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December 07, 2016

Mint-Venture Intelligence Deal Tracker (Nov 28)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. The Weekly update is featured in the Deals Section (Page 3) on every Monday.



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 30, 2016

Flipkart investor Accel raises $450 million for fifth India fund: The Economic Times

An ET article quotes Venture Intelligence data on VC investments in 2016.
In the first nine months of 2016, the number of early-stage VC investments fell 24% from a year ago to 290 deals while the total capital invested plunged by a third to $1 billion, according to data from research firm Venture Intelligence.

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Ascent Capital exits education services firm People Combine: Mint

A Mint article quotes Venture Intelligence data on exits by Ascent Capital:
This is the fourth exit made by Ascent Capital in the past two years. In January 2015, it exited its year-old investment in the third-largest domestic credit ratings agency, Credit Analysis and Research Ltd (CARE), for around $10 million, followed by an exit from Alivira Animal Health in July same year for an undisclosed amount, according to Venture Intelligence. 
In September, it exited Citrus Pay through a deal wherein PayU Global, the digital payments provider owned by South Africa’s Naspers Group, agreed to buy Citrus Pay for $130 million in an all-cash deal.


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 28, 2016

Mint-Venture Intelligence Deal Tracker (Nov 21)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. The Weekly update is featured in the Deals Section (Page 3) on every Monday.




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Startups at inflexion point: The Economic Times

An ET article quotes Venture Intelligence data on Early stage funding:
Early-stage funding by venture capital investors in startups hit a two-year low in the July-September quarter. The previous low was in the April-June quarter in 2014 when only 63 venture capital investments were closed. In the first nine months of 2016, the number of early-stage VC investments fell by 24% to 290 deals against 381 in the same period in 2015. Total capital invested fell by a third to $1 billion from $1.5 billion, according to data from Venture Intelligence. 

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 26, 2016

Taxi Industry In India: A Story Of Bootleggers And Baptists - Swarajya




Shreyas Bharadwaj of Swarajya does a detailed coverage of how players in the taxi industry are affecting changes to regulations through the prism of Bruce Yandle's Bootleggers and Baptists.
"..many states in the United States (US) had laws which banned the sale of alcohol on Sundays (the days Christians go to church). These laws were not only supported by conservative baptists, who viewed alcohol as demonic, but also by bootleggers (illegal traffickers of alcohol) who made good money selling alcohol illegally on Sundays at higher prices. While baptists would publicly lobby for the Sunday ban on the sale of alcohol, bootleggers would help out local politicians who were (and are) perennially in need of re-election funding. The law banning Sunday sales would contain no provision for banning the consumption of alcohol."
And what about the consumer? The answer is simple; they get the short end of the stick. The higher prices due to the ban make their pockets lighter. In effect, it is the (un)holy alliance of baptists and bootleggers which would cause prices to increase. 
So who are the role players in the Indian taxi industry?

1. Bootleggers are established taxi players who are actively lobbying to prevent others (Ola, Uber, etc) from legally competing with them and raising the cost of operations for these new competitors

2. Baptists are the ‘consumer protection’ activists who continue to spread hysteria over surge pricing and safety of using taxi aggregators, demanding that government equalise the playing field and more through the media.

Click here to read on how their interests are driving regulatory changes and how regulation is affecting the industry.

Image Credit: R Street


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 23, 2016

Chinese firms are now angels for Indian startups: Economic Times

An Economic Times article titled Chinese firms are now angels for Indian startups quotes Venture Intelligence data on investments by Asian companies in Indian startups:

Ctrip, one of China's largest online travel companies, invested $180 million in MakeMyTrip in January. China-based investment firm Hillhouse Capital has invested in CarDekho. Smartphone maker Xiaomi led a $25-million funding round in content provider Hungama Digital Media Entertainment in April. Taiwan's Foxconn has also made several investments, like in Qikpod, Hike and Snapdeal.


Whats driving investments by Chinese Companies and Investors? 
(Excerpts from the article)

1. "There are only two big growing markets where they can invest: India and the United States. Silicon Valley does not respect Chinese capital. So the Indian tech sector becomes attractive to them," - Mohan Kumar, Norwest Ventures.

2.  Chinese investors often value Indian startups at three to five times more than what other seasoned investors do, noted Kumar.

