Why do uncertain times need a certainty of purpose? - EY
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Why do uncertain times need a certainty of purpose? Navigate the transformative age with strategy solutions from better-connected consultants. The IVCA-EY monthly PE/VC roundup – September 2020 The better the question. The better the answer. The better the world works.
Our thoughts “ Headline numbers for PE/VC investments in 2020 till date have been far better than anticipated, primarily because of the large investments in the group entities of Reliance Group (Jio Platforms and Reliance Retail) that happened in 2Q20 and 3Q20. PE/VC investments in 2020 till date (ex- Jio Platform and Reliance Retail deals) closed at US$17.2 billion, 53% lower than the same period last year, the lowest in the past four years. Ex-Reliance Group investments, we expect Indian PE/VC investments to close the year at around ~US$24-28 billion, broadly in line with our earlier estimate of ~US$26 billion. Sectors focused on essential goods and services like pharma, telecom, digital technology, edtech, etc. have received a major chunk of PE/VC investments while some of last year’s favourites like infrastructure, real estate and financial services have witnessed significant decline in investment flow. All deal segments recorded decline in PE/VC investments with buyouts being the most affected. At US$2.9 billion buyouts declined by 79% in terms of value and 54% in terms of volume in Jan-Sept 2020, which is also the lowest value of buyouts in the last three years for the period under consideration. With valuations impacted significantly, PE/VC backed exits too have slowed considerably, declining by 54% on a y-o-y basis to US$3.6 billion in the Jan-Sept period. Exits are expected to remain muted for a considerable time in the absence of secondary and strategic deals as funds hold on to investments till valuations recover to reasonable levels. Fundraising activity also saw a 45% decline between Jan-Sept 2020 as LPs remained focused on managing their larger public market portfolios and restricted their new commitments to tried and tested funds only. With the global and domestic economy still reeling under the effects of the COVID-19 induced slowdown and India witnessing one of the worst GDP contractions in history combined with other head winds like trade wars, border skirmishes, possibility of second wave of infections and the impending US elections, the improvement in PE/VC investment activity is expected to remain circumspect over the medium term. While PE/VC investment activity has picked up from the lows of 2Q2020, it is still significantly lower than 2019 levels. LP: Limited partner Page 2 16 October 2020 EY analysis of VCCEdge data
Could eliminating operational redundancies create more jobs? Discover powerful new ways for private equity to create unexpected paths to value. Year-to-date trend analysis: Jan-Sept 2020 The better the question. The better the answer. The better the world works.
Key trends: Year-to-date
Investments
► On a year-to-date basis, PE/VC investments in 2020 between Jan-Sept declined by 21% in terms of value compared to same
period last year (US$28.9 billion in 2020 vs. US$36.4 billion in 2019). Headline PE/VC investment performance in 2020 was
propped up by PE investments of US$11.7 billion in Jio Platforms and Reliance Retail which accounted for 40% of all PE/VC
investments in 2020. If we exclude these one-off PE investments in the Reliance Group entities, PE/VC investments in 2020
would be significantly lower at US$17.2 billion, a 53% decline compared to same period last year. In terms of volume, number
of deals in 2020 for the Jan-Sept period declined by 10% compared to same period last year (686 deals in 2020 vs. 764 deals
in 2019).
► One of the biggest reasons for the decline in PE/VC investments in 2020 (year-to-date) is the underperformance of the
infrastructure and real estate sectors which attracted the highest PE/VC investment in 2019, at US$16.1 billion in the period
Jan-Sept (US$20 billion for the full year), accounting for 44% of all PE/VC investments in 2019 (Jan-Sept). In 2020, these
sectors have received only US$2.9 billion in investments till date, accounting for just 10% of total PE/VC investments. As a
result, there has been a sharp decline in buyout activity as well, which has recorded a decline of 79% in terms of value and 54%
in terms of volume. Infrastructure and real estate sectors accounted for 73% of all buyouts by value in 2019 in the Jan-Sept
period.
► In terms of deal type, all deal types except credit have recorded significant drop in investments. As stated above, buyouts were
the most affected by the slowdown in PE/VC deal activity. 2020 (Jan-Sept) recorded 22 buyouts worth US$2.9 billion
compared to 48 buyouts worth US$13.8 billion during the same period in 2019. For the period under consideration, value of
buyouts in 2020 are the lowest in the last three years. Growth deals were the highest with US$17.4 billion invested across 136
deals (US$10.2 billion across 171 deals during Jan-Sept 2019). The significant increase in value of growth deals is primarily on
account of the US$11.7 billion invested in entities of the Reliance Group; else, even growth deals have declined by 44%. Start-
up investments too declined by 44% to US$3.5 billion across 417 deals (US$6.1 billion across 448 deals during Jan-Sept
2019). Private investment in public equity (PIPE) deals declined by 30% to US$2.7 billion across 47 deals (US$3.8 billion
across 41 deals during Jan-Sept 2019). Credit investments were at par with US$2.4 billion invested across 64 deals (US$2.4
billion across 56 deals during Jan-Sept 2019).
Page 4 16 October 2020 EY analysis of VCCEdge data
Key trends: Year-to-date
Investments (cont’d)
► Despite the mega PE investments in the Reliance Group entities, YTD 2020 recorded a significant decline in both value and
number of large deals (value greater than US$100 million). Between Jan-Sept, 2020 recorded 53 large deals aggregating to
US$21.4 billion compared to 84 large deals aggregating to US$27 billion during the same period in 2019. Moreover, 13 out of
the 53 large deals in 2020 were on account of investments in Jio Platforms and Reliance Retail (worth US$11.7 billion). In
addition to the RIL Group PE investments, the other large deals in 2020 (year-to-date) include Thoma Bravo’s US$729 million
buyout of Majesco Limited’s US business, Goldman Sachs and Varde Partners’ buyout of RattanIndia Power Limited’s debt for
US$566 million and Baring PE Asia’s buyback of shares of Hexaware Limited worth US$565 million in its move to delist the
company.
