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IVCA PRIVATE EQUITY - VENTURE CAPITAL REPORT

AUGUST 2021

NEW DELHI | MUMBAI | BANGALORE

CONTENTS

Executive Summary

Private Equity Investments

Venture Capital Investments

Exits

Angel Investments

Investments involving AIFs

Appendix & Tables

03

04

07

09

11

13

15

200+ MEMBERS & GROWING..

Executive Summary

Private Equity(1) Investments & Exits

August 2021 registered 113 Private Equity (PE) investments worth about ₹53,138 Cr ($7.2 Billion).

The largest PE deal was Baring Private Equity Asia’s ₹8,935 Cr ($1.2 Billion) acquisition of the healthcareservices business of publicly-listed BPO services firm Hinduja Global Solutions Ltd (HGS).

Funds with AIF vehicles participated in 55 investments.

The IT & ITeS industry topped the industry table by both value and volume.

Bangalore topped the chart for maximum investments in a city.

The month witnessed 31 PE exits that harvested about ₹45,532 Cr ($6.1 Billion).

The largest PE Exit was the ₹16,736 Cr ($2.3 Billion) complete exit by General Atlantic, Temasek, Clearstone,TA Associates, and March Capital from payments solutions firm BillDesk, via sale to Prosus Ventures-backedPayU.

Venture Capital (1) Investments & Exits

August 2021 registered 68 Venture Capital (VC) investments worth about ₹2,414 Cr ($325 million).

The largest VC funding deals were the $20 million investments in B2B textiles manufacturing marketplaceFashinza, dental care platform Toothsi, and fintech platform Klub.

Funds with AIF vehicles participated in 34 investments.

31 DPIIT-registered startups raised $127 million during the month.

The IT & ITeS industry topped the industry table (by volume & value).

Bangalore topped the chart for highest number of investments in a city.

The month witnessed 15 VC exits that harvested about ₹27,243 Cr ($3.7 Billion).

Angel Investments

Super Angels and Angel Networks made 71 investments.

The largest funding deal involving angel investors was the $440 million investment in Enterprise Edtechunicorn startup Unacademy, which saw OYO’s founder Ritesh Agarwal and Zomato’s founder DeepinderGoyal take part.


August 2021 registered 113 Private Equity (PE) investments worth about ₹53,138 Cr

($7.2 Billion).

Private Equity Investments in August 2021: 113 Deals, $7.2 Billion (₹53,138 Cr)

The largest PE deal was the ₹8,935 Cr ($1.2 Billion) divestment of healthcare services business ofpublicly-listed BPO services firm Hinduja Global Solutions Ltd (HGS) to Baring Private Equity Asia.

The second largest was the ₹4,824 Cr ($650 million) investment in edtech startup Eruditus, byAccel USA, CPPIB, and SoftBank Corp.

The third largest was the ₹3,340 Cr ($450 million) investment in News Aggregator platformDailyhunt by B Capital Group, Sofina, Baillie Gifford, Qatar Investment Authority, IIFL VC, BayCapital Investments, Siguler Guff, and Carlyle.

Funds with AIF vehicles participated in 55 PE investments worth ₹14,730 Cr ($2 Billion). Thelargest funding deals involving funds with AIF vehicles were the investments in Dailyhunt (IIFL VC& Bay Capital Investments), followed by the ₹3,271 Cr ($440 million) investments in edtechstartup Unacademy by Mirae Asset Global Investments, SoftBank Corp, Tiger Global, Temasek,General Atlantic, and others.

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The IT & ITeS industry topped the industry chart with investments worth $4.2 Billion (₹31,229 Cr)

led by investments in Hinduja Global, Dailyhunt, and Unacademy. Another large tech

investment included payments startup BharatPe’s ₹2,750 Cr ($370 million) fundraise from

Coatue Management, Ribbit Capital, Dragoneer Investment Group, Insight Venture Partners,

Tiger Global, Sequoia Capital India, and others.

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The BFSI industry came second attracting investments worth $1.2 Billion (₹8,879 Cr) followed by

the Education industry attracting investments worth $651 million (₹4,832 Cr).


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August 2021 recorded 68 VC-type investments* worth $325 million (₹2,414 Cr). (*See Appendixfor Venture Capital definition).

