Knowledge Partners

 Economic Laws Practice       Avalon Consulting

 Technloogy Holdings   

June 26, 2012

A Nation of App Developers?

Looks like the built-in business model in the mobile apps space (unlike the Internet where everything is expected to be free) is unleashing an entrepreneurial wave across the country. From the Business Today article:
From New Delhi to Nagpur, Salem to Sonepat, companies developing apps are mushrooming everywhere. There are about 9,000 of them in India at present, estimates Convergence Catalyst, a research firm, all seeking a slice of the $8.5 billion global app revenue pie. Another estimate puts the number of app developers in India at 250,000. A few have already won global recognition: Aadhar Bhalinge, for instance, won $20,000 in a World Banksponsored online apps contest with his 'Smart Rickshaw Network' app, which proposed employing rickshaw wallahs in developing countries to feed live traffic updates into a subscription service.

"It is very empowering," says Sharad Sharma, Chairman of the NASSCOM Product Forum, and a former CEO of Yahoo! India R&D. "Two or three people getting together can form an app development company. Most of the people consuming apps are young. They have a visceral feel for what their consumers will need. Many young people are transitioning from a service mindset - taking up jobs with big software companies - to doing products."

There are converts from the service mindset as well. Nikunj Jain joined PWC after graduating from IIT Delhi, in 2010. But he found his job boring and soon quit. He then started an app development company, inoXapps, initially setting up office in his own east Delhi apartment with Rs 2.5 lakh from his savings. Jain and his team developed a finger print security scanner app for Android phones - using the app, the owner can unlock his phone by simply pressing his finger to the screen. It has had over 12 million downloads so far. inoXapps has since developed over 100 apps.

Venture Intelligence is the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports.

Happening Desi FMCG Companies

Business Today has a cover story on various regional Indian FMCG companies - including Vi-John |Havmor | Sakthi Masala | Mapro | Dantadhavanachoornam | Sosyo | Wagh Bakri | Kalimark - that are giving their MNC competitors a run for their money.
In the Rs 350-crore male grooming market, sophisticated brands such as Gillette and Axe may be more visible, but in the basic category of shaving creams, Vi-John sells more than twice as many units as Gillette, according to Nielsen India data shared by an industry source.

...Wagh Bakri, which has a share of almost 50 per cent of the Gujarat market, and around seven per cent of the Indian market for branded tea, is steadily becoming a national brand, as it already has a presence in more than seven states.

...Also on our list of tenacious brands are Sosyo, a soft drink brand, and Havmor ice cream, both popular in Gujarat, Mapro fruit products from Maharashtra, soft drink maker Kalimark and Sakthi Masala from Tamil Nadu, Himgange herbal products from Uttarakhand, and K.P. Namboodiri's oral care and other products from Kerala
Venture Intelligence is the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports.

Deal Alert: OneAssist gets funded by Sequoia and Lightspeed Advisors

From the Press Release: 

OneAssist Consumer Solutions Pvt Ltd, an assistance company, was founded in 2011 by Gagan Maini and Subrat Pani and has Sequoia Capital and Lightspeed Venture Partners as its marquee investors.

OneAssist today announced the launch of its first few products – WalletAssist, MobileAssist, EverydayAssist and TripAssist. In an increasingly time poor world where the pressures of modern life bring many associated worries, OneAssist aims to create a ubiquitous platform for assistance and protection programs across different verticals helping consumers manage their lives without disruptions. OneAssist believes that a few essentials that form part of people’s everyday life also significantly increases their dependency on them – mobile phone, credit and debit cards, KYC documents and financial documents, passport for example are an integral part of a large number of people’s routine lives. Loss of any of these objects mostly leaves a person stranded and very helpless. OneAssist products and services are aimed at providing a solution to a number of such scenarios that interrupt normal routine, causing significant stress. 

Said Gagan Maini, Co-Founder, OneAssist, “Our dependence on modern day convenience essentials like smart phones, payment cards have increased manifold. At OneAssist, we aim to be that one friend you can call in your moment of crisis no matter where you may be in the world. While we are starting with four products, we will over time also bring a wider suite of products to alleviate many more of everyday life’s worries of Indian consumers.”

