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Showing posts from 2018

Why head honchos of PEs are starting their own funds: Times of India

A ToI article, covering fund managers launching new funds, quotes data from Venture Intelligence's Fund Raising database:

The article also quotes PE-VC investments data from Venture Intelligence: PE firms invested a record $8.2 billion across 158 deals during the quarter ended June 2018. That’s a 60% jump compared to the same period last year, according to data from Venture Intelligence. The latest figures have catapulted total PE investments in the first half of 2018 to $12.4 billion (across 315 deals) - a figure similar to the one recorded in first half of 2017 (across 358 transactions). Incidentally, 2017 was the biggest ever year for PE investments in India, recording $23.5 billion across 660 deals. What is driving these new fund launches? Click here to continue reading.
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.

Government’s infrastructure focus draws investors: ET

An ET article quotes Venture Intelligence data on PE investments in road sector Private equity (PE) investments in the roads sector have shot up to a decade high of $1,827 million (approximately Rs 12,240 crore) in 2018 so far according to the data from Venture Intelligence. This was boosted by $1,487 million investment by Macquarie in a toll-operate-transfer (TOT) project of NHAI in March 2018. In 2017, PE funds had invested $465 million.

Click here to continue reading.
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.


Despite tech prowess, start-ups in space sector find it hard to raise funds: Business Standard

A Business Standard article quotes Venture Intelligence data on Private Equity & Venture Capital investments in space technology:
PE-VC Investments in Aerospace Companies CompanyInvestorsAmount US$MDateExseed SpaceExseed Electronics FundN.A*Apr-2017Pinaka Aerospace SolutionsKITVEN0.6Dec-2015Team IndusNandan Nilekani, Others1.5Mar-2015Maini Global AerospaceUndisclosed10Nov-2011Mahindra AerospaceKotak PEN.A*Apr-2010Trusted Aerospace & Engg.Subhkam VenturesN.A*Dec-2007HAL Edgewood TechnologiesEdgewood Ventures0.35Mar-2007

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.

At $22 billion, 2018 sees most exits by PE/VCs till date: The Times of India

A ToI article quotes Venture Intelligence data on Private Equity & Venture Capital exits in India: Driven by the Walmart-Flipkart deal, the year has so far seen nearly $22 billion worth of exits till date through more than 160 deals, according to data from research firm Venture Intelligence. While 2017 saw $14.5 billion for the whole year, previous years saw less than $10 billion. Analysts point out that while the Flipkart deal contributed to a chunk of the deal size in terms of value ($12 Billion), the mood among investors also favours exits. "IPOs, M&A exits and acqui-hires have contributed to the 165 deals so far. Among IPOs, the engineering firm Varroc went public where Tata Capital sold its entire stake in the company. AU finance saw Kedaara Capital and Warburg making a partial exit," said Venture Intelligence MD Arun Natarajan.  With unicorns raising funds and consequently giving exits to smaller investors, there is an emergence of funds such as TR Capital and…

South-based firms take significant pie of private equity investment: Business Standard

A Business Standard article covering rising Private Equity investments in Real Estate companies quotes Venture Intelligence data:

"According to research firm Venture Intelligence, South-based players saw fund infusion of $6.5 billion (Rs 456 billion) from large fund houses, starting 2014 till date. In this calendar year, PE entities infused $1.6 billion in many large realty firms based out of Bengaluru, Hyderabad and Chennai, across 16 deals. In the period from 2014, realtors in the western region (led by Mumbai and Pune) saw the highest amount of PE investment, of $10.3 billion. Those in the National Capital Region (NCR) attracted nearly $5.3 billion. In the south, Hyderabad-based Phoenix Group saw the highest amount of investment - $652 million - from PE players Indiabulls, Altico Capital and Canadian pension fund CPPIB, among others. Bengaluru-headquartered Embassy Group had investment of $638 mn from global PE majors Blackstone, Warburg Pincus and Xander Group, among others.…

How I Raised Funding - Priyanka Agarwal, Wishberry

In the first interview of our "How I Raised Funding?" Series, Priyanka Aggarwal, Wishberry shares

Q: In your seed round, you raised funding from the who’s who of Angel investors like Rajan Anandan, Sharad Sharma, Deep Kalra, Sunil Kalra, etc through the Letsventure platform. How did you kick off your fundraising process on Letsventure? How did you end up convincing so many stalwarts to invest in the company?
Priyanka: While raising money on an angel platform it’s extremely helpful to have a lead/anchor investor. Having said that, most of our lead investors were syndicated offline and we only listed on the platform to raise the remaining 20%. Having Rajan Anandan and Sharad Sharma as our lead investors convinced other angels to back Wishberry.
So how did you meet and convince Rajan Anandan and Sharad Sharma?
Click here to continue reading.
Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity,…

Venture capitalists strike out on their own as investors back small funds: Mint

A Mint article titled Venture capitalists strike out on their own as investors back small funds quotes Venture Intelligence data on recent funds launched by VC professionals who quit to strike out on their own.