The largest VC investments were the $20 million each invested into 3 startups: B2B textilesmanufacturing marketplace Fashinza (from ADQ, Stride Ventures, Alteria Capital, Accel India,Elevation Capital, and others); Dental care platform Toothsi (from Think Investments, Eight RoadsVentures, and others); Fintech platform Klub (from GMO Venture Partners, Sequoia Capital India,and others).

Venture Capital Investments in August 2021: 68 Deals, $325 Million (₹2,414 Cr)

Funds with AIF vehicles participated in 34 VC investments worth $211 million (₹1,567 Cr).

Thirty-One DPIIT-registered startups raised $127 million (₹940 Cr). Top VC investments into DPIITregistered startups included the investments in Fashinza, followed by the $17.5 millioninvestment in metabolic fitness platform Ultrahuman (by iSeed, Falcon Edge Capital, SteadviewCapital, Blume Ventures, Nexus Venture Partners, and others).

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Private Equity Exits

August 2021 saw 31 PE-VC exits that harvested ₹45,532 Cr ($6.1 Billion).

The largest PE Exit was the ₹16,736 Cr ($2.3 Billion) complete exit by General Atlantic, Temasek,

Clearstone, TA Associates, and March Capital from payments solutions firm BillDesk, via the

acquisition by Prosus Ventures-backed PayU.

This was followed by the ₹6,775 Cr ($911 million) Partial exit by TrueNorth and TA Associates

from broadband service provider ACT Broadband via the acquisition of a controlling stake by

fellow PE investor Partners Group.

Private Equity Exits in August 2021: 31 Deals, $6.1 Billion (₹45,532 Cr)

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Venture Capital Exits

August 2021 saw 15 VC exits that harvested ₹27,243 Cr ($3.7 Billion).

The largest VC exit was also the ₹16,736 Cr ($2.3 Billion) complete exit by General Atlantic,

Temasek, Clearstone, TA Associates, and March Capital from payments solutions firm BillDesk,

via the acquisition by Prosus Ventures-backed PayU.

This was followed by two exits via the IPO route. Warburg Pincus, Temasek, JP Morgan, and

March Capital made partial exits worth ₹2,834 Cr ($381 million) through CarTrade’s IPO. Granite

Hill, WestBridge, and Madison Capital made partial exit worth ₹2,184 Cr ($294 million) via Aptus

Value Housing Finance India’s IPO.

Venture Capital Exits in August 2021: 15 Deals, $3.7 Billion (₹27,243 Cr)

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Venture Capital ExitsAngel Investments*

In August 2021, super angels and angel networks made 71 investments.

The largest funding deal involving angel investors was the $440 million investment inEdtech unicorn Unacademy, which saw participation of OYO founder Ritesh Agarwal andZomato founder Deepinder Goyal.

This was followed by the $225 million investment in SaaS platform Postman which sawparticipation from DoorDash Product Leader Gokul Rajaram and Freshworks founder GirishMathrubootham.

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*Investments by Super Angels & Angel Networks

Annual PE-VC Investments

Private Equity in 2021 (YTD): 704 Deals, $44.7 Billion (₹3,28,866 Cr)

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Top Investments involving AIFs

*Deal value includes share of Non-AIF investors participating in the round.

Company Sector Investors Amount(US$M)

DailyhuntConsumer App (Content -News Aggregator)

B Capital Group, Sofina, Baillie Gifford, Qatar Investment Authority, IIFL VC, Bay Capital Investments, Siguler Guff, Carlyle

450

UnacademyOnline Services (E-Learning & Test Preparation)

Mirae Asset Global Investments, SoftBank Corp, Tiger Global, Temasek, General Atlantic, Others

440

QuEST Global BPO (Engineering Services) TrueNorth, ChrysCapital, Others 150

Yellow.aiEnterprise Software (Artificial Intelligence - Bots)

Salesforce Ventures, WestBridge, Sapphire Ventures, Lightspeed Ventures

78

RapidoMobile VAS (Taxi Booking -Bikes)

Yamaha Motor Ventures, Shell Technology Ventures, WestBridge, Nexus Venture Partners, Others

52

Jupiter Money Online Services (Neo Bank)

Greyhound Capital, Tanglin Venture Partners, Mirae Asset Global Investments, Beenext, 3ONE4 Capital, Rocket Internet, Matrix Partners India, Sequoia Capital India, Others

45

UpScalioOnline Services (Consumer Goods)

Alteria Capital, Whiteboard Capital, InnoVen Capital, Others

43

InShorts Mobile VAS (Content - News) A91 Partners, Others 41

SmallcaseOnline Services (Personal Finance - Wealth Management)

HDFC Bank, WEH Ventures, Arkam Ventures, Beenext, Amazon, Blume Ventures, Faering Capital, PremjiInvest, Sequoia Capital India, Others

40

Leap IndiaLogistics Services (Pallets, Modular Containers)

Schroder Adveq, IIFL VC 34

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Top Investments involving AIFs

*Deal value includes share of Non-AIF investors participating in the round.