► From a sector point of view, in 2020 (Jan-Sept), almost all sectors recorded sharp decline in value invested. Telecom, retail,
education and pharma were the only sectors to record increase in value invested. Moreover, these sectors also recorded their
highest ever value of investments in 2020. Telecom was the top sector with US$10 billion invested across 13 deals (10 times
increase y-o-y) mainly attributable to investments in Jio Platforms, followed by financial services with US$4.1 billion invested
across 114 deals (32% decline y-o-y), technology with US$2.3 billion invested across 106 deals (30% decline y-o-y),
pharmaceuticals with US$1.9 billion invested across 27 deals (five times increase y-o-y), education with US$1.9 billion invested
across 52 deals (2.4 times increase y-o-y) and retail and consumer sector with US$1.9 billion invested across 30 deals (2.8
times increase y-o-y), on the back of large investments in Reliance Retail. Infrastructure sector that received the highest value
of investments in 2019 received US$2.2 billion across 22 deals in Jan-Sept 2020 (80% decline y-o-y).
Page 5 16 October 2020 EY analysis of VCCEdge data
Key trends: Year-to-date
Exits
► For the period Jan-Sept, exits declined by 54% in terms of value in 2020 (US$3.6 billion vs. US$7.8 billion in 2019) and is the
lowest value in six years for the period under consideration. In terms of volume, exits declined by 13% compared to 2019 (100
deals in 2020 vs. 115 deals in 2019). The decline was mainly due to fewer large deals.
► Exits via open market were the highest at US$1.9 billion (49 deals) in 2020 during the period Jan-Sept, 20% decline compared
to same period in 2019. Exits via initial public offerings (IPOs) were second in line with US$1.1 billion recorded across four IPOs
(US$247 million across seven IPOs during Jan-Sept 2019), which includes the US$1 billion SBI Cards partial exit by Carlyle.
Exits via strategic sale recorded US$425 million (32 deals) in Jan-Sept 2020, 71% decline compared to same period in 2019.
Exits via secondary sale (sale to other PE funds) recorded US$79 million (10 deals) in Jan-Sept 2020, their lowest value in over
five years.
► From a sector perspective, financial services recorded the highest value of exits during Jan-Sept 2020 (US$2 billion across 28
deals) accounting for 57% of all exits by value.
Fundraise
► The period Jan-Sept, 2020 saw US$4.4 billion in fundraise; 45% lower compared to same period last year (US$7.9 billion in
2019). There were only nine fundraises of over US$100 million in 2020 (year-to-date) compared to 19 in the same period last
year. The largest fundraise in 2020 saw Sequoia raise a US$1.4 billion venture fund for investments in India and Southeast Asia
followed by Nalanda Capital’s US$748 million fundraise.
Page 6 16 October 2020 EY analysis of VCCEdge data
PE/VC headline trends: Investments
US$m
US$m Total PE/VC investments #
47,302
1,200
37,413 1032
40,000 1,000
767 28,861 800
30,000 26,176
588
600
20,000 16,234 596 36,385 686
29,152 400
10,000 18,969 1,776 200
11,095 9,915
- 0
2016 2017 2018 2019 YTD 2020
Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail Investment between Jan-Sept
US$mUS$m
PE/VC investments: Split across asset classes
40,000 13,844
4,467
30,000 4,627 6,144 2,191
689
2,996
20,000 4,988
2,793 28,318 27,314 25,981
10,000 3,179
18,192
10,263
-
2016 2017 2018 2019 YTD 2020
PE/VC invetments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)
Page 7 16 October 2020 EY analysis of VCCEdge data
PE/VC headline trends: Exits
US$m
US$m Total PE/VC exits #
260 27,048 300
25,000
211 250
20,000 177 157 200
15,000
24,628 11,122 100 150
10,000 13,053 100
6,683
5,000 9,264 7,809 50
5,200 3,590
- 0
2016 2017 2018 2019 YTD 2020
Value (US$m) # of exits Exits between Jan-Sept
US$mUS$m
PE/VC exits: Split across asset classes
1,088
25,000 711
20,000
15,000 545
806 25,249 243
10,000 925
126
5,000 762 11,702 9,953 91
5,795 3,197 302
-
2016 2017 2018 2019 YTD 2020
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Page 8 16 October 2020 EY analysis of VCCEdge data
PE/VC headline trends: Fundraise
US$m
US$m Fundraise #
11,686
12,000 100
10,000 90
8,092
8,000 80
5,774 70
6,000 4,313 51 60
4,000 44 56
41 4,369 50
2,000 40
3,337 4,240 5,612 7,878 32
- 30
2016 2017 2018 2019 YTD 2020
Total funds raised (US$m) Total # of funds raised Fundraise between Jan-Sept
Page 9 16 October 2020 EY analysis of VCCEdge data
Year-to-date investments (excluding infrastructure and real
estate)
Total investments (US$m) # of deals
2020 (Jan-Sept) 25,981 2020 (Jan-Sept) 645
2019 (Jan-Sept) 20,251 2019 (Jan-Sept) 669
Deal type US$m Deal type #
Credit investment 1,518 Credit investment 56
1,716 50
Buyout 2,105 Buyout 12
3,785 26
PIPE* 2,393 PIPE* 43
3,532 38
