Press Release:
Private Equity - Venture Capital (PE-VC) firms invested over $5.6 Billion
(across 184 deals) in Indian companies during the first three months of
2023, shows data from Venture Intelligence, a
research service focused on private company financials, transactions, and
their valuations. (Note: These figures include Venture Capital type
investments, but exclude PE investments in Real Estate).
The investment amount represents a 66% fall over the $16.4 Billion
(across 422 deals) invested in the same period during 2022 and also down by 41% when compared to the immediate previous quarter (which witnessed
$9.6 Billion being invested across 236 deals). Deal volumes in Q1'23 also declined 56% compared to Q1'22 and was down by 22% compared to
the immediate previous quarter.
Q1’23 witnessed 16 mega deals ($100 M+ rounds) worth $3.4 Billion,
compared to 42 such investments (worth $11 Billion) in Q1’22 and 21 such
deals (worth $7 Billion) in the immediate previous quarter.
The largest investment in Q1’23 was the $700 million investment in
renewable energy producer Greenko Group by Singapore’s GIC, Abu Dhabi Investment Authority (ADIA) and other investors.
The other top investments included ADIA’s $500
million investment in omnichannel eyewear retailer Lenskart and
General Atlantic’s $350 million investment in PhonePe (as part of the fintech unicorn's ongoing round). This was followed by Carlyle Group’s acquisition of
skincare and beauty platform VLCC Wellness for $300 million.
By Industry
IT & ITeS topped the industry table attracting $2.3 Billion across
117 deals (a 73% fall from the $8.5 Billion across 300 deals in Q1'22).
Deals in the tech industry were led by the mega investments in Lenskart,
Phonepe and insurtech startup InsuranceDekho ($150 million investment
led by Goldman Sachs and TVS Capital Funds).
The Energy industry came in next, attracting $1.3 Billion in
Q1’23 led by the $700 million investment in the Greenko Group. This was followed by
CPPIB’s investment in renewable energy firm
Renew Power (totaling $400 million across two tranches), and the solar and agri waste-to-energy converter SAEL’s
$60 million fundraise from Norfund.
The Healthcare & Life Sciences industry attracted about $782 million across 18
deals during Q1’23 - a 27% decrease from the $1.1 Billion invested across 25
deals in Q1'22. Investments in the sector were topped by two buyouts: Carlyle’s of VLCC Wellness followed by TA Associates’ of Synokem Pharmaceuticals.
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.
(Venture Intelligence Subscribers will be mailed detailed reports of the PE-VC action during Q1
2023 in the next few days.)