The Venture Intelligence Blog

SEBI has recently issued a "Cybersecurity and Cyber Resilience Framework (CSCRF)" for "regulated entities" (including PE-VC firms operating AIFs). Relevant members from the regulatory body have recently participated in a Webinar where they explain the thought process behind the new regulation.  The video of the webinar can be viewed here 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 study also highlights rising dominance of Homegrown VC funds in Early Stage funding   Only 1 in 4 startups that attract seed funding manage to raise follow-on funding in the form of a “Series A” round, a new report from Venture Intelligence , India’s longest serving data platform on Private Company Financials and Transactions, shows. Out of the about 3,250 startups that had raised seed funding between 2015-2023, only 25% (i.e., 821 companies) managed to raise a Series A round (typically the first round of institutional Venture Capital funding), the study titled Series A Landscape Report found.  Once a startup attracts a Series A round however, its success ratio in raising subsequent rounds of capital, improves quite significantly. For instance, 41% of the companies that raised a Series A during the study period, succeeded in raising a Series B round. And, of the startups that attracted a Series B round, 45% succeeded in obtaining a Series C round. Of the Series C

Private Equity-Venture Capital (PE-VC) funds invested $7 Billion (across 205 deals) in India-based companies during the quarter ended  September 2024 (Q3'24),  shows data from  Venture Intelligence , a research service focused on private company financials, transactions, and their valuations .  The investment amount represents a 9% rise over the $6.4 Billion (across 193 deals) invested in the same period during 2023 (and 6% higher in volume terms). However, the figure was as much as  20% lower  (and 10% lower in volume terms)  when compared to the immediate previous quarter (which witnessed $8.8 Billion being invested across 228 deals).  Q3’24 witnessed 20 mega deals ($100 M+ rounds) worth $5.1 Billion, compared to 17 such investments (worth $4.7 Billion) in Q3’23 and 24 such deals (worth $6.4 Billion) in the immediate previous quarter.  The largest investment announced in the latest quarter was the $550 Million commitment by Canada-headquartered infrastructure focused investor, Br

Khaitan & Co. and J Sagar Associates claim the No.2 & No.3 slots AZB & Partners topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions during H1 2024 advising 37 deals worth $14.8 Billion. It was followed by Khaitan & Co. ($12.8 Billion across 32 deals) and J Sagar Associates (JSA) ($9.8 Billion across 13 deals). Cyril Amarchand Mangaldas (CAM) ($6.2 Billion across 38 deals) and Trilegal ($4.8 Billion across 20 deals) completed the top five. Among the largest M&A deals during H1 2024, AZB, JSA and Khaitan & Co. advised $8.5 Billion acquisition of Disney Hotstar by Reliance Jio . S&R Associates , Talwar Thakore & Associates (TTA), Khaitan & Co. and Trilegal advised the $2 Billion buyout deal   of  ATC India by Canadian infrastructure investor Brookfield Asset Management . CAM advised the $1.3 Billion in the acquisition of a  further  stake in Ambuja Cement  by Adani Enterprises . Among foreign firms, Kirkland &a

  Ernst & Young and Avendus claim the No.2 & No.3 slots Citi , which advised the  $2 Billion acquisition of the Indian business of American Tower Corporation by Brookfield,  topped the Venture Intelligence League Table for Transaction Advisors to M&A Deals   during H1 2024. Ernst & Young stood second advising 8 deals worth $1.5 billion. Avendus followed with 7 deals worth $1.2 billion. KPMG ($1.1 billion across 5 deals) and JM Financial ($900 million across 4 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 other larger M&A deals in H1 2024 (other than the  ATC-Brookfield deal) , Ernst & Young, KPMG and Deloitte advised $1.1 Billion acquisition in PNC Infratech 12 Road Projects by Highways Infrastructure Trust . Kotak Mahindra Capital,

Trilegal and Khaitan & Co. 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 2024 advising 41 deals worth $5.4 Billion. It was followed by Trilegal ($5.1 Billion across 54 deals) and Khaitan & Co. (4.8 Billion across 46 deals) in the second and third spot respectively. Cyril Amarchand Mangaldas (CAM) ($2.9 Billion across 34 deals) and Talwar Thakore & Associates ($2.4 Billion across 9 deals) completed the top five. Among the larger Private Equity deals during H1’2024, Khaitan & Co., Talwar Thakore & Associates, S&R Associates ,and Trilegal a dvised the $2 Billion acquisition of the Indian business of American Tower Corporation by Brookfield which was the largest PE-VC investment in 2024 . AZB advised the $900 Million acquisition of Altimetrik by TPG Capital and the $840 Million acquisition of Healthium Medtech by KKR . Resolut Partners , Khaitan &