Start-up/Early stage 3,367 Start-up/Early stage 403
5,929 430
16,598 Expansion/Growth 131
Expansion/Growth 5,289 125
Deal size US$m Deal size #
>US$100m 19,296 >US$100m 44
12,500 51
US$50m-US$100m 2,695 US$50m-US$100m 37
3,076 40
US$20m-US$50m 2,114 US$20m-US$50m 64
2,393 70
US$10m-US$20m 820 US$10m-US$20m 54
1,100 76Year-to-date investments: Infrastructure
Total investments (US$m) # of deals
2020 (Jan-Sept) 2,191 2020 (Jan-Sept) 22
2019 (Jan-Sept) 10,754 2019 (Jan-Sept) 37
Deal type US$m Deal type #
Credit investment 847 Credit investment 7
541 2
Buyout 666 Buyout 8
6,752 9
PIPE - PIPE 1
151 1
Start-up/Early stage 57 Start-up/Early stage 3
66 4
621 Expansion/Growth 3
Expansion/Growth 3,244 21
Deal size US$m Deal size #
>US$100m 1,931 >US$100m 8
10,042 16
US$50m-US$100m 65 US$50m-US$100m 1
464 6
US$20m-US$50m 163 US$20m-US$50m 4
183 4
US$10m-US$20m 15 US$10m-US$20m 1
28 2Year-to-date investments: Real estate
Total investments (US$m) # of deals
2020 (Jan-Sept) 689 2020 (Jan-Sept) 19
2019 (Jan-Sept) 5,380 2019 (Jan-Sept) 58
Deal type US$m Deal type #
Credit investment 76 Credit investment 1
173 4
Buyout 154 Buyout 2
3,301 13
PIPE 275 PIPE 3
151 2
Start-up/Early stage 26 Start-up/Early stage 11
137 14
158 Expansion/Growth 2
Expansion/Growth 1,618 25
Deal size US$m Deal size #
>US$100m 150 >US$100m 1
4,430 17
US$50m-US$100m 513 US$50m-US$100m 7
512 7
US$20m-US$50m US$20m-US$50m
274 8
US$10m-US$20m US$10m-US$20m
80 6Year-to-date investments: Sector-wise
Top sectors by value (US$m) Top sectors by # of deals
10,009 114
Telecom Financial services
926 142
4,113 Technology 106
Financial services 114
6,080
E-commerce 88
2,318 88
Technology
3,294
Education 52
1,894 29
Pharmaceuticals
379
Food and agriculture 49
1,883 61
Retail and consumer products
674 45
Media and entertainment
47
1,871
Education 37
765 Healtcare
35
1,437
E-commerce 30
3,468 Retail and consumer products
45
2,191 29
Infrastructure Business and professional services
10,754 25
689 Pharmaceuticals 27
Real estate 9
5,380
Others 109
2,456 169
Others
4,664
2020 (Jan-Sept) 2019 (Jan-Sept)
Page 13 16 October 2020 EY analysis of VCCEdge dataTop PE/VC investments PE/VC investments in Jio Platforms – Jan’20 - Sept’20 PE investors Stage US$m Stake (%) KKR Growth capital 1,512 2.32 Vista Equity Partners Growth capital 1,510 2.32 Public Investment Fund of Saudi Arabia Growth capital 1,497 2.30 Mubadala Investment Co. Growth capital 1,211 1.85 General Atlantic Growth capital 878 1.34 Tarrant Capital, TPG Capital Asia, L Catterton Management and Others Growth capital 849 1.32 Abu Dhabi Investment Council Growth capital 754 1.16 Silver Lake Management Growth capital 750 1.15 Silver Lake Management Growth capital 606 0.93 Intel Capital Growth capital 251 0.39 Qualcomm Ventures Growth capital 97 0.15 PE/VC investments in Reliance Retail – Jan’20 - Sept’20 PE investors Stage US$m Stake (%) Silver Lake Management Growth capital 1,022 1.75 KKR Growth capital 754 1.28 Page 14 16 October 2020 EY analysis of VCCEdge data
Top PE/VC investments
Top PE/VC investments excluding infrastructure and real estate - Jan’20 - Sept’20*
Company PE investors Sector Stage US$m Stake (%)
Majesco Limited Thoma Bravo LP Technology Buyout 729 100
Hexaware Technologies Limited Baring PE Asia Technology PIPE 565 29
General Atlantic, Owl Ventures, Tiger
Think and Learn Private Limited (Byju) Global, Silver Lake Management and Education Growth capital 500 NA
others
J.B.Chemicals and Pharmaceuticals Limited KKR Pharmaceuticals Buyout 496 65
Piramal Pharma Carlyle Pharmaceuticals Growth capital 490 20
Credit
ECL Finance Limited Farallon Capital and SSG Capital Financial services 400 NA
investment
Credit
Piramal Enterprises Limited Farallon Capital Financial services 346 NA
investment
Edelweiss Global Investment Advisors,
PAG Financial services Buyout 300 51
Edelweiss’ Wealth Management
Nxtra Data Limited Carlyle Technology Growth capital 235 25
Sporta Technologies Private Limited Tiger Global Management, TPG, Media and
Growth capital 225 NA
(Dream11) ChrysCapital and others entertainment
ICICI Bank Limited GIC Financial services PIPE 225 1
SeQuent Scientific Limited Carlyle Pharmaceuticals Buyout 210 74
CDC Group, Gaja capital, Baring PE Asia
RBL Bank Limited Financial services PIPE 210 15
and others
IndoStar Capital Finance Limited Brookfield and Others Financial services PIPE 202 40
Think and Learn Private Limited (Byju) Tiger Global Management Education Growth capital 200 NA
* PE/VC deals excluding investments in Jio Platforms and Reliance Retail
Page 15 16 October 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top infrastructure and real estate investments - Jan’20 - Sept’20
Company PE investors Sector Stage US$m Stake (%)
Credit
RattanIndia Power Limited Goldman Sachs, Varde Partners Infrastructure 566 NA