Subrat Pani, Co-Founder, OneAssist said “We are here to redefine many aspects of the ‘assistance services’. Our current products are an outcome of significant amount of consumer research and understanding of their needs. Each of our services offers an end to end solution to specific area of disruption that consumers have highlighted. All it takes is one call and OneAssist will help its customers in their moment of distress. Additionally, technology has a large play in our service delivery and we have given the highest priority to the safety and security of our customers’ information.” 

In the event of a loss of a mobile handset, a member will only need to make one call to OneAssist to block one’s SIM & Phone, delete all data from the smartphone (photo, files & contacts) and also switch on a remote alarm on the handset. This is a unique proposition also covers the member against any SIM misuse. Besides they will be also able to restore and update all of the above data on their new handset. The technology platform used by OneAssist is independent of the operating system or telecom service providers. 

OneAssist offers the facility of providing its members with a temporary handset in the event of phone loss while traveling within India where the contacts can be loaded to ensure that the member’s life continues as is. 

Said Mohit Bhatnagar,Managing Director, Sequoia Capital , “Indian consumers need a convenient and swift way to replace a lost wallet or mobile. Any person who has lost his wallet or mobile understands the feeling of helplessness and desperation. That’s where OneAssist steps in and helps Indians "live uninterrupted". Sequoia is confident that this investment will help OneAssist scale quickly to address the large market need.” 

Said Bejul Somaia, Managing Director, Lightspeed Advisory Services, “OneAssist’s entire proposition has been designed basis significant consumer understanding and research. Consumers increasingly seek conveniences and OneAssist through its basket of assistance & protection services provide unique solutions in very relevant areas that touch our daily lives.” 

As a part of the ‘WalletAssist’, just one call from the customer and OneAssist will block all the bank cards i.e. credit, debit and pre-paid reported as lost and also help in replacing important documents like driving licence and pan card. OneAssist will also arrange to help its member in the settlement of the hotel bills in India and abroad in case the customer has lost his wallet besides also arranging for the return travel tickets. 

As a part of the Everyday Assist, customer gets assistance in case of loss or theft of his wallet, smartphone or even passport. If a member is travelling internationally and loses his passport, OneAssist will guide the member by helping him connect with the Indian consulate and if required will also arrange for a foreign language interpreter on call in case its customer is inconvenienced.

Its TripAssist product has been designed specially for shorter duration travels and is a must have for all travellers – both, domestic or international. 

Every customer availing of any OneAssist products will also get the benefit of DocuSafe- an online individual locker for storing all important documents. Be it one’s personal documents, financial documents, identity documents or travel documents, these can now be accessed from anywhere around the world. OneAssist’s security ensures only the member has access to his/her DocuSafe. 

OneAssist is confident that these are relevant, unique and important products that will address the needs and worries of many hundreds of thousands of Indian consumers today and in the years ahead. 

The official website :

Deal Alert: CloudByte Receives $2.1 mn Series A funding from Nexus Venture Partners

From the Press Release:

CloudByte Inc., building next generation storage virtualization products, announced that it has raised $2.1 million in a Series A funding led by Nexus Venture Partners. Kae Capital also invested as a part of this fund raise.
CloudByte Inc. was founded a year ago by a team of senior technology professionals with extensive experience at Novell, NetApp, HP, Juniper Networks, Bell Labs, and Amazon, and a background in creating, developing and managing products in cloud storage and security technology areas.

Srivibhavan Balaram, Founder & CEO, CloudByte, said, “Storage virtualization is far behind server virtualization in terms of delivering security, predictable performance and high utilization in a manageable and cost effective manner. The CloudByte solution bridges this gap by delivering full-functionality storage virtualization so that enterprises and cloud service providers can reap the full benefits of a virtualized data center. The funding will be used to expand sales efforts in the US and Asia markets and for ongoing product development. Nexus has backed successful companies like and Gluster in cloud and storage areas, and we see them as great partners as we create a leader in the storage virtualization space. We also wish to thank Kae capital for trusting our vision and investing in our future.”

“To maximize the benefit they gain from server virtualization, enterprises and service providers are seeking cost effective solutions to improve storage utilization without impacting performance. The CloudByte founders have built a world class product to address this issue. At Nexus, we look to back companies that address infrastructure pain points in the migration to the cloud and we are excited about partnering with CloudByte”, Sandeep Singhal, Nexus Venture Partners, said.