3. Due to political reasons Chinese (companies and investors) are for preferring partnerships and not outright buys. e.g. Chinese VC fund Incapital has tied up with Indian fund IvyCap Ventures for potential investment opportunities.

Related:





Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 22, 2016

Google Capital in talks to invest in ed-tech startup Cuemath: Times of India

A Times of India article titled Google Capital in talks to invest in ed-tech startup Cuemath quotes Venture Intelligence data on VC investments in the Education space:
As per Venture Intelligence data, 23 deals worth $233 million were announced so far this year compared to $66 million across 20 deals last year(in Edtech space). The largest of the rounds came through when Byju's raised about $120 million, a mix of primary infusion of capital and secondary sale of shares, in quick time from marquee investors like the Chan Zuckerberg Initiative run by Facebook founder Mark Zuckerberg and his wife Priscilla Chan.
Related:



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Why Venture Capital has replaced Growth Capital in LP Mindshare

It is well know from experience in the US, Venture Capital funds depend on 1-3 "super hits" in their portfolios to generate most of their returns. In India, this phenomenon started to play out with Redbus - whose $100 million+ sale to Naspers in 2014 - generated more returns for Seedfund than the size of the firm's fund. 

Of course, in 2015, the mega valuation spikes for horizontal E-Commerce Unicorns - Flipkart and Snapdeal - made the fortunes of their respective earliest investors: Accel India and Kalaari Capital (formerly IndoUS Ventures). In Sep-09, Kalaari Capital had invested $2.25 M (INR 10 Cr) in Snapdeal for a 40% stake valuing the company at $5.6 M (INR 25 Cr). In Feb-2015, Kalaari Capital made a partial exit worth $60 million with a 11x return (when Softbank invested in the company at $1.6 Billion valuation). At Snapdeal's $5.5 Billion valuation in 2015, Kalaari's stake - including the realized and unrealized portion - would fetch the firm a return of 26 times its investment.


(Click to View)

With out-sized returns like these, it is no wonder

1) Investors of all sizes (Mutual funds, Hedge funds, etc) and nationality (Chinese and Japanese) chased startups in India during 2015.

2) The success has led to a mini explosion in the number of seed / micro VC funds raising capital.

3) Limited Partners (LPs or investors in PE/VC funds) have developed a keen interest in the Venture Capital segment.  In an interview to Mint, Nupur Garg, Regional Lead - South Asia, Private Equity Funds at International Finance Corp (one of the top LPs in Indian PE/VC funds) says her firm is looking to invest in a couple of early stage funds. Extracts:
In fact, early-stage funds have access to a large pot of domestic institutional capital that is not so accessible for various reasons to the traditional growth equity funds. As of H1 2015, 43% of the funds-raised was for venture capital, vis-à-vis 36% growth equity and 20% buyout. More capital was raised for India-dedicated VC funds in first six months of 2015, than was raised in any single year between 2006-2013.
...We all know that Indian growth equity funds have generally under-performed. We can debate endlessly on who and what is to blame, but the fact is that the industry as a whole has so far not delivered the promise of the underlying growth in the market. Early-stage funds offer another route to tap into this growth and make out-sized returns. Plus there is experience and proof of concept available today, investing discipline is coming back in and valuations are coming closer to sanity. This coupled with the availability of high quality start-ups makes early-stage funds an attractive investment option for LPs. 
...Early-stage activity has exploded (while growth equity has declined), growing at 20% since 2008 thanks to the shifts in demand for capital within the entrepreneurial environment. And the number of early-stage fund managers has more than doubled—venture capital is fast eclipsing growth equity as the dominant form of investment in India.


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Demonetisation effect: VC, PE deals set to fall further in 2016: Moneycontrol

A Moneycontrol article on the effect of demonetisation on Private Equity and Venture Capital Investments quotes Venture Intelligence data.
According to latest data by analyst firm Venture Intelligence, VC investments in nine months of 2016 dropped 24 percent to 290 deals (worth USD 1 Billion) compared to 381 deals (worth USD 1.5 Billion) in the same period 2015. PE investments in the first 9 months of 2016 to USD 10.6 billion across 443 transactions – down 23 percent compared to USD 13.8 billion across 594 deals in the same period in 2015, the report added.

 Click here to read views by top VCs.