investment
CPPIB, OMERS Infrastructure
IndInfravit Trust Infrastructure Growth capital 246 24
Management and others
Shapoorji Pallonji Infrastructure, 5 solar
KKR Infrastructure Buyout 204 100
assets (317 MW)
Navayuga Road Projects Private Limited
Edelweiss Alternative Asset Advisors Infrastructure Growth capital 150 NA
(Two road assets)
Credit
ReNew Power Limited Development Finance Corporation Infrastructure 142 NA
investment
Acme Cleantech , 600MW solar assets Actis Infrastructure Buyout 127 100
Vatika Limited Goldman Sachs Real estate Growth capital 86 NA
Golden Jubilee Hotels Private Limited Blackstone Real estate Buyout 82 100
Nine assets, mostly in residential projects Motilal Oswal Real Estate Real estate Growth capital 73 NA
Prestige Estates Projects Limited GIC Real estate PIPE 65 NA
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 16 16 October 2020 EY analysis of VCCEdge dataYear-to-date exits: Analysis
Total exits (US$m) # of deals
2020 (Jan-Sept) 3,590 2020 (Jan-Sept) 100
2019 (Jan-Sept) 7,809 2019 (Jan-Sept) 115
Exit type US$m Exit type #
Open market 1,921 Open market 49
2,390 32
Secondary 79 Secondary 10
1,846 26
Strategic 425 Strategic 32
1,474 42
Buyback 64 Buyback 5
1,851 8
1,101 IPO 4
IPO 247 7
Top sectors US$m Top sectors #
Financial services 2,049 28
1,527 Financial services 14
Industrial products 315 7
122 Education
2
Pharmaceuticals 308
235 Industrial products 7
302 8
Real estate 578
Pharmaceuticals 7
Healthcare 150 3
1,007
Media and entertainment 7
Technology 145 4
1,019
320 Others 44
Others 3,321 84
Page 17 16 October 2020 EY analysis of VCCEdge dataTop exits
Top exits - Jan’20 - Sept’20
Company Sector Sellers Buyer Exit type US$m Stake (%)
SBI Cards and Payment
Financial services Carlyle NA IPO 1,000 9
Services Limited
Embassy Office Parks
Real estate Blackstone NA Open market 302 9
REIT
Paysense Services India Nexus capital, Naspers
Financial services PayU Corporate Strategic 293 NA
Private Limited and others
Essel Propack Limited Industrial products Blackstone NA Open market 253 23
Computer Age
Management Services Technology Warburg Pincus NA IPO 101 13
Private Limited
Manappuram Finance
Financial services Baring PE India NA Open market 101 5
Limited
Metropolis Healthcare
Healthcare Carlyle NA Open market 100 13
Limited
Aavas Financiers Limited Financial services Kedaara NA Open market 93 5
Adani Ports and
Dighi Port Limited Infrastructure Tara India Fund III LLC Special Economic Strategic 89 NA
Zone
Laurus Labs Limited Pharmaceuticals Warburg Pincus NA Open market 84 12
Page 18 16 October 2020 EY analysis of VCCEdge dataFundraise
Top fundraises - Jan’20 - Sept’20
Status Fund US$m Strategy
Raised Sequoia Capital India Fund (2 Funds) 1,350 Sector agnostic
Raised Nalanda Capital 728 Sector agnostic
Raised O2 Power (EQT, Temasek JV) 500 Renewable energy
Raised CDPQ, Piramal Partners 300 Credit financing
Raised Lightspeed third India-focused fund 275 B2B & B2C early stage - sector agnostic
Early/Growth stage -Deep-tech, consumer media,
Raised Chiratae Ventures - Fund IV 184
software, fintech and health tech
Raised Wipro Ventures 150 Early to mid-stage (Enterprise software)
Raised Blume Ventures Fund III 102 Early stage
Raised Inflexor Ventures 100 Early stage
Page 19 16 October 2020 EY analysis of VCCEdge dataSpotlight PE/VC investment trend in start-ups (Jan-Sept) The better the question. The better the answer. The better the world works.
Spotlight: Key trends year-to-date
► On a year-to-date basis, PE/VC investments in start-ups between Jan-Sept 2020 declined by 44% in terms of
value compared to same period last year (US$3.5 billion in 2020 vs. US$6.1 billion in 2019). While the
number of deals were at par with last year, the deal sizes were significantly lower. Between Jan-Sept 2020
there were 14 deals of value greater than US$50 million aggregating to US$1.3 billion compared to 25 such
deals aggregating to US$3.6 billion during the same period last year. The average deal size for start-ups in
2020 till date was around US$11 million compared to US$18 million in the same period last year.
► Most major sectors recorded significant decline in start-up investments in 2020. Financial services with
US$886 million invested across 60 deals was the largest sector for start-up investments in Jan-Sept 2020,
followed by e-commerce with US$669 million invested across 56 deals and technology with US$545 million
invested across 89 deals. E-commerce with US$2.5 billion invested across 62 deals was the top sector in
Jan-Sept 2019. Education sector emerged as a standout sector in Jan-Sept 2020 recording US$461 million
across 36 deals (nine times increase over Jan-Sept 2019), highest ever value of start-up investments
received by the sector.