With a strong development team based out of Bangalore, CloudByte has already filed several patents and has a number of pilot projects underway with leading cloud service providers, enterprises, and storage resellers. CloudByte provides service providers and enterprises a carrier grade multi-tenant storage solution with predictable performance, secure isolation, and ease of administration, based on open standards and at an affordable price point. CloudByte 5.0 is a software only solution that is highly scalable with an open architecture based on industry standard protocols which enables customers to consolidate their existing storage infrastructure and expand seamlessly using commodity hardware.

About CloudByte, Inc.

CloudByte Inc. ( is a disruptive next generation storage virtualization software product company headquartered in San Mateo, CA, USA with its engineering team based in Bangalore, India. CloudByte’s software only solution helps customers save significant cost through the next generation of storage virtualization that delivers high utilization, predictable storage performance with full isolation and security. The CloudByte solution runs on industry standard hardware and allows cloud service providers & enterprises to consolidate and migrate proprietary storage solutions from other vendors to multi-tenant environments while realizing the true benefits of storage virtualization. 

About Nexus Venture Partners 

Nexus Venture Partners ( is India’s leading venture capital fund, with offices in India and Silicon Valley. It has $320m under management and an active portfolio of over 40 companies across technology, internet, media, consumer, business services sectors. The Nexus team plays an active role in helping entrepreneurs and management teams build market leading businesses. Some of the companies that Nexus has invested in include (Cloud provisioning platform acquired by Citrix), Gluster (Open source cloud storage, acquired by Red Hat), Pubmatic (Publisher Ad revenue optimization), DimDim (Open Source Web Conferencing acquired by, (Daily deals platform), MapMyindia (Digital Navigation), Netmagic (Managed Services and Cloud acquired by NTT), Komli (Online ad network), Prana (Animation services), and Bigshoebazaar (Online wholesale cash & carry platform).

June 21, 2012

Luis Miranda On Valuations

Former IDFC PE CEO Luis Miranda has started a on the Forbes India web site with a post on (what else?) valuations. And, given the topic, it's no surprise that several PE professionals have chimed in with comments.
It doesn’t make sense for investors to get a “cheap” deal or for entrepreneurs to con investors into paying too high a price. If this happens there is no true partnership and as the comedian Russell Peters said, “Somebody gonna get a hurt real bad”. India is a high-growth economy, irrespective of what foreign investors say and what the government does or does not do. And in a high growth economy it is even more difficult to predict future prices, volumes, competition, etc. So, if there is a serious valuation mismatch one has to look at structures to bridge the gap–if the entrepreneur wants too high a valuation, a structure can be worked out where if targets are not met, the investor’s shareholding in the company ratchets up.

Alternatively, and this is a framework that I prefer, the entrepreneur can agree on a lower valuation and earn out a higher shareholding based on meeting pre-set targets. The reason why I prefer this option is that it causes less stress on the company to meet tough targets (sometimes caused by external factors, like the 2008 global financial crisis). I have seen enough companies in recent times whose souls have been destroyed because the entrepreneurs are cutting corners to meet the high targets they set themselves up for when they closed their PE round at a high valuation. Entrepreneurs fail to realise that they can destroy their company or their relationship with an investor if they push for too high a valuation. If properly structured, they will end up with the same or higher shareholding if they meet their targets. And this is where investment bankers need to nudge both sides to close a “fair” deal. No one will grudge the other side if they both believe they have a “fair” deal.
Venture Intelligence is the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports.

June 20, 2012

Deal Alert: YourNest Angel Fund invests in Mycity4kids

From the Press Release:

Just4Kids Services Ltd, the parent company that owns the mycity4kids brand, has raised funding from YourNest Angel Fund, an early-stage venture capital fund.

mycity4kids is a vertical e-commerce portal focussed exclusively on local kids-related services for children up to the age of 14. Parents can visit the site to search for information, look for recommendations and pay, thereby completing the entire purchase process online. The exhaustiveness of the listings, the ability to search on the basis of locality, the child’s age, reviews and ratings and pay online or by availing the cask pick-up facility, make it a must-have tool for all parents in every city.