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

For fund-starved startups, Micro VCs are Beautiful: Economic Times

An Economic Times article  quotes Venture Intelligence data on early* stage investments:


*Early defined as seed investments in companies less than 5 years old.

Related:



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

VC Data Presentation at CII Connect Coimbatore 2016


Arun Natarajan, Founder of Venture Intelligence presented Venture Intelligence data on VC investing trends at CII CONNECT Coimbatore on a panel that included active Mumbai-based angel investor Sanjay Mehta.






Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 21, 2016

How to raise funding from Flipkart's Sachin Bansal & Binny Bansal

Excerpts from an ET article.

Why do Sachin & Binny Bansal invest in startups?


1. Principle of Paying it Forward

2. To back game changing companies which regular VCs might not fund

Examples include their investments in space tech company Team Indus and 3-D organ printing company Pandorum Technologies.

3. Keep themselves updated on the startup ecosystem.

Portfolio company InShorts (earlier News In Shorts) taught them the intricacies of how app metrics were different from web traffic metrics. 

Checklist to attract funding from Sachin & Binny 


A. Your business doesn't conflict with Flipkart

Binny Bansal exited from 3 portfolio companies - including Roposo and Zopper - when they pivoted their business models towards e-commerce 

B. Are you raising between $20k-500k?

That's their sweet spot / range.

C. Can you teach them a thing or two?

Refer point 2 above.

D. Sectors they like?

Healthcare, Education, IoT (Internet of things), Auto and AI.

E. How do I reach out to them? 

Get in touch directly or reach out to Sailesh Tulshan, Tsai Shen Capital.

Are you in Fund-raising mode? Check out our For Entrepreneurs page.

Sachin & Binny Bansal's Recent Portfolio Investments





Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Mint-Venture Intelligence Deal Tracker (Nov 14)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. The Weekly update is featured in the Deals Section (Page 3) on every Monday.

(Click to View)



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 20, 2016

ET Now Startup Central Funding Meter - Week of November 11

Catch the Weekly Segment of ET Now's Funding Meter powered by Venture Intelligence. The show features Arun Natarajan, CEO - Venture Intelligence covering top Deals of the week and upcoming trends. The week's edition includes rising interest of Corporate investments in startups and VC interest in the logistics space.

(Click to View)



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 14, 2016

The Bubble that never was: The Ken

An article by The Ken titled The Bubble that never was quotes Venture Intelligence data on VC investments in India:
According to Venture Intelligence, compared with the $1.6 billion invested in the first nine months of 2015—January to September—venture capitalists invested a little more than $1 billion in the same period this year. While this 35% drop is material, it is a sign that the market is efficient and self-regulating. The year 2015 was one where the “accepted normal” was reset to a new level – as with most major market resets, there were occasional overreaches with companies getting funded more than they deserved and at higher valuations than they merited, the lower figures this year represent an organic rationalization instead of a “bubble burst”.
Click here to read the article.


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Mint-Venture Intelligence Deal Tracker (Nov 7)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. The Weekly update is featured in the Deals Section (Page 3) on every Monday.




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 12, 2016

Can Indian Startups Crack the "Financial Discipline" Puzzle?


Speaking at the Venture Intelligence APEX PE-VC Summit in March 2016 - at a time when belt tightening among start-ups was the need of the hour - Avinash Luthria, Principal, responsAbility, advised tech entrepreneurs to mimic the frugal practices adopted by traditional Indian business communities like the Banias and the Marwaris. 

Now, Anand Lunia, Founder of seed fund India Quotient, has made a blog post on the specific ills that seem to be preventing Indian start-ups from walking the talk on frugality. Extracts:   
Interestingly, Revenue per employee and capital efficiency have been identified by practically everyone as a big systemic problem in India.
...Uber did not offer a call center in India. Ola did, and consumers continue to call the helpdesk for every 30 seconds delay in their pick up. 
...Founders hire as per projections. For the first two board meetings, investors also focus on ‘team building’. Unable to meet the stretched targets presented to the board while raising money, the founder tries to compensate by meeting all hiring targets and sometimes even exceeding them, all in good faith. 
...Pushed by the board, young founders have only one goal in mind- hack your way into the next round of growth. So unlike traditional companies where focus is on efficiency and long term profits, founders don’t get a chance to think of processes and organization design for the next 3/5 years.
...A fintech co that does far less revenue per employee than regular banks do is not really disrupting anything. 
..There is a churn in VCs and new blood is joining. The focus has been only on growth metrics so far and proving the market has been a priority. It will be good to see some new, more comprehensive ways of analyzing and managing companies. Founders need to think long term, beyond the metrics that get measured for funding.
Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 10, 2016