Page 21 16 October 2020 EY analysis of VCCEdge dataSpotlight: Start-up investments (Jan-Sept)
US$m Total PE/VC investments #
7,907
8,000 800
6,480 608
6,000 600
417
3,505 377
4,000 298 400
311 6,132
2,000 2,090 4,642 200
3,450
1,907
1,598
- 0
2016 2017 2018 2019 YTD 2020
Value Count Investment between Jan-Sept
Deal size US$m (Jan – Sept) Deal size # (Jan – Sept)
>US$100m 634 >US$100m 5
2,265 7
US$50m-US$100m 640 US$50m-US$100m 9
1,328 18
US$20m-US$50m 1,096 US$20m-US$50m 33
962 27
US$10m-US$20m 390 US$10m-US$20m 26
705 49Spotlight: Start-up investments sector-wise (Jan-Sept)
Top sectors by value (US$m) Top sectors by # of deals
Financial services 886 89
Technology
1,340 87
669 60
E-commerce Financial services
2,512 76
545 56
Technology E-commerce
769 62
461 39
Education Media and entertainment
52 39
228 36
Healthcare Education
243 19
196 31
Media and entertainment Food and agriculture
178 36
146 25
Food and agriculture Healthcare
174 17
96 20
Logistics Business and professional services
319 18
57 15
Infrastructure Retail and consumer products
66 28
44 Real estate, hospitality and construction 11
Business and professional services 14
82
121 35
Others Others
398 52
2020 (Jan-Sept) 2019 (Jan-Sept)
Page 23 16 October 2020 EY analysis of VCCEdge dataSpotlight: Top PE/VC investments in start-ups
Top PE/VC investments in start-ups - Jan’20 - Sept’20*
Company PE investors Sector US$m Stake (%)
Sorting Hat Technologies Private Nexus Ventures, Sequoia, General Atlantic, SoftBank,
Education 260 15
Limited (Unacademy) Blume Venture
Bundl Technologies Private Limited Naspers Ventures, Meituan-Dianping, Wellington
E-commerce 113 NA
(Swiggy) Management
Bundl Technologies Private Limited Tencent, Korea Investment Partners, Samsung
E-commerce 45 NA
(Swiggy) Ventures and Mirae Asset Capital Markets
Postdot Technologies Private Limited Nexus Ventures, Charles River Partnership XIV, Insight
Technology 150 NA
(Postman.com) Venture Management
Temasek, Accel Growth Fund IV, Epiq Capital Fund,
CureFit Healthcare Private Limited
Chiratae Ventures Fund III, Ascent Private Equity and Healthcare 112 NA
(CureFit)
others
Home Interior Designs E-commerce Venturi Partners, Bessemer Venture, Goldman Sachs,
E-commerce 90 NA
Private Limited (Livspace) TPG Capital and others
Galactus Funware Technology Private Pegasus Tech Ventures, Go Ventures, MDI Ventures, Media and
90 NA
Limited (Mobile Premier League) RTP Global Advisors, Sequoia and others entertainment
Go Digit General Insurance Limited TVS Capital, Faering Capital, A91 Financial services 84 NA
Amplo, Coatue Management, Steadview Capital, Ribbit
Resilient Innovations Private Limited Financial services 75 NA
Capital, Insight Ventures
Megadelta Capital Advisors LLP, Prime Venture
MWYN Tech Private Limited
Partners, RTP Global Advisors, Sequoia Capital India Financial services 70 NA
(MoneyTap)
Advisors Private Limited
Vivriti Capital Private Limited
LGT Lightstone Aspada Financial services 50 NA
(Vivriticapital.com)
Page 24 16 October 2020 EY analysis of VCCEdge dataAre you ready to navigate from marginal gains to total reinvention? Navigate the transformative age with the better-connected consultants. Quarterly trend analysis – 3Q2020 The better the question. The better the answer. The better the world works.
Key trends: Quarterly
Investments
► On a quarterly basis, investments in 3Q20 declined by 36% in terms of value compared to 3Q19 and 23% compared
to 2Q20 (US$10.3 billion in 3Q20 vs. US$16 billion in 3Q19 and US$13.5 billion in 2Q20). In terms of number of
deals 3Q20 recorded 10% fewer deals compared to 3Q19 and 8% higher deals compared to 2Q20 (239 deals in 3Q20
vs. 265 deals in 3Q19 and 222 deals in 2Q20).
► Growth deals were the highest with US$4.4 billion invested across 42 deals (US$3.5 billion across 62 deals in 3Q19),
followed by buyouts worth US$2 billion across seven deals (US$7.6 billion across 19 deals in 3Q19). Buyouts were
the most affected from the decline in PE/VC deal activity post the onset of the COVID-19 pandemic, declining by 73%
in value and 63% in volume. Start-up investments recorded US$1.1 billion in 3Q20, 67% decline y-o-y (US$3.4 billion
in 3Q19). PIPE investments recorded US$1.7 billion, twice the value recorded in 3Q19 (US$823 million). Credit
investments recorded US$1.1 billion in 3Q20, 52% higher compared to 3Q19 (US$721 million).
► From a sector perspective, financial services was at the top (US$2.1 billion across 38 deals), highest quarterly value
of investments in the sector in 2020 followed by retail and consumer sector (US$1.8 billion across 12 deals, on the
back of large investments in Reliance Retail), technology sector (US$1.8 billion across 44 deals), and education
sector (US$1.1 billion across 23 deals).
► 3Q20 recorded 23 large deals aggregating to US$7.8 billion (compared to 37 large deals aggregating to US$12.8
billion in 3Q19), 40% decline y-o-y. The largest deals in 3Q20 include investments in Reliance Retail – Silver Lake’s
US$1 billion investment for 1.8% stake and KKR’s US$754 million investment for 1.3% stake.
Page 26 16 October 2020 EY analysis of VCCEdge dataKey trends: Quarterly
Exits
► On a year-on-year (y-o-y) basis, exits declined by 82% in terms of value in 3Q20 (US$728 million vs. US$4 billion in
3Q19) and 25% compared to 2Q20 (US$927 million). The decline was across deal segments especially strategic and
secondary exits.