MoEngageEnterprise Software (SaaS -CLM - Analytics & Engagement)

Multiples PE, Matrix Partners India, Eight Roads Ventures

33

PareePersonal Care - Sanitary Napkins

A91 Partners, InCred Finance, Others

32

ZupeeOnline Services (Gaming -Quiz)

Orios VP, Matrix Partners India, Others

30

EmotixIT Products (Hardware -Robotics)

IvyCap Ventures, YourNest, IIFL VC, Chiratae Ventures, Others

29

upGradOnline Services (E-Learning -Higher Studies)

IIFL VC 25

CredgenicsEnterprise Software (SaaS - AI -Debt Resolution)

Tanglin Venture Partners, WestBridge, Accel India, Others

25

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Appendix - Top PE Investments

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Hinduja Global BPO Baring Asia 1200

EruditusHigher Education (Management Education)

Accel USA, CPPIB, SoftBank Corp 650

DailyhuntConsumer App (Content -News Aggregator)

B Capital Group, Sofina, Baillie Gifford, Qatar Investment Authority, IIFL VC, Bay Capital Investments, Siguler Guff, Carlyle

450



440

BharatPeOnline Services (Payments -UPI)

Coatue Management, Ribbit Capital, Dragoneer Investment Group, Insight Venture Partners, Tiger Global, Sequoia Capital India, Others

370

PostmanEnterprise Software (SaaS -Programming Tools - API Testing)

Coatue Management, Charles River Ventures, Battery Ventures, Insight Venture Partners, Nexus Venture Partners, Others

225

Clean Max Enviro Energy Solutions

Renewable Power Projects (Solar - Rooftop)

Augment Infrastructure 222

Sapphire Foods Restaurants (QSR) Newquest, TR Capital, Creador 155

QuEST Global BPO (Engineering Services) TrueNorth, ChrysCapital, Others 150

Infra.MarketOnline Services (Marketplace -Construction Materials)

Tiger Global 125

Appendix - Top PE Investments

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ZetwerkOnline Services (Marketplace -B2B - Manufacturing Services)

D1 Capital Partners, Greenoaks Capital, Lightspeed Ventures, Sequoia Capital India, Others

120

Khatabook Mobile VAS (B2B - Accounting)

Moore Strategic Ventures, Tribe Capital, Unilever Ventures, B Capital Group, Tencent, RTP Global, Sequoia Capital India, Others

100

MindTickleEnterprise Software (SaaS - HR - Training)

SoftBank Corp, Qualcomm Ventures, Norwest

100

Jayaswal Neco Jayaswal Neco Ares SSG 91

CoinDCXOnline Services (Exchange -Cryptocurrency)

Polychain Capital, Coinbase Ventures, B Capital Group, Others

90



78

KNR Constructions (Road Assets)

Infrastructure (Roads) I Squared Capital, IFC 64

RapidoMobile VAS (Taxi Booking -Bikes)


52

Ki Mobility Solution Mobility Aids Exor 51

Belstar Investment and Finance

Microfinance Affirma Capital, Maj Invest 47

Appendix - DPIIT Registered Startups that Raised Funding: Top Deals

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440

BharatPe Online Services (Payments - UPI)

Coatue Management, Ribbit Capital, Dragoneer Investment Group, Insight Venture Partners, Tiger Global, Sequoia Capital India, Others

370

ZetwerkOnline Services (Marketplace - B2B -Manufacturing Services)

D1 Capital Partners, Greenoaks Capital, Lightspeed Ventures, Sequoia Capital India, Others

120

CoinDCXOnline Services (Exchange -Cryptocurrency)

Polychain Capital, Coinbase Ventures, B Capital Group, Others

90



78

Rapido Mobile VAS (Taxi Booking - Bikes)


52

Jupiter Money Online Services (Neo Bank)