With 120 lac households present in the top 16 cities in India, the market for kids’ services is estimated to be worth Rs. 15,000 crores. mycity4kids is the first venture not only in India but also globally to create a unified platform for parents to find services for kids. The portal also provides a proprietary marketing and sales platform for local businesses to seamlessly promote their services, manage leads and responses and collect money online or though the cash pick-up facility.

The portal is the brainchild of Vishal Gupta, Prashant Sinha, and Asif Mohamed- who, having worked in leading companies like HUL, Pepsi, Aviva and I-flex Solutions, decided to trade in their corporate careers to help parents discover the best their city has to offer for kids.

Speaking on the funding, Vishal Gupta, Founder and Managing Director said, “We’re delighted at YourNest Angel Fund expressing confidence in our venture by making an investment in our company. The funds will primarily be used to expand our geographical presence within the top cities in India and abroad as well.”

Sunil K Goyal, CEO and Fund Manager, YourNest Angel Fund said, “The single-minded focus on the highly attractive and under-leveraged demographic segment of kids and the quality of the founding team are the two stand-out reasons for us investing in mycity4kids. We also believe that the pain-point that mycity4kids is trying to solve for parents is a universal one and the business-model therefore, can be seamlessly replicated in several large cities across different countries.”

Subsequent to the investment, Girish Shivani, Founder Director – YourNest Angel Fund will join board of mycity4kids as YourNest Angel Fund’s nominee. mycity4kids currently caters to parents in Delhi NCR and will be extended to Mumbai and Bangalore on the 15th of July. Over the next three years the service will be available in the top 16 cities in India.

About mycity4kids mycity4kids is an online marketplace for kids-related services where parents can search for information, look for recommendations and pay online or in cash. Founded with the vision 'about your child, around your home', unearths the best each city has to offer kids in and around their neighbourhood - from kids events to fun family outings, discounts and offers, to a comprehensive listings of products and services for children. It provides a platform for parents to access information as well as share their favourite places and most memorable experiences.  

About YourNest Angel Fund YourNest Angel Fund is a SEBI registered early stage domestic venture capital fund. It invests in businesses built on vibrant, new ideas and in the opportunities opened-up by the explosive growth in entrepreneurial activities in India. YourNest plans to maximize returns by enabling portfolio companies to build scale and create value. It focuses on building a diversified portfolio of fast growing unlisted start-up companies that are attempting path-breaking use of technology or have an innovative business model or build on a scalable & SMART Idea or represent an emerging sector.

YourNest offers support, constant guidance, handholding, expertise in business strategy, and access to a wide network for entrepreneurial growth – besides funds. For details, please refer to

June 19, 2012

Harsh Mariwala launches entrepreneur mentoring foundation Ascent

To start with Mumbai- & Pune-based entrepreneurs

Harsh Mariwala, who has steered Marico to grow in sales from Rs. 40 lac in 1971 to Rs. 4,000 crore today, has launched a foundation - ASCENT (short for Accelerating the SCaling up of ENTerprises) - that will identify entrepreneurs with potential and enable them in their growth journey.

ASCENT offers a unique and powerful
self-help” platform through the formation of TRUST GROUPS of 10 Entrepreneurs each. Each Trust Group will comprise non-competitive, diverse groups of entrepreneurs. We aim to start with 10 TRUST groups in Mumbai and Pune, and over the next few years scale up ASCENT to a much larger size pan-India.

The interaction in the Trust Groups has been designed to provide value to entrepreneurs, using the power of learning in a Group, specifically through the following:

· Facilitation – ASCENT will provide experts who will play a value adding role as Initiators and Trainers for the Group in its first few months and set it up for success.

· Group Moderation - ASCENT will select Moderators from within the group and train them in facilitation, so that the Group can run successfully on its own.

· Insights - ASCENT Knowledge Partners - inspiring role Models and domain experts - will add specific insights and value to each group through their sessions.

· Eco-system - ASCENT will provide access to growth enablers - Consultants, Investors, VCs, banks, Mentors, Coaches-in collaboration with various Service Providers.

Ascen tis currently in the process of selecting entrepreneurs for Ascent Trust Groups. The eligibility criteria are as under.