Legal Capsule by Tatva Legal

Notifications by the Department of Economic Affairs regarding Specified Bank Notes: Ceasing to be of Legal Tender

1. Introduction

November 8, 2016 will no longer only be remembered for the most anticipated elections of the United States of America, but also for the announcement made by the Prime Minister of India, abolishing legal tender of five hundred rupees and one thousand rupees valued bank notes of the existing series except with certain exemptions.

2. Power of the Central Government to abolish legal tender of Bank notes
2.1. The Reserve Bank of India (“RBI”) has the sole authority to carry on and transact the business of making and issuing bank notes in India by virtue of Section 17 (15) of the Reserve Bank of India Act, 1934 (“RBI Act”).
2.2. RBI Act also specifies that all bank notes shall be legal tender. However, Section 26(2) of the RBI Act, provides power to the Central Government on recommendation by the Central Board of Directors of the RBI to declare by notification that bank notes (of any series or denomination) shall cease to have legal tender with effect from a date as may be specified in the notification.
2.3. Central Government on recommendation of the Central Board of Directors of the RBI has issued the notifications S.O. 3407(E) and S.O. 3408(E) under Section 26(2) of the RBI Act. 

3. Notification S.O. 3407(E)
Notification S.O. 3407(E) deals with the following (i) reasons for the said notification; (ii) Specified Bank Notes ceasing to be of legal tender; and (iii) Instructions to banking companies; and (iv) instructions to persons other than banking companies holding the Specified Bank Notes.

3.1. Reasons for the said notification

The reasons specified in the notification are:
(a) The fake currency notes of the Specified Bank Notes that are largely in circulation cannot be identified from the genuine notes and the use of the fake currency notes is causing adverse effect to the economy of the Country;
(b) The fake currency notes are also being used for financing subversive activities such as drug trafficking and terrorism, causing damage to the economy and security of the Country; and
(c) High denomination bank notes are being used for storage of unaccounted wealth. 

3.2. Specified Bank Notes ceasing to be of legal tender

Notification S.O. 3407(E) declares that bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees (hereinafter referred to as Specified Bank Notes”) shall be ceased to be legal tender with effect from the 9th November, 2016 to the extent specified in the said notification.

3.3. Instructions to the banking companies

3.3.1.The banking companies have been instructed by the Central Government to do the 
following in the timelines specified below:
(a) File a return with RBI specifying the details of Specified Bank Notes held by the banking company at the close of business on November 8, 2016 not later than 13:00 on November 10, 2016;(b) Remit the Specified Bank Notes to the nearest currency chest or branches or offices of RBI;
(c) All the banking companies will remain closed for transaction of all business on November 9, 2016 except for the preparation for implementing this scheme;
(d) All ATMs, and other machines used for receipt and payment of cash must remain shut on November 9, 2016 and November 10, 2016;
(e) The sponsor banks of white label ATMs must replace the Specified Bank Notes with notes having legal tender prior to activation of ATM machines on November 11, 2016;
(f) All banks must ensure that their ATMs will only dispense Rs. 100 or Rs. 50 until further instructions from RBI; and
(g) From November 10, 2016 onwards the banks may begin normal transactions and submit on end of each business day, a statement showing the details of the Specified Bank Notes exchanged by the banking company in the format specified by the RBI.
3.4. Instructions to persons other than banking companies holding the Specified Bank Notes

