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Crisis-hit NBFC sector sees private equity investments growing 88% in 2018: Business Standard

A Business Standard article quote Venture Intelligence data on Private Equity investments in NBFCs: Private Equity (PE) investments in India’s non-banking financial companies (NBFCs) in the January-November period of this year has reached $2.041 billion - 88 per cent more than full 12 months of 2017 and the highest in four years. The increase in overall PE investment value has been despite the number of deals this year being lower than last year, and the sector facing a liquidity crisis. According to data from Venture Intelligence, the NBFC sector has received a total of $2.04 billion in 25 PE investment deals so far this calendar year, compared with $1.09 billion in 32 deals during full 2017. Among the biggest such deals was the $1,06-million KKR-GIC investment in HDFC Ltd in January 2018. Besides, two major PE deals were announced last week — TPG Growth-led $42-million equity investment in Ess Kay Fincorp, and the Rs 2-billion investment by Norwest Venture Partners X, CDC Group Plc…

Seed and Angel funding have been slowing down in 2018: ET Now Startup Central

Arun Natarajan, Venture Intelligence shares on funding trends with Chandra Srikanth on ET Now's Startup Central - Funding Meter.

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.

Nothing ventured, nothing gained: A decade after VC funds put their trust in India, it's time to count the chickens

An ET Prime article quotes assets under management (AUM) data on India-dedicated venture capital funds 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.

Shardul Amarchand Mangaldas tops Legal Advisor League Table for M&A deals in 2018 (9M)

Shardul Amarchand & Mangaldas (SAM) topped the Venture Intelligence League Table for Legal Advisors to M&A Transactions in the 9 month period ending September 2018. SAM advised M&A deals worth $50.1 Billion (across 38 qualifying deals) during the period. AZB & Partners (AZB) which advised deals worth $35 Billion across 54 deals came in at second place. Advising deals worth $26.6 Billion, Cyril Amarchand Mangaldas (CAM) followed next. Khaitan & Co. ($24.2 Billion) and Trilegal ($21.6 Billion) completed the Top 5. 
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.

By Deal Volume
AZB topped the tables in terms of deal volume with 54 deals, followed by Khaitan & Co.and SAM. CAM finished at fou…

Khaitan & Co. tops Legal Advisor League Tables for Private Equity Deals in 2018 (9M)

Khaitan & Co. topped the Venture Intelligence League Tables for Legal Advisors to Private Equity & Venture Capital deals in the 9 month period ending September 2018, advising deals worth $16.1 Billion (across 44 deals) followed by Cyril Amarchand Mangaldas ($15.7 Billion across 49 deals) and Trilegal ($14.3 billion across 20 deals). (KCO, CAM and Trilegal were advisors to $12 Billion exit by investors from Flipkart.) Shardul Amarchand Mangaldas ($9.7 Billion across 47 deals) and AZB & Partners ($7.7 Billion across 61 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. The tables also include Private Equity investments and exits in Real Estate advised by law firms.
By Deal Volume

With 61 deals AZB & Partners re-claimed the top spot followed by C…

JP Morgan Tops Transaction Advisor League Tables for M&A Deals in 2018 (9M)

JP Morgan ($21.2 Billion across 4 deals) topped the Venture Intelligence League Tables for Transaction Advisor to M&A deals in the 9 month period ending September 2018. Barclays ($21.1 Billion across 4 deals) came second followed by Goldman Sachs ($16 Billion). All three of the top advisors were involved in the mega $16 Billion 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.
Morgan Stanley and DSP Merrill Lynch ($14.6 Billion) shared the fourth spot. Arpwood Capital completed the top 5 with $8.1 Billion.
By Deal Volume
Ernst & Young topped the tables by deal volume advising 17 deals worth $1.7 Billion. KPMG came in at second place with 10 deals. Avendus came third with 9 deals.
Other Advisory Services
Inclusive of its roles in due diligence and related advisory activities, Erns…

EY Tops League Table for Financial Advisor to Private Equity Transactions in 2018 (9M)

Advising $3 Billion worth deals, the transaction advisory unit of Ernst & Young (EY) claimed the top position in the Venture Intelligence League Table for Transaction Advisor to Private Equity deals in the 9 month period ending September 2018. JP Morgan came in second place advising deals worth $2.2 Billion, followed by Barclays with $2 Billion.
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.
KPMG, which advised deals worth $1.7 Billion, took the fourth spot. Evercore, Credit Suisse and UBS Securities shared the fifth spot with $1.2 Billion.

By Deal Volume


Avendus topped the table in terms of volume of PE transactions advised, reporting 12 deals. Creedcap Asia broke into the top 3 advising 10 deals. Unitus Capital took the third place advising 9 deals. EY, Spark Capital and IndigoEdge shared the fourth…

2018 is Biggest Ever for PE Investments in India at $23.7 Billion

Q3’18 is the Biggest Quarter Ever at $9.2 B; up 60% YoY
Mega Deals Rule the Roost in Q3 with 12 investments worth over $200-M each, accounting for 65% of Investment Pie
Mega sized Private Equity investments in the July-September quarter have catapulted 2018 into the biggest year for PE investments in India, with the nine month total already matching the previous 12 month high recorded in 2017. According to data from Venture Intelligence (http://www.ventureintelligence.com), a research service focused on private company financials, transactions and their valuations, the total PE investments in the first nine months of 2018 touched $23.7 Billion (across 525 deals) – up 29% compared to the first nine months of 2017 (across 527 transactions). (Calendar 2017 was the biggest ever year for PE investments in India, recording $23.7 Billion across 704 deals).


Private Equity firms invested a record $9.2 Billion (across 154 deals) during the quarter ended September 2018 – up 60% compared to the $5…

VC Funding: Valuation & Return Multiples at Each Stage

Unitus Ventures has put up some interesting data and charts on the typical capital invested, valuation and equity dilution that startups - especially impact focused ones - witness in the Indian context (including at the time of exit).

 In the lowest-case $20M exit, founders plus employees are making a little over $1M, while financial investors are making a tiny multiple or losing money. At the rather optimistic exit valuation of $60M, founders plus employees take home nearly $11M, and each series of investors make a fine total return, achieving overall objectives.

..life is pretty good for pre-seed investors in any exit on this chart, and they make 19-52x return between $30M and $60M. Seed investors...don’t make a ~10x return in this model until a $60M exit is achieved.  Series A investors who have a similar risk profile and return potential only see a 5x return at $60M exit.

...There have been very few examples of venture-funded businesses achieving over $50M exit valuations in India…

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) …