Greyhound Capital, Tanglin Venture Partners, Mirae Asset Global Investments, Beenext, 3ONE4 Capital, Rocket Internet, Matrix Partners India, Sequoia Capital India, Others

45

SmallcaseOnline Services (Personal Finance -Wealth Management)

HDFC Bank, WEH Ventures, Arkam Ventures, Beenext, Amazon, Blume Ventures, Faering Capital, PremjiInvest, Sequoia Capital India, Others

40

Leap IndiaLogistics Services (Pallets, Modular Containers)

Schroder Adveq, IIFL VC 34

Paree Personal Care - Sanitary NapkinsA91 Partners, InCred Finance, Others

32

Appendix - DPIIT Registered Startups that Raised Funding: Top Deals

18


Zupee Online Services (Gaming - Quiz)Orios VP, Matrix Partners India, Others

30

Emotix IT Products (Hardware - Robotics)IvyCap Ventures, YourNest, IIFL VC, Chiratae Ventures, Others

29

CredgenicsEnterprise Software (SaaS - AI - Debt Resolution)

Tanglin Venture Partners, WestBridge, Accel India, Others

25

CoutLootOnline Services (Marketplace - Used Goods)

Astarc Ventures, Others 25

AgNext Technologies

Enterprise Software (SaaS - Analytics -Agriculture)

Falcon Edge Capital, Omnivore Partners, Kalaari Capital

21

FashinzaEnterprise Software (SaaS - SCM -Apparel)

ADQ, Stride Ventures, Alteria Capital, Accel India, Elevation Capital, Others

20

UltrahumanWellness (Wearable Device - Fitness, App & Consulting)

iSeed, Falcon Edge Capital, Steadview Capital, Blume Ventures, Nexus Venture Partners, Others

18

EduvanzOnline Services (Consumer Loans -Education)

Sequoia Capital India, Others 13

Log 9 Materials Equipment (Storage - Battery)Exfinity Fund, Sequoia Capital India, Others

9

IndifiOnline Services (Marketplace - SME Loans)

Elevar Equity, Omidyar Network, CDC Group, Accel India, Others

7

Appendix - Top PE-VC Exits

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Company Sector Exiting Investor Acquirer Deal Amount(US$M)

BillDeskOnline Services (Payment Gateway)

General Atlantic, Temasek, Clearstone, TA Associates, March Capital

PayU 2293

ACT BroadbandBroadband and Cable TV Services

TrueNorth, TA Associates

Partners Group 911

ASK GroupWealth Management

Advent International Blackstone 412

CarTrade.comOnline Services (E-Commerce - Cars)

Warburg Pincus, Temasek, JP Morgan, March Capital

IPO 381

Aptus Value Housing Finance India

NBFC (Home Loans)Granite Hill, WestBridge, Madison Capital

IPO 294

SBI Life Insurance Company

Insurance (Life) Carlyle Public Market Sale 290

Aavas FinanciersNBFC (Housing Finance)

Partners Group, Kedaara Capital

Public Market Sale 276

Coforge IT Services (GIS) Baring Asia Public Market Sale 214

Spoton LogisticsLogistics Services (Road Transport)

Samara Capital, Xponentia Fund Partners

Delhivery 200

Clean Max EnviroEnergy Solutions

Renewable Power Projects (Solar -Rooftop)

Warburg Pincus, IFC Augment Infra 121

Appendix - Definitions of Stages Used

Venture Capital:

Early Stage

First / Second Round of institutional investments into companies that are:Less than five years old, ANDNot part of a larger business group, ANDInvestment amount is less than $20 M

Growth Stage:

Third / Fourth Round funding of institutional investments ORFirst/Second Round of institutional investments for companies that are >5 years old and <10 years old OR spin-outs from larger businesses, ANDInvestment amount is less than $20 M

Private Equity:

PE investment figures in this report include Venture Capital (VC) type investments but exclude PE investments in Real Estate.

Growth-PE:

First-to-Fourth Round Investments >$20 M into companies <10 years old, ORFifth / Sixth rounds of institutional investments into companies <10 years old

Late Stage:

Investment into companies that are over 10 years old, OR Seventh or later rounds of institutional investments

PIPEs:

PE investments in publicly-listed companies via preferential allotments / private placements, Acquisition of shares by PE firms via the secondary market

Buyout:

Acquisition of controlling stake via purchase of stakes of existing shareholders

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