► Exits via open market were the highest with US$566 million recorded across 20 deals, accounting for 78% of all exits
in 3Q20 followed by three PE backed IPO worth US$101 million. Exits via strategic sale were at US$26 million (13
deals) compared to US$174 million in 3Q19 (10 deals). Exits via secondary sale (sale to other PE funds) recorded
US$34 million (one deal), 97% lower compared to 3Q19 (US$1.2 billion).
► From a sector perspective, industrial products recorded the highest value of exits in 3Q20 (US$305 million across
five deals) followed by technology (US$101 million across two deals).
► The largest exit in 3Q20 saw Blackstone sell 23% stake in Essel Propack Limited for US$253 million.
Fundraise
► 3Q20 saw US$2.8 billion in fundraises, 19% higher compared to 3Q19 (US$2.3 billion). The largest fundraise in
3Q20 saw Sequoia raise a US$1.4 billion venture fund for investments in India and Southeast Asia.
Page 27 16 October 2020 EY analysis of VCCEdge dataPE/VC quarterly headline trends: Investments
US$m Total PE/VC investments #
18,000 265 265 268 300
234 239
225 13,479
15,000 203 250
182 194 188
12,000 164 10,317 200
222
9,000 150
16,025
6,000 11,146 11,110 10,918 100
8,307 9,699 8,261 9,250 9,567
3,000 7,207 50
5,065
- 349 1,776 -
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020
Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail
US$m PE/VC investments split across asset classes
16,000
5,258 653 9
12,000
511
1,695 3,507
840 895 2,511 3,090 360
8,000 862 218
523 1,659 1,450 1,490 2,657 765
1,440 1,474 1,378 12,818
8,610 1,028 9,446
4,000 7,941 8,256 320
6,593 6,749 7,063
5,244 5,174 5,246
3,717
-
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020
PE/VC investment (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 28 16 October 2020 EY analysis of VCCEdge dataPE/VC quarterly headline trends: Exits
US$m Total PE/VC exits #
7,000 80
64
6,000
52 52 60
5,000
41 42 42
4,000 36 37 37 37
32 40
3,000 26
4,755 18,016
2,000 3,789 3,959 20
2,658 3,313
1,000 1,857 2,420 1,895
1,192 967 728
- -
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020
Value (US$m) # of exits
US$m PE/VC exits split across asset classes
7,000 9
13
6,000
5,000
161 844
4,000 82 284
236 7
3,000 104 348
234 354 201 89
2,000 3,829 3,674 -
3,392 262 2,958
133
1,000 2,066 92 2,353 2
1,361 1,807 302
17,994 967 665 725
-
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 29 16 October 2020 EY analysis of VCCEdge dataPE/VC quarterly headline trends: Fundraise
US$m Fundraise #
4,000 17 20
15 15
14 14
3,000 13 15
12 12
11 11 11
2,000 3,809 10
2,794 5 2,768
2,607 2,479 2,749
1,000 2,335 5
1,533 1,701 1,430
1,304
171
- -
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020
Total funds raised (US$m) Total # of funds raised
Page 30 16 October 2020 EY analysis of VCCEdge dataInvestments (excluding infrastructure and real estate)
Total investments (US$m) # of deals
3Q2020 9,446 3Q2020 230
3Q2019 8,256 3Q2019 237
Deal type US$m Deal type #
Credit investment 1,005 Credit investment 23
668 16
Buyout 1,698 Buyout 4
1,648 8
PIPE* 1,468 PIPE* 15
672 11
Start-up/Early stage 1,130 Start-up/Early stage 147
3,319 149
4,145 Expansion/Growth 41
Expansion/Growth 1,950 53
Deal size US$m Deal size #
>US$100m 7,116 >US$100m 20
5,480 23
US$50m-US$100m 1,079 US$50m-US$100m 14
1,149 15
US$20m-US$50m 643 US$20m-US$50m 20
854 23
US$10m-US$20m 254 US$10m-US$20m 17
373 24Investments: Infrastructure
Total investments (US$m) # of deals
3Q2020 511 3Q2020 4
3Q2019 5,258 3Q2019 10
Deal type US$m Deal type #
Credit investment 15 Credit investment 1
270 Buyout 2
Buyout 3,771 3
PIPE PIPE
151 1
Start-up/Early stage Start-up/Early stage
226 Expansion/Growth 1
Expansion/Growth 6
1,336
Deal size US$m Deal size #
>US$100m 496 >US$100m 2
5,033 5
US$50m-US$100m US$50m-US$100m
198 2
US$20m-US$50m US$20m-US$50m
US$10m-US$20m 15 US$10m-US$20m 1
13 1Investments: Real estate
Total investments (US$m) # of deals
3Q2020 360 3Q2020 5
3Q2019 2,511 3Q2019 18
Deal type US$m Deal type #
Credit investment 76 Credit investment 1
53 1
Buyout 72 Buyout 1
2,182 8
PIPE 210 PIPE 2
Start-up/Early stage 2 Start-up/Early stage 1
95 6
Expansion/Growth Expansion/Growth
181 3
Deal size US$m Deal size #
>US$100m 150 >US$100m 1
2,332 9
US$50m-US$100m 208 US$50m-US$100m 3
53 1
US$20m-US$50m US$20m-US$50m
102 3
US$10m-US$20m US$10m-US$20m
13 13Q2020 investments: Sector-wise
Top sectors by value (US$m) Top sectors by # of deals
2,095 44
Financial services Technology
2,162 46
1,812 38
Financial services
Retail and consumer products 58
399
35
1,794 E-commerce
Technology 27
1,656
23
Education
1,130 10
Education
607
17
Media and entertainment
802 11
Pharmaceuticals
56 13
Food and agriculture
22
669
E-commerce
1,835 12
Business and professional services
9
511
Infrastructure 12
4,701 Retail and consumer products