The article also further shares on why managers quit to launch their own funds:

Click here to continue reading.
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.

Legal Capsule: Recent Trends in Anti-Dumping Investigations by Economic Laws Practice

India is a frequent user of anti-dumping measures, having levied duties on 609 investigations since the inception of the World Trade Organization (“WTO”) in 1995. There have been several changes in the trend of anti-dumping duty investigations conducted by Directorate General of Trade Remedies (“DGTR”) recently.
Consolidation of trade remedy forums and creation of DGTR The Government of India, through an amendment to the Government of India (Allocation of Business) Rules, 1961 on May 7, 2018, has consolidated multiple trade remedial forums under the umbrella of the “Directorate General of Anti-Dumping and Allied Duties” (“DGAD”). The DGAD, previously in charge of conducting anti-dumping and anti-subsidy investigations, has accordingly been rechristened the DGTR. The amendment creates a single integrated authority which will oversee both outbound as well as bound investigations on various trade remedial measures such as anti-dumping, anti-subsidy, safeguards and quantitative restriction…

Khaitan & Co. tops Legal Advisor League Tables for Private Equity Deals in H1 2018

CAM, Trilegal take no.2 and no.3 slots; KCO also tops by deal volume, followed by AZB and CAM

Khaitan & Co. topped the Venture Intelligence League Tables for Legal Advisors to Private Equity & Venture Capital deals in H1 2018 advising deals worth $15.9 billion (across 37 deals) followed by Cyril Amarchand Mangaldas ($13.7 billion across 33 deals) and Trilegal ($13.3 billion across 14 deals). Shardul Amarchand Mangaldas ($8.1 Billion across 31 deals) and AZB & Partners ($5.9 Billion across 36 deals) came in at fourth and fifth respectively.
KCO and CAM advised PE-backed company Flipkart, while Trilegal advised Naspers in the $12 Billion exit by investors from Flipkart when it was acquired by Walmart.


The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms. The tables also include Private Equity investme…

Shardul Amarchand Mangaldas tops Legal Advisor League Table for M&A deals in H1 2018

AZB & Partners, Cyril Amarchand Mangaldas claim the No.2 & No.3 slots

Propelled by the $16 Billion Walmart-Flipkart deal, Shardul Amarchand & Mangaldas (SAM) topped the Venture Intelligence League Table for Legal Advisors to M&A Transactions in H1 2018. SAM advised M&A deals worth $48.4 Billion (across 34 qualifying deals) during the period. AZB & Partners (AZB) which advised deals worth $33 Billion across 35 deals and Cyril Amarchand Mangaldas (CAM) ($24.2 Billion across 19 deals) followed next. Khaitan & Co. ($22.8 Billion) occupied the fourth spot, while Trilegal ($21.4 Billion) stood fifth. Four of the top 5 - SAM, CAM, Khaitan and Trilegal - were advisors to the Walmart-Flipkart deal.


The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.
Khaitan topped the tables in terms of dea…

I-Bankers to Walmart-Flipkart Deal Top Transaction Advisor League Tables for M&A Deals in H1 2018

Advisors to the Walmart-Flipkart deal - JP Morgan ($17 Billion across 3 deals), Barclays ($16.4 Billion across 2 deals) and Goldman Sachs ($16 Billion across 1 deal) - topped the Venture Intelligence League Tables for Transaction Advisor to M&A deals in H1 2018. Morgan Stanley and DSP Merrill Lynch ($14.6 Billion across 2 deals) and Arpwood Capital ($7.5 billion across 5 deals) came in at fourth and fifth respectively.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

By Deal Volume
Ernst & Young topped the tables by deal volume advising 10 deals worth $964 million. AvendusKPMG,and Arpwood Capital came in at second spot with 5 deals each. Citi came in third with 4 deals.


Other Advisory Services
Inclusive of its roles in due diligence and related advisory activities, Ernst & Youngtopped by deal …

Legal Capsule: India’s Pharmaceutical sector: Facing Headwinds by Economic Laws Practice

Indian pharmaceutical industry accounts for 3.1- 3.6 % (value terms)  and approximately 10% (volume terms) of the global industry and is expected to grow to USD 100 billion by 2025. The pharmaceuticals market in India comprises of medical drugs (generic drugs -70 %; Over-the-counter medicines - 21%; patented drugs - 9%) and medical devices, etc, with prevalence of loan licensee model (drug manufacturing outsourced to licensed manufacturer). This industry has contributed immensely to Indian as well as global healthcare, being material in manufacturing critical, high-quality and low‐cost medicines, with exports of USD 16.84 billion in 2016-17 (expected to reach USD 20 billion by 2020 ). 
Introduction of GST in India in July 2017 with a view to overcoming the tax inefficiencies prevalent under the earlier regime has had far reaching implications for the industry. With the onset of GST, pure economic and commercial considerations have taken prominence over tax cost considerations in decidi…

Vernacular E-Commerce Anyone?