3.4.1.In terms of the notification, any persons having the Specified Bank Notes other than the 
banking company may exchange the same with bank notes having legal tender at any issue office of RBI, banks and post offices up to December 30, 2016 subject to the conditions mentioned below:
(a) The Specified Bank Notes of aggregate value of Rs 4000 or less may be exchanged for bank notes with legal tender with a requisition slip format and proof of identity; The limit of Rs. 4000 will be reviewed after fifteen (15) days form the date of the notification;
(b) Any amount of Specified Bank Notes may be credited to the account of such person maintained with the bank if such account is KYC compliant, otherwise such person cannot deposit more than Rs. 50,000 Specified Bank Notes;
(c) Pursuant to (b) above, with respect to the Specified Bank Notes deposited by a person, the bank may credit equivalent amount to the account subject to normal banking procedures;
(d) Cash withdrawal over the counter will be restricted to Rs. 10000 per day and Rs. 20000 per week until November 24, 2016. The limit prescribed will be reviewed after November 24, 2016;
(e) Cash withdrawal through ATMs will be restricted to Rs. 2000 per day per card until November 18, 2016 and Rs. 4000 per day per card from November 19, 2016 onwards;
(f) There will be no restrictions on non-cash transactions; and
(g) Any person who is not able to exchange the Specified Bank Notes before December 30, 2016 will be provided with an opportunity to do so at specified offices of the RBI or such other facility until a later date.
4. Notification S.O. 3408(E)
Notification S.O 3408(E) saves the legal tender of the Specified Bank Notes until
November 11, 2016 to the extent that the Specified Bank Notes are used for the
transactions mentioned below:
(a) Making payments at Government’s hospital and pharmacies;
(b) Purchasing tickets at railway ticket counters, Government and public sector
undertakings airlines and busses;
(c) Purchasing at consumer co-operative stores operated by Central and State
Government;
(d) Purchasing petrol, diesel and gas at stations operating under the authorisation of public sector oil marketing companies;
(e) Payments and crematoria and burial grounds;
(f) Exchange of Specified Bank Notes by passengers arriving and departing at
international airports with notes having legal tender upto a limit of Rs. 5000; and
(g) Exchange of foreign currency or Specified Bank Notes by foreign tourists with notes having legal tender upto a limit of Rs. 5000.


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 08, 2016

Edelweiss, Canada’s CDPQ to invest $750 million in stressed assets: Mint

A Mint article titled Edelweiss, Canada’s CDPQ to invest $750 million in stressed assets quotes Venture Intelligence data on PE/VC Investments in Asset Reconstruction companies.  



Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 07, 2016

Partner Event: ESOP Direct Conference

http://www.esopdirect.com/conference2016/

Mint-Venture Intelligence Deal Tracker (Oct 31)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. The Weekly update is featured in the Deals Section (Page 3) on every Monday.





Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Angel investments pick up pace in Q3: Mint

A Mint article quotes Venture Intelligence data on rising angel investments in Q3 2016.




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

November 02, 2016

For Indian ecommerce players, Chinese investors are emerging as a potent option

An Economic Times article titled For Indian ecommerce players, Chinese investors are emerging as a potent option quotes Venture Intelligence data on Chinese investors in India:
According to venture capital tracker Venture Intelligence, from January 2015 to April 2016, Chinese investors, including Alibaba and Tencent, committed roughly $1.1 billion to Indian startups. Venture capitalists are not surprised that there is a bit of China in most of the top Indian startups.

Read Related Posts:


The Japanese & Chinese Connection in India

Chinese investors go head to head with traditional investors in investing in India

Video - India: The Big Picture for 2016 (Includes a discussion on China)


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Investor interest in microfinance institutions at an all-time high in 2016

A Mint article titled Investor interest in microfinance institutions at an all-time high in 2016 quotes Venture Intelligence data on the historic high of PE/VC Investments in Microfinance:


2016 Reports on Other Sectors:




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Partner Event: Global Investment & Acquisitions Forum 2016


To Register Contact Kruttika - 011 4954 5400, 2686 3801; Ext-302

October 26, 2016

Young Entrepreneur Awards: BusinessWorld

Here are the BusinessWorld Young Entrepreneur Award Winners with investor data from the Venture Intelligence PE/VC Deals Database:


The BW article also quotes Venture Intelligence stats on startup shutdowns in 2016:
"According to Venture Intelligence, as many as 30 startups shut shop in 2016."


Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

October 25, 2016

Cyrus Mistry vs Ratan Tata: Contrasting styles in investment - Mint

A Mint article quotes data from Venture Intelligence M&A Deals Database  to contrast the deals made by Cyrus Mistry and Ratan Tata:

"While Cyrus Mistry’s tenure as Tata Sons chairman was punctuated by divestments, predecessor Ratan Tata focused on acquisitions."




Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.