Citi and Ambit claim the No.2&3 slots Avendus topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions in H1’2024 advising 12 deals worth $2.4 Billion. Citi stood second, having advised 1 deal worth $2 Billion. Ambit followed with 7 deals worth $797 million. Kotak Mahindra Capital ($735 million across 2 deals) and Ernst & Young ($657 million across 7 deals) completed the top five for H1’ 2024. 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 larger deals in the latest quarter, Citi, KPMG , Ernst & Young advised $2 Billion acquisition of the Indian business of American Tower Corporation by Brookfield . Avendus, Ernst & Young, JM Financial, Barclays and KPMG advised $ 554 million acquisition of Shriram Housing Finance by Warburg

Press Release: Private Equity - Venture Capital (PE-VC) firms invested over $8.3 Billion (across 233 deals) in Indian companies during Q2’24, shows data from Venture Intelligence , a research service focused on private company financials, transactions, and their valuations.  The Q2'24 investment amount represents a 33% fall over the $12.4 Billion (across 235 deals) invested in the same period during 2023 .  (Note: These figures exclude PE investments in Real Estate).  The latest quarterly numbers take the PE-VC investment figures for the first 6 months of 2024 to $14.6 Billion (across 431 deals) which is 24% lower compared to the same period in 2023 (which saw $19.2 Billion being invested across 495 deals). W hen compared to the immediate previous quarter (Jan - Mar 2024, which witnessed $6.4 Billion being invested across 198 deals) however, Q2'24 has witnessed a almost 30% uptick. Deal volumes in Q2'24 - which were flat compared to Q2'23 - were up 18% compared to the

Press Release: Private Equity - Venture Capital (PE-VC) firms invested over $6.2 Billion (across 205 deals) in Indian companies during the first three months of 2024, 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 8% fall over the $6.7 Billion (across 242 deals) invested in the same period during 2023 and also down by 6% when compared to the immediate previous quarter (which witnessed $6.6 Billion being invested across 200 deals). Deal volumes in Q1'24 also declined 15% compared to Q1'23 and were up by 3% compared to the immediate previous quarter.  Q1’24 witnessed 8 mega deals ($100 M+ rounds) worth $3.5 Billion, compared to 17 such investments (worth $3.6 Billion) in Q1’23 and 15 such deals (worth $4.1 Billion) in the immediate previous quarter.  Th

Cyril Amarchand Mangaldas and AZB & Partners claim the No.2 & No.3 slots Shardul Amarchand Mangaldas (SAM)  topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions by value during 2023.  SAM advised 54 M&A deals worth $12.3 Billion, followed by Cyril Amarchand Mangaldas (CAM) with $12.27 Billion across 81 deals and AZB & Partners ($10.9 Billion across 63 deals). Trilegal ($9.3 Billion across 63 deals) took the fourth spot with Khaitan & Co. ($6.6 Billion across 97 deals) completing the top five Among the largest M&A deals during 2023, Trilegal, JSA, AZB, SAM and Milbank advised the  $2 Billion investment in Manipal Hospitals by Temasek (which gained majority control). Saraf Partners advised the $1.2 Billion divestment of Viatris’ India twin business to Insud Pharma and IQuest Enterprise . AZB, Wadia Ghandy, J Sagar Associates (JSA) and SAM advised the $1.1 Billion buyout of HDFC Credila by consortium of private equity firms,

     Shardul Amarchand Mangaldas 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 2023 advising 85 deals worth $15.8 Billion. AZB was followed by Shardul Amarchand Mangaldas (SAM) ($15.2 Billion across 115 deals) and Trilegal ($11.4 Billion across 76 deals) in the second and third spots respectively. Cyril Amarchand Mangaldas (CAM) ($9.9 Billion across 91 deals) took the fourth spot and  Khaitan & Co. ($8.5 Billion across 97 deals) completed the top five. Among the larger Private Equity deals during 2023, AZB, Trilegal, J Sagar Associates (JSA) , SAM and Milbank advised $2 Billion investment in Manipal Hospitals by Temasek (which gained majority control) . AZB, SAM, Gunderson Dettmer and Khaitan & Co. advised  Tiger Global and Accel India’s  $ 1.78 Billion exit from Flipkart . Trilegal, Khaitan & Co., SAM and Wadia Ghandy advised Brookfield India Re