The Venture Intelligence Blog

Cyril Amarchand Mangaldas (CAM) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions during the first six months of 2021, advising 30 deals worth USD 14.9 Billion. CAM was followed by AZB & Partners (USD 14.6 Billion across 36 deals) and Trilegal (USD 7.7 Billion across 10 deals) in the second and third spots respectively. Khaitan & Co. (USD 7.3 Billion across 37 deals) and Shardul Amarchand Mangaldas (SAM) (USD 3.0 Billion across 10 deals) completed the top five. Among the largest deals in the period, CAM advised Adani Green Energy’s acquisition of 100% interest in SB Energy from Japan's SoftBank Group and Bharti Group for USD 3.5 Billion . AZB, CAM, and Trilegal advised Tata Digital’s acquisition of online grocery platform BigBasket for USD 1.2 Billion . AZB, SAM, Kirkland & Ellis , and Wilson Sonsini Goodrich & Rosati advised global private equity firm Apax Partners’ USD 900 million buyout of IT Services provider Infogain ...

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 majorit...

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 g...

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 t...