Capital, Matrix Partners India

12

DCB Bank Banking Oman India Joint Investment Fund 6

HomeLaneOnline Services (Interior Design - Modular Kitchens, Home Products)

JSW Ventures, Evolvence India, Accel India, Sequoia Capital India

6

MitronTVConsumer App (Social Media -Videos)

3ONE4 Capital, Nexus Venture Partners, Others

5

PixxelAviation (Aerospace - Satellite Services)

Inventus India, Growx Ventures, Blume Ventures, Lightspeed Ventures, Others

5

Masai SchoolTraining & Certification (Coding)

India Quotient, Unitus Ventures, Others

3

12

Investments involving AIFs

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

Company Sector Investors Amount(US$M)

Captain FreshConsumer App (B2B -Marketplace - Seafood)

Incubate Fund, Ankur Capital, Others

2

BigHaatE-Commerce (Seeds, Agri Equipment, Agri Chemicals)

Beyond Next Ventures, Rockstud Capital, Ankur Capital, Others

2

HungerBoxOnline Services (B2B -Corporate Catering)

Paytm, Sabre Capital, Others 2

Phool.coAromatic Products (Incense Sticks)

IAN Fund, Others 1

CityCash IT Products (Payments - NFC) Orios VP 1

Daalchini Vending Machine Operator Artha India Ventures, Others 1

Infostretch IT Services Everstone, Goldman Sachs N.A.

OneCodeE-Commerce (Consumer Shopping - Social Commerce)

WaterBridge Ventures, Others N.A.

13

Appendix - Top PE Investments

14

Company Sector Investors Amount(US$M)

Edelweiss Wealth Management

Wealth Management Pacific Alliance Group 300

ZomatoOnline Services (Local Search -Restaurants)

Kora Management, Tiger Global, Temasek 250

RBL Bank BankingCDC Group, Gaja Capital, Baring Asia, Others

209

Byjus Classes Test Preparation DST Global 122

EruditusHigher Education (Management Education)

Chan Zuckerberg Initiative, Naspers, Sequoia Capital India, Others

113

Indiabulls Ventures Broking Think Investments, Ribbit Capital, Others 80

Gaana.com Online Services (Music) Tencent, Others 50

Shriji Polymers (India)

Pharmaceuticals (Packaging) Creador 34

PractoConsumer App (Marketplace -Healthcare Services)

Tencent, Sofina, CapitalG, RTP Global, Matrix Partners India, Sequoia Capital India, Others

32

SpringboardOnline Services (E-Learning -Vocational)

Blue Fog Capital, Pearson, Vulcan Capital, IFC, Others

31

UniOrbitOnline Services (Lending - SME Loans)

Accel India, Lightspeed Ventures 20

RateGainEnterprise Software (Hospitality, Travel)

Avataar Venture Partners 15

Inventia Healthcare Pharmaceuticals India Life Sciences Fund 13

FareyeEnterprise Software (SaaS -Logistics Management)

KB Investment, Fundamentum 13

AnchantoEnterprise Software (SaaS - E-Commerce Logistics)

MDI Ventures, Others 12

Appendix - DPIIT Registered Startups that raised funding

15

Company Sector Investors Amount(US$M)

TrellConsumer App (E-Commerce -Streaming Commerce)

Samsung Ventures, Fosun Group, KTB Ventures, Sequoia Capital India, Others

11

EntropikEnterprise Software (Computer Vision, Artificial Intelligence)

Bharat Innovation Fund, Falcon Edge Capital, IDFC Parampara Capital

8

Urban CompanyMobile VAS (Marketplace - Handyman Services)

Vy Capital 5

MitronTV Consumer App (Social Media - Videos)3ONE4 Capital, Nexus Venture Partners, Others

5

TrueFanConsumer App - Personalised Videos -Celebrities & Influencers

Unilazer Ventures, Saama Capital, Mayfield

4

Verloop Enterprise Software (SaaS - CRM)Kris Gopalakrishnan, Falcon Edge Capital, IDFC Parampara Capital, Others

4

Bobble AIConsumer App (Keyboard -Vernacular)

Affle 3

Masai School Training & Certification (Coding)India Quotient, Unitus Ventures, Others

3

Brick & BoltOnline Services (Marketplace -Construction Services)

Foundamental 2

RummyBaazi Consumer App - Gaming Udtara Ventures 2

Appendix - DPIIT Registered Startups that raised funding

16

Company Sector Investors Amount(US$M)

IDfyOnline Services (Identity, Document Storage & Verification Services)

NB Ventures, Dream Incubator, NEA

2

BigHaatE-Commerce (Seeds, Agri Equipment, Agri Chemicals)

Beyond Next Ventures, Rockstud Capital, Ankur Capital, Others

2

BikayiMobile VAS (B2B - DIY E-Commerce Platform)

Others 2

HungerBoxOnline Services (B2B - Corporate Catering)

Paytm, Sabre Capital, Others 2

Phool.co Aromatic Products (Incense Sticks) IAN Fund, Others 1

GrayQuest Consumer App (Loans - Education) Foundation Holdings, Others 1

CityCash IT Products (Payments - NFC) Orios VP 1

Daalchini Vending Machine Operator Artha India Ventures, Others 1

The Healthy Company

Packaged Foods Udtara Ventures, Others 0.4

OneCodeE-Commerce (Consumer Shopping -Social Commerce)

WaterBridge Ventures, Others N.A.

Appendix - PE-VC Exits

17

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

WhiteHat JrOnline Services (E-Learning - Coding for Kids)

Nexus Venture Partners, Omidyar Network, Owl Ventures

Byjus Classes 143

Aavas FinanciersNBFC (Housing Finance)

Partners GroupOpen Market Transaction

49

Shriji Polymers (India)Pharmaceuticals (Packaging)

Tata Capital Healthcare Fund, HBM Healthcare Investments

Creador Capital 28

Matrimony.comOnline Services (Classifieds)

MayfieldOpen Market Transaction

17

CG Power and Industrial Solutions

Equipment KKROpen Market Transaction

12

PTC IndustriesMetals & Alloys (Alloy Castings)

Pragati FundOpen Market Transaction

5

Sadbhav Infrastructure Project

Infrastructure (Roads)

NorwestOpen Market Transaction

2

Thejo EngineeringEPC (Bulk Material Handling)

SIDBI VCOpen Market Transaction

0.3

Appendix - Definitions of Stages Used

Venture Capital:

Early Stage

First / Second Round of institutional investments into companies that are:

Less than five years old, AND

Not part of a larger business group, AND

Investment amount is less than $20 M

Growth Stage:

Third / Fourth Round funding of institutional investments OR

First/Second Round of institutional investments for companies that are >5 years

old and <10 years old OR spin-outs from larger businesses, AND

Investment 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, OR

Fifth / 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

18

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