· Minimum Annual turnover - Rs. 2.50 cr for a Products/Manufacturing business, & Rs. 50 lacs for a Services business

· Growth Potential - Business must have demonstrated high potential for growth

· Ambition- the Entrepreneur must be ambitious and innovative.

· Belief in the power of learning and Sharing - The Entrepreneur must be eager to learn, share, collaborate and innovate along with fellow- ASCENT members

Application forms are available online on

You can join SCENT and support this growth movement through the following:

· Spot entrepreneurs and recommend Ascent to them. If you have access to an existing network of entrepreneurs, connect them to ASCENT.

· Spread the word around about Ascent. Help us increase the outreach so that we can help more and more entrepreneurs grow.

· Suggest Knowledge Partners and Service Provides for Ascent. Share any thoughts / ideas that can contribute to Ascent.

Ascent is a non-profit entity expression of Harsh Mariwala's personal social responsibility towards entrepreneurs. Harsh Mariwala bears all expenses for ASCENT personally.

Interested Entrepreneurs, can APPLY online on

For any clarifications, please contact:

Viral Savla
Manager, Ascent
+91 98215 70230

June 16, 2012

Do single product e-tailers have an edge?

The debate that must have had about 15 years ago - whether it should stick to selling books or move into other categories - is now happening at niche Indian e-tailers. From a Business Today article.
Niche players have two kinds of clientele. "In the cities, they provide convenience and value, while in the small towns they provide availability," says Raghav Gupta, Principal at investment firm Booz and Co. Increasingly, a substantial part of these websites' patrons come from Tier-II and Tier-III cities, where many now have the purchasing power to afford the best, but often cannot find shops in their area selling premium products and brands. "We see a lot of high value electronic items being bought from smaller cities," says Arindam Bose, MD and Chief Customer Officer, timtara. Amin of bestylish says half his orders come from the smaller cities. As for items like lingerie, many small town folk prefer buying online rather than at a store. "The social discomfort associated with buying lingerie magnifies as you go to smaller towns," says Richa Kar, co-founder and CEO of Zivame. "Our growth in the smaller towns has been phenomenal."

...In their bid to achieve scale, niche websites are moving in two different directions. "Firstcry was so successful that we have launched another specialised website - for personal care products," says Amitava Saha, its co-founder. On the other hand, timtara has followed the flipkart path, moving from one item to several: it now also sells lifestyle and personal care items. "Initially, we focused only on electronics, but after market research and customer feedback we introduced other categories too," says Bose, its MD.

Venture Intelligence is the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports.

Can E-Grocers take on the Kirana Stores?

Business today has an article on the challenges facing BigBasket and its smaller competitors.
One reason why no e-grocery startup other than BigBasket has managed to raise money is that margins are wafer-thin. "At a gross margin of 12 to 15 per cent, profitability cannot be more than two per cent," says Gaurav Saraf, Director of Epiphany Ventures, a venture capital firm. The gross margin on fast-moving consumer goods is as low as 14 per cent. On fruit and vegetables, it is around 16 per cent but shelf life is shorter. This is why many sites, including MyGrahak and FamilyKart, stay away from fresh produce. BigBasket, however, says it has no problem. "Fruit and vegetables are procured only on order, except for those with a longer shelf life, such as potatoes and onions," says Menon. "This reduces loss of stock by three to four per cent."

One of the biggest rivals of e-grocers is the local kirana store, which offers home delivery in many cities, often within an hour. But Ascent Capital's Mittal says kirana shops lack the cost advantages to offer customers the best price, and cannot stock a wide range of products. BigBasket tries to consolidate orders in a locality and reach the customer in eight to 24 hours. But is that enough? Manohar Mason, Managing Director of Pentagon Communications, a marketing and consulting firm, doesn't think so. He says: "People can wait for books, but not groceries."

...Saraf of Epiphany Ventures cites the success of British retailer Tesco, which operates offline and online. "It suggests that a hybrid model works best for grocery," he says. "A startup can't compete on procurement with a Reliance Retail, which has the entire supply chain mapped out." Sourcing efficiencies allow big retailers to offer discounts. BigBasket's Menon is undaunted.

Venture Intelligence is the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports.