Economic Times has an interesting article on the opportunities and challenges of E-Commerce in regional languages. Extracts: About 75% of Indian internet users are expected to be regional language speakers by 2021, as per industry estimates. To reach this demographic, companies including Helion Ventures-backed Wooplr and Beenext-backed Elanic are working on launching platforms in vernacular languages including Hindi, Telugu and Tamil so sellers and buyers can engage better.... ...Industry players and experts believe that re-cataloging of products in vernacular languages is a massive challenge and a major cost for established ecommerce companies. Even Paytm Mall’s platform, whose user interface is available in several vernacular languages, has a lot of its product listings in English. The KPMG-Google study reported that around 44% of Indian language users find it difficult to comprehend product description and customer reviews on ecommerce platforms. “High involvement categories like …

KPMG Tops League Table for Financial Advisor to Private Equity Transactions in H1 2018

The transaction advisory unit of KPMG claimed the top position in the Venture Intelligence League Table for Transaction Advisor to Private Equity deals in the first half of 2018, advising deals worth $1.7 Billion. KPMG acted as the financial advisor to NHAI in the $1.5 Billion investment by Macquarie to operate 9 highway projects under the toll-operate-transfer (TOT) model. Ernst &  Young (which advised the $730 million asset sale by Indiabulls Real Estate to Blackstone) and Kotak (which advised the Vishal Megamart - Partners Group deal) accounted for the second and third spots respectively.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.
Arpwood Capital (which advised the $760 million investment by Temasek in the $2.1 Billion Schneider Electric buyout of L&;T Electrical and Automation business) …

Legal Capsule: Summary of judicial decisions defining the indirect tax landscape in India by Economic Laws Practice

Indian tax litigation landscape assures a plethora of court rulings, given the 24 High Courts and various benches of the Tribunal pronouncing verdicts on a regular basis. Broadly speaking, various issues involved in all types of indirect taxes levied (in the pre-GST era) pertained to classification, valuation, taxability, benefits of exemptions and/or Notifications/Circulars, eligibility of CENVAT credit, input tax credit, refund/rebate/drawback, availability of various schemes under the Foreign Trade Policy for the promotion of exports from India, constitutionality of entry tax, etc. These issues inter alia constitute the major litigation defining indirect taxes landscape in India.
Pursuant to the roll out of GST wef 01 July 2017, the judiciary has been instrumental in disposing of the cases in relation to the erstwhile legislation expeditiously. New Tribunal Benches have been formed and Tribunal Members have resorted to faster ways of disposal of cases by clubbing matters involving s…

Legal Capsule: Defence & Aerospace: Analysing the Opportunity in India by Economic Laws Practice

Driven by an ambition of creating a local military-industrial complex in India, Defence & Aerospace has been a priority sector for the government over last several years and has been the subject of frequent policy and regulatory updates in response to various industry concerns. Along with large procurement programs, the urgent need to focus on war preparedness – as highlighted by an internal report submitted by Minister of State for Defence last year – is expected to boost the business case for creating an even more enabling framework for private sector participation. 
There are several encouraging signs:
Swifter decisions by Defence Acquisition Committee for purchasing equipment for the armed forces (many of these purchases are being made from Foreign OEMs and Ordnance Factories to enable quicker deliveries, followed by a ‘Make-in-India’ purchase)Delegation of power to Secretary (DP) for Tier I sub-vendors in certain specified scenarios, and to Army Commanders for securing bases of…

Legal Capsule: International Trade – Sectoral Highlights from India by Economic Laws Practice

Per the latest economic data, India’s global trade has increased by 16.32% to USD 767.9 billion in 2017-18. As India continues to create a modern, vibrant economic framework for business, developments in international trade law can have far-reaching impact on local companies and their competitiveness on the global stage. This risk gets even more amplified in light of India’s growing integration in the global economy. Notable highlights pertaining to several emerging industrial sectors are enumerated below:
Electric Vehicles

Government of India (“GoI”) is likely to extend incentives to the tune of USD 1.4 billion for promoting use of electric vehicles under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (“FAME”) – II SchemeThe GoI is planning to offer capital investment subsidy of 20% - 25% (proposal is currently awaiting cabinet approval)While this surely will augment the market for electric vehicles in India, it remains to be seen whether the scheme woul…