15
432
Media and entertainment 11
31 Healthcare
12
1,072 34
Others Others
4,578 55
3Q2020 3Q2019
Page 34 16 October 2020 EY analysis of VCCEdge dataTop PE/VC investments PE/VC investments in Jio Platforms – 3Q2020 PE investors Stage US$m Stake (%) Intel Capital Growth capital 251 0.39 Qualcomm Ventures Growth capital 97 0.15 PE/VC investments in Reliance Retail – 3Q2020 PE investors Stage US$m Stake (%) Silver Lake Management Growth capital 1,022 1.75 KKR Growth capital 754 1.28 Page 35 16 October 2020 EY analysis of VCCEdge data
Top PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in 3Q2020*
Company PE investors Sector Stage US$m Stake (%)
Majesco Limited Thoma Bravo LP Technology Buyout 729 100
Hexaware Technologies Limited Baring PE Asia Technology PIPE 565 29
General Atlantic, Tiger Global
Think and Learn Private Limited (Byju) Management, Silver Lake Education Growth capital 500 NA
Management and others
J.B.Chemicals and Pharmaceuticals
KKR Pharmaceuticals Buyout 496 65
Limited
ECL Finance Limited Farallon Capital and SSG Capital Financial services Credit investment 400 NA
Piramal Enterprises Limited Farallon Capital Financial services Credit investment 346 NA
Edelweiss Global Investment Advisors,
PAG Financial services Buyout 300 51
Edelweiss Wealth Management
Nxtra Data Limited Carlyle Technology Growth capital 235 25
Sporta Technologies Private Limited Tiger Global Management, TPG, Media &
Growth capital 225 NA
(Dream11) ChrysCapital and others Entertainment
ICICI Bank Limited GIC Financial services PIPE 225 1
CDC Group, Gaja capital, Baring PE
RBL Bank Limited Financial services PIPE 210 15
Asia and others
RA Chem Pharma Limited Advent International Pharmaceuticals Buyout 173 74
Bandhan Bank Limited GIC Financial services PIPE 170 2
Nexus Ventures, Sequoia Capital,
Sorting Hat Technologies Private Limited General Atlantic, SoftBank Vision Education Start-up 150 10
Fund 2, Blume Ventures
* PE/VC deals excluding investments in Jio Platforms and Reliance Retail in 3Q2020
Page 36 16 October 2020 EY analysis of VCCEdge dataTop PE/VC investments
Top infrastructure and real estate investments in 3Q2020
Company PE investors Sector Stage US$m Stake (%)
ACME Solar Holdings Limited, Two Solar
Actis Long Life Infrastructure Fund Infrastructure Buyout 270 100
Power Projects
RattanIndia Group, Solar Assets 306 MW GIP Infrastructure Growth capital 226 NA
GIC, Fullerton Financial Holdings,
Mindspace Business Parks REIT Real Estate PIPE 150 NA
FMR LLC, Capital Group and others
M3M India Private Limited Oaktree Capital Real Estate Credit investment 76 NA
Peninsula Land’s residential project in
Brookfield Real Estate Buyout 72 >50
Mumbai's Byculla
The Phoenix Mills Limited GIC Real Estate PIPE 60 4
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 37 16 October 2020 EY analysis of VCCEdge data3Q2020 exits: Analysis
Total exits (US$m) # of deals
3Q2020 728 3Q2020 37
3Q2019 3,959 3Q2019 38
Exit type US$m Exit type #
Open market 566 Open market 20
792 10
34 Secondary 1
Secondary 1,218 10
26 Strategic 13
Strategic 174 10
Buyback - Buyback
1,687 6
101 IPO 3
IPO 88 2
Top sectors US$m Top sectors #
Industrial Products 305 6
25 Education 1
Technology 101 5
203 Industrial Products
1
Retail and consumer products 88
130 E-commerce 4
71 3
Financial services 726
Financial services 3
Pharmaceuticals 48 5
-
Media and entertainment 3
E-commerce 38 2
1,543
77 Others 16
Others 1,332 25
Page 38 16 October 2020 EY analysis of VCCEdge dataTop exits
Top exits in 3Q2020
Company Sector Sellers Buyer Exit type US$m Stake (%)
Essel Propack Limited Industrial products Blackstone NA Open market 253 23
Computer Age
Management Services Technology Warburg Pincus NA IPO 101 13
Private Limited
Retail and
Amber Enterprises India ADV Opportunities Fund
consumer NA Open market 82 10
Limited I LP
products
AU Small Finance Bank
Financial services Warburg Pincus NA Open market 69 2
Limited
Shilpa Medicare Limited Pharmaceuticals Baring PE India NA Open market 42 7
Shriji Polymers India Tata Capital and HBM
Industrial products Creador Secondary 34 NA
Limited Healthcare Investments
Page 39 16 October 2020 EY analysis of VCCEdge dataFundraise
Top fundraise in 3Q2020
Status Fund US$m Strategy
Raised Sequoia Capital India Fund (2 Funds) 1,350 Sector agnostic
Raised Nalanda Capital 728 Sector agnostic
Raised Lightspeed (third India-focused fund) 275 B2B & B2C Early stage - Sector agnostic
Early stage - Deep-tech, consumer media, software,
Raised Chiratae Ventures - Fund IV 184
fintech and health tech
Raised Blue Ashva Capital - First Close 60 Sector agnostic - SME
Page 40 16 October 2020 EY analysis of VCCEdge dataSpotlight PE/VC investment trend in start-ups (3Q2020) The better the question. The better the answer. The better the world works.
