The Venture Intelligence Blog

Deloitte and ICICI Securities claim the No.2 & No.3 slots Kotak Mahindra Capital topped the Venture Intelligence League Table for Transaction Advisor to M&A Deals   during the first six months of 2021, advising 5 deals worth USD 2.7 Billion. Deloitte (USD 1.8 Billion across 3 deals) and ICICI Securities (USD 1.2 Billion across 2 deals) took the second and third spots respectively by value of deals. Ernst & Young and Phoenix Advisors (USD 1 Billion across 1 deal) took the fourth spot. Credit Suisse (USD 900 million 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. Kotak Mahindra Capital acted as the transaction advisor to Tata Digital’s acquisition of online grocery platform BigBasket for USD 1.2 Billion  and  PharmEasy's majority stake acquisi

VC SERIES | Part II – The Term Sheet ! In the last  article   of this series, we discussed certain basic aspects to be kept in mind by founders in their run up to the first funding round. The immediate next objective would be to get a term sheet. Being offered a term sheet from a VC fund is no small feat. Till such time, all that the founders had been discussing with the VC fund was money – the amount of funding the startup needs and the possible valuation of the startup. But the term sheet comes with certain other terms and conditions – what are those terms and conditions?  Before we dive into the terms and conditions of a term sheet, it is essential to understand the timelines and strategy to deal with a term sheet. Most VC funds may imply to founders that the term sheet is a ‘take it or leave it’ offer. Is that correct? – usually not. Also, likely that the VC funds will expect the founders to execute the term sheet within a day. Will the founders not be given time to go back and che

CAM and Trilegal claim the No.2 & No.3 slots AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in H1 2021 advising deals worth USD 17.5 Billion (across 81 qualifying deals). Cyril Amarchand Mangaldas (CAM) with USD 11.8 Billion across 51 deals and Trilegal with USD 9.2 Billion across 18 deals, took the second and third spots. Khaitan & Co. (USD 6.6 Billion across 42 deals) and IndusLaw (USD 4.4 Billion across 73 deals) completed the top five. Among the largest deals in the latest quarter, AZB, Shardul Amarchand Mangaldas (SAM) , Kirkland & Ellis , and Wilson Sonsini Goodrich & Rosati advised global private equity firm Apax Partners’ USD 900 million buyout of IT Services provider Infogain. AZB, CAM, Trilegal, IndusLaw, SAM, Rajaram Legal , Veritas Legal , and L&L Partners advised food delivery unicorn Swiggy’s USD 800 million fundraise from Falcon Edge Capital, Prosus Ventures (formerly Nasp

Avendus topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions during the first 6 months of 2021, advising 18 deals worth $2.2 Billion. Credit Suisse stood second advising 2 deals worth $1 Billion. Allegro Advisors (6 deals worth $760 million), Kotak Mahindra Capital ($750 million across 6 deals) and Steer Advisors ($633 million across 2 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. Avendus advised over half a dozen $100 million+ investments in H1'21 led by Dream11's $400 million fund raise led by TCV, D1 Capital Partners and Falcon Edge , followed by $200 million+ investments in two other Indian Unicorns : Lenskart and Zeta. Credit Suisse advised global private equity firm Apax Partners’ $900 million buyout of

VC SERIES | Part I – The First Institutional Investor ! Over the last few decades while India went through radical changes, so did the world of venture capital ( VC ) financing for start-ups. India has emerged as the hotspot for unicorns right after the US and China. Multiple investments and acquisitions are a norm in the fast-paced start-up ecosystem. While seasoned institutional investors are well versed with the legalities of VC financing, first-time founders are often struggling to find their feet in the journey. To some extent, even first-time investors in the Indian market grapple with reconciling global market standards with the nuances of the Indian market.  However, first-time investors still have an upper hand because of their in-house and external legal and business teams. To that extent, some parts of our series are directed more towards offering guidance to founders. As we share our expertise and learnings around funding rounds, we hope the series will be helpful for the f

Press Release Private Equity-Venture Capital (PE-VC) investments in India rose 33% during the first 6 months of 2021 to $27.1 Billion (across 442 deals) compared to $20.4 Billion (across 433 deals) during the same period last year, shows data from  Venture Intelligence , a research service focused on private company financials, transactions, and their valuations. PE-VC investments during Q2'21, at $14.3 Billion across 215 deals, registered a 12% Q-o-Q increase (compared to the $12.8 Billion across 227 deals in Q1'21). The Q2'21 investment value also surpassed (by 2.4%) the Reliance Jio dominated Q2'20 (which saw $13.9 Billion being invested across 190 deals - of which, $9.8 Billion or 71% went into just Jio). Q2'21 witnessed 33 mega deals ($100M+ rounds) worth $11.5 Billion, compared to 12 such investments (topped by Jio) in the same period last year. The first half of 2021 saw the creation of 16 Unicorns (VC-funded startups valued at $1 Billion or more), 11 of whi