June 13, 2012

"No More E-Commerce": Flipkart investor

“We were the first fund to invest in e-commerce trading platforms in India. We don’t think all the companies funded are bad. However, now many ‘me too’ kind of companies are coming up. We believe there is not much room for new e-commerce companies to come and exist...There are opportunities for the existing e-commerce companies to scale up and they may attract investments from some of the later-stage VCs. But we are not planning to seed-fund any new firm. Now, there are talks of consolidation and acquisition between portfolio companies and other e-commerce companies” - Prashanth Prakash, Partner, Accel Partners in an interview to Business Standard.

On a related note, Nasscom's Emerge Forum has a series of posts on e-commerce in India.
One of the lesser known factors behind e-commerce growth has been the increased adoption of online buying model by smaller cities. With 30 million active Internet users in these cities, the contribution to e-commerce sales in India is estimated to be around 40%. Lack of attractive offline channels outside large metros coupled with increased brand awareness is driving these consumers online according to industry reports.

...Not surprisingly, e-commerce adoption is highest for product categories that have low ‘touch and feel’ requirements such as travel and ticketing and financial services. The apparel and fashion segment has also seen a number of initiatives, especially in niche areas such as baby clothing and premium brand websites. As the number of categories expands, average ticket values have gone south. Industry data shows that previously, buyers from high income segments such as SEC A formed the bulk of online purchasers. With greater e-commerce penetration, cheaper goods, even second hand cell-phones are being bought on-line....CLSA believes that the Indian market can sustain at most 1-2 horizontal players such as Flipkart, 2-3 garments or lifestyle players and a handful of niche players.

...While the number of e-commerce users in India is on the rise, Indian Internet companies are still battling price wars and high customer acquisition costs, competing for a share in the same pie. The average ticket size for e-tailing has gone down and there is little or no incentive for buyers to increase the average transaction value. The downside of e-tailers offering Cash on Delivery (CoD), is the return rate of goods which is as high as 20%-30% in some categories like fashion, while categories like electronics offer poor margins. Leaders in the space are using CoD as a model for successful penetration into tier 2 and 3 cities to win customer confidence, and are increasingly becoming aware that this is not suitable for scaling up as the infrastructure is not supportive in these cities.

Business Today has more on the "long journey to profitability" of e-retailers.
Flipkart's customer base increased 10 times in the past year. It ended 2011/12 with a top line of Rs 500 crore, and expects that figure to grow by four times in the current year. The company and its associates are losing money: according to three people with knowledge of its operations, losses are at least Rs 6 crore a month. Flipkart's filings with the Registrar of Companies say it lost Rs 91.27 lakh in 2009/10 and Rs 1.37 lakh in 2008/09. The increase in losses since 2009/10 is due to the cost of customer acquisition. E-retail industry executives say the cost of acquiring each new customer - expenses include advertising and search engine optimisation, which improves visibility in search results - is Rs 800 to Rs 1,500. By contrast, the average price of a book is Rs 300.

...In the last 15 months, online fashion retailer Myntra has doubled revenues every four to five months. To double them again, it must build capacity in terms of people, warehouses, and stocks. By reducing marketing expenses, it expects to become profitable by October 2013. It has cut the cost of customer acquisition from Rs 1,300 in March 2011 to Rs 400 now, says CEO Mukesh Bansal. "It's our secret sauce. We have a deep understanding of online consumers." Myntra does not discount much. Margins are higher in fashion retail than on books or mobile phones. Online fashion brand Yepme, too, expects a net profit by November 2013 - faster than a seller of books or electronics could do.

For those who discount - which means most Indian e-retailers - the path to profitability is lined with thorns. Executives connected to the e-commerce industry say most companies are not profitable at even the gross margin level, going by international accounting standards. Discounts, free shipping and cash on delivery (COD) eat into profits. Free shipping for books and apparel adds up to 10 per cent of revenues. COD, necessary because not all customers pay by credit card, can eat up as much as eight per cent of the top line. "COD adds Rs 50 to Rs 100 to costs, and 60 per cent of Indians pay this way," says Aashish Bhinde, Executive Director, Avendus. "That can be brought down to 20 per cent if things like mobile payment work out."

Venture Intelligence is the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports.