Skip to main content

Posts

Showing posts from 2020

Cyril Amarchand Mangaldas tops League Table for Legal Advisors to M&A deals during Jan - Sep 2020

Cyril Amarchand Mangaldas (CAM) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions for the nine months ending September 2020. CAM advised M&A deals worth $20.9 billion (across 54 qualifying deals). It was followed by AZB & Partners ($15.8 billion across 40 deals) and Davis Polk & Wardwell ($10.2 billion across 2 deals) in second and third place respectively. Trilegal ($6.5 billion across 23 deals) and Khaitan & Co. ($6.2 Billion across 40 deals) completed the top five.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.
Among the largest deals in this quarter, AZB, Davis Polk & Wardwell, Freshfields Bruckhaus Deringer and J Sagar Associates (JSA) advised $4.5 Billion investment by Google into Reliance Jio platforms. CAM, Khaitan, Shardul Amarchand Manga…

Legal Capsule by LexCounsel

                                      Part I – Labour Code 2020
On September 23, 2020, the Parliament of India passed 3 (three) long awaited labour codes, namely (a) the Industrial Relations Code Bill, 2020; the Code on Social Security Bill, 2020; and the Occupational Safety, Health and Working Conditions Code Bill, 2020. The labour codes subsequently received the Presidential assent on September 29, 2020, marking a major milestone in ushering reforms in the labour sector.
Some of the key changes/additions introduced by the Industrial Relations Code Bill, 2020 are discussed in the first series (Part I) hereunder. Changes introduced through the Code on Social Security Bill, 2020 will be discussed in second series (Part II) of the Labour Code article.
Industrial Relations Code, 2020
The Industrial Relations Code Bill, 2020 (“IR Code”) was first introduced in November 2019 and was thereafter referred to the Standing Committee on Labour 2019-2020 (Standing Committee) for its evaluation and co…

Google-Jio deal helps Morgan Stanley retain top spot in League Table for Transaction Advisors to M&A deals in Jan - Sep 2020

Morgan Stanley topped the Venture Intelligence League Table for Transaction Advisor to M&A Deals for the nine months ending September 2020. Morgan Stanley advised the $10.1 billion strategic investment by Facebook and Google into Reliance Industries' telecom arm Jio platforms (among other Private Equity investments in the company). JM Financial ($3.6 billion across 4 deals) and Metta Capital ($3.41 billion across 3 deals) took the second and third spots respectively. Citi and ICICI Securities ($3.37 billion) took the fourth spot and SBI Caps ($1.5 billion across 1 deal) completed the top five.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.
Metta Capital, JM Financial, Citi, ICICI Securities, BDO India, Ernst & Young, Deloitte and PwC advised Reliance group acquisition of Future Group's …

AZB tops League Table for Legal Advisors to Private Equity deals in 9M 2020

In a year thus far dominated by the mega investments in Jio Platforms and Reliance Retail Ventures, AZB & Partners topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions (in Indian companies) for the nine months ending September 2020. AZB advised deals worth $14.8 billion (across 53 qualifying deals) during the period. Davis Polk & Wardwell (which advised the multiple Private Equity investments worth $12.4 billion in Jio Platforms and Reliance Retail Ventures) and Shardul Amarchand Mangaldas (SAM) ($10.4 billion across 28 deals) took the second and third spot respectively. Cyril Amarchand Mangaldas (CAM) ($5.1 Billion across 44 deals) and Simpson Thacher & Bartlett ($3.6 Billion across 5 deals) completed the top five.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Adv…

Morgan Stanley retains top spot in League Table for Transaction Advisors to PE deals in 2020

Morgan Stanley, which was the advisor to the recent Private Equity investments in Reliance Retail Ventures ($2.3 billion so far), as well the spate of investments in Reliance Jio Platforms earlier in the year (including over $9.8 Billion from PE firms), topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions for the first nine months of 2020. PE firms that invested in Reliance Retail in Q3'20 include Silver Lake, KKR and General Atlantic. The homegrown Avendus - which advised deals including the $225 million fund raise by Dream11.com from TPG Capital, Tiger Global, ChrysCapital and other investors - claimed the second spot with $1.6 Billion (across 18 qualifying deals). Deloitte with $752 million, JP Morgan ($700 million) and KPMG ($568 million) completed the top five for the nine months ended September 2020.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies…

RIL Group deals account for 45% of $26.8 B PE-VC investments in 2020; Q3 witnesses 48% fall

Press Release: Private Equity - Venture Capital (PE-VC) firms invested $26.8 Billion (across 547 deals) in the first 9 months of 2020, shows data from Venture Intelligence, a research service focused on private company financials, transactions and their valuations. The $12.1 Billion* invested by global private equity and sovereign wealth funds in Reliance Industries’ Jio Platforms ($9.9 Billion) and Reliance Retail ($2.3 Billion) accounted for 45% of the total PE-VC investment value in 2020. (*This figure excludes the $10.2 Billion in strategic investments by Silicon Valley tech giants Google and Facebook). The Reliance deals have managed to arrest the overall decline in PE-VC investment figures in 2020 to a marginal 2%, compared to $27.4 Billion (across 750 deals) in the first nine months of 2019.   (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate). 
With the mega investments in Reliance Jio coming to a pause, PE-VC investments in Jul…

"Niche Consumer Brands Gaining Momentum Post Lockdowns"

Mint has a feature, quoting growth figures from startups like Mamaearth and BoAT, on how some niche FMCG brands are gaining favor among consumers and also investors, post the Covid lockdowns. 
Since June, Saama’s Lilani has begun to evaluate at least one new consumer brand investment every day. “Let me put it this way: in April, a down round was the best-case scenario for consumer brand startups; now, it’s the worst-case scenario for many," he said.  ...That these companies are not only growing rapidly but doing so with higher net margins is helping their cause at a time when investors are demanding better unit economics at startups. Last year, consumer brand startups received $295 million in capital, up from $158 million in 2018, according to data with Venture Intelligence. There are some common themes that are allowing startup brands to thrive. One, they were all relatively well-established in their categories even before the pandemic. Then, their products have now become especia…

Venture Intelligence recognizes Advisory Firms Supporting PE-VC Transactions

Each year, the Venture Intelligence Awards for Private Equity Excellence (APEX Awards) celebrate the best performing Private Equity & Venture Capital investors in India. It is also clear that the award winning funds as well as other PE-VC investors cannot perform at their best without the key supporting roles played by a host of service providers - including Investment Banks, Corporate Law Firms and other Advisory Firms. Venture Intelligence is pleased to acknowledge the high value added played by the following Advisory Firms towards completing land PE-VC transactions during the last year:
Most Active Startup focused Law Firm - Burgeon Law Most Active Education focused Transaction Advisor  of the Year - DC Advisory
Most Active Healthcare & Life Sciences focused Transaction Advisor  of the Year - Advay Capital
Most Active Technology focused Transaction Advisor of the Year - Avendus Capital
Debutant Investment Advisor of the Year - iDrive Capital Debutant Legal Advisor of the Year - S…

Cyril Amarchand Mangaldas tops League Table for Legal Advisors to M&A deals in H1 2020

Cyril Amarchand Mangaldas (CAM) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions for the half-year ending June 2020. CAM advised M&A deals worth USD 16.9 Billion (across 40 qualifying deals). CAM was followed by AZB & Partners (AZB, USD 9.7 Billion across 28 deals) and Davis Polk & Wardwell (USD 5.7 Billion) in second and third place respectively. Khaitan & Co. (KCO, USD 2.2 Billion across 25 deals) and Shardul Amarchand Mangaldas (SAM, USD 2 Billion across 6 deals) completed the top five.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.
During the latest quarter, AZB and Davis Polk & Wardwell advised Reliance Industries in theUSD 5.7 Billion strategic investment by Facebook into its communications unit Jio Platforms. CAM advised the USD 2.7 Bill…

AZB tops League Table for Legal Advisors to Private Equity deals in H1 2020

In a year thus far dominated by the mega investments in Jio Platforms, AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions for the half-year ending June 2020. AZB advised deals worth USD 13 Billion (across 41 qualifying deals) during the period. Davis Polk & Wardwell (which advised the multiple Private Equity investments worth USD 9.8 Billion investment in Jio Platforms) and Shardul Amarchand Mangaldas (SAM) (USD 7.7 Billion across 23 deals) took the second and third spot respectively. Simpson Thacher & Bartlett (USD 2.9 Billion across 4 deals) and Cyril Amarchand Mangaldas (CAM) (USD 2.5 Billion across 32 deals) completed the top five.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.
AZB and Davis Polk acted as legal advisors to…

Hostile Minority Shareholders - Statutory Squeeze-Out: The Last Resort

Legal Capsule by Veyrah Law
During the early stages of a company’s life, Founders needing funds generally give away equity to multiple small investors – be it their wealthy neighbour, friends, or some angel investors. But, once the company and the business flourish, procuring funds becomes relatively easier. Often Founders may also wish to exit the business by sale of the entire business to a strategic or financial investor. However, such investors may only be interested in acquiring 100% of an operational company once the company has achieved certain size and scale. In such a situation, it would become difficult for Founders to negotiate a 100% acquisition with a potential buyer, with multiple minority shareholders in the picture. If all minority shareholders are on good terms with the Founder, it would be smooth sailing. But, this is rarely the case, since over the years shares of small investors may have been inherited by persons who were not original shareholders, the relations bet…