Spotlight: Start-up investments (3Q2020)
US$m Total PE/VC investments #
166 200
155 160
3,000 148
138 131
127 150
115
2,000 93 86 93
83
3,414 100
1,000 2,185 1,838 1,980
1,598 1,754 1,775 50
1,427 1,132
703 738 891
- -
4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020
Value (US$m) # of deals
Deal size US$m Deal size #
150 1
>US$100m >US$100m
1,875 5
296 4
US$50m-US$100m US$50m-US$100m
691 9
319 10
US$20m-US$50m US$20m-US$50m
401 11
144 10
US$10m-US$20m US$10m-US$20m
171 11
223 94Spotlight: Start-up investments sector-wise (3Q2020)
Top sectors by value (US$m) Top sectors by # of deals
285 38
E-commerce Technology
1,735 36
Education 250 24
35 E-commerce
21
Financial services 197 19
647 Financial services
29
Technology 163 13
520 Media and entertainment
9
Media and entertainment 148 13
27 Education
6
Food and agriculture 49 11
Food and agriculture
44 11
Business and professional services 12 10
Business and professional services
25 5
11 8
Retail and consumer products Healthcare
43 5
Automotive 7 4
Retail and consumer products
59 9
Healthcare 7 Automotive 2
81 5
Others 4 Others 6
197 19
3Q2020 3Q2019
Page 43 16 October 2020 EY analysis of VCCEdge dataSpotlight: Top PE/VC investments in start-ups
Top PE/VC investments in start-ups – 3Q2020
Company PE investors Sector US$m Stake (%)
Sorting Hat Technologies Private Nexus Ventures, Sequoia, General Atlantic, SoftBank,
Education 150 10
Limited (Unacademy) Blume Venture
Galactus Funware Technology Private Pegasus Tech Ventures, Go Ventures, MDI Ventures, Media and
90 NA
Limited (Mobile Premier League) RTP Global Advisors, Sequoia and others entertainment
Home Interior Designs E-commerce Venturi Partners, Bessemer Venture, Goldman Sachs,
E-commerce 90 NA
Private Limited (Livspace) TPG Capital and others
Acko Technology and Services Private Intact Ventures Inc., RPS Investment Fund, Munich Re
Financial services 60 NA
Limited (insurance platform Acko.com) Ventures and others
ZoloStays Property Solutions Private Nexus Ventures, Investcorp, Mirae Asset-Naver Asia
E-commerce 56 NA
Limited (Zolo) Growth Fund, Trifecta Capital
Toppr Technologies Private Limited
Kaizen Private Equity, Foundation Holdings Education 47 NA
(toppr.com)
Mohalla Tech Private Limited (Share
Lightspeed Venture Partners, Saif Partners and others Technology 40 NA
Chat)
Vulcan Capital, Costanoa Venture, Blue Fog Capital and
SlideRule Labs Inc. (Springboard) Education 31 NA
others
A S Justride Tours and Travels Private
Shell, Middle East fund E-commerce 30 NA
Limited ( Drivezy)
Page 44 16 October 2020 EY analysis of VCCEdge dataWhat will you invest in as investing changes? Monthly trend analysis: September 2020 The better the question. The better the answer. The better the world works.
Key trends
Investments
► PE/VC investments in September 2020 were 27% higher compared to September 2019 and 107% higher
compared to August 2020 (US$4.3 billion in September 2020 vs. US$3.4 billion in September 2019 and
US$2.1 billion in August 2020). The growth was mainly on account of large investments in Reliance Retail
(US$1.8 billion), accounting for 42% of all investments in September 2020.
► From the point of view of deal type, growth deals recorded the highest value of investments at US$2.9 billion
across 12 deals, on account of the large investments in Reliance Retail. Start-up investments were the
second highest at US$687 million across 52 deals followed by PIPE investments at US$596 million across
five deals.
► September 2020 recorded seven large deals (deals of value greater than US$100 million) aggregating
US$3.4 billion compared to nine large deals worth US$2.3 billion in September 2019.
► From a sector point of view, retail and consumer was the top sector in September with US$1.8 billion in
PE/VC investments on the back of large investments in Reliance Retail.
Page 46 16 October 2020 EY analysis of VCCEdge dataKey trends
Exits
► September 2020 recorded 13 exits worth US$527 million, 80% lower than the value of exits in September
2019 (US$2.7 billion) and 7.9 times the value recorded in August 2020 (US$67 million). Open market exits
in September 2020 were highest at US$391 million across six deals.
► The largest exit in 3Q20 saw Blackstone sell an 23% stake in Essel Propack Limited for US$253 million.
Fundraise
► September 2020 recorded total fundraises of US$93 million compared to US$654 million raised in
September 2019.
Page 47 16 October 2020 EY analysis of VCCEdge dataPE/VC monthly headline trends: Investments
Total PE/VC investments
US$m #
100 120
8,000 93 89 6,898 100
79 80 76 85 78 84
6,000 72 73 5,444 77 80
61 3,890 4,333
4,000 60
5,288 4,917 40
2,000 4,649
3,408 3,242 20
2,387 2,468 1,708 2,094
888 1,138 1,776
- 349 0
Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail
US$m PE/VC investments: Split across asset classes
US$m
8,000
7,000 379
3
6,000
5,000 5
1,120 15 226
4,000 98 26
298
3,000 6,450
1,450 1,415 5,439 270
556 127
2,000 114 4,142 625
898
78 234 3,577 62 4,107
3 208
1,000 1,859 1,714 1,492 8 1,762
1,207 1,347 878 930
-
Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
PE/VC investments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)
Page 48 16 October 2020 EY analysis of VCCEdge dataPE/VC monthly headline trends: Exits
Total PE/VC exits
US$m #
18 19
3,000 20
16
14 15
13 15
12 11
2,000 10
9 9 9
10
2,663 5
1,000
1,490 5
960 864 1,105
461 329 117 286 564 134 67 527
- 0
Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Value (US$m) # of exits
US$m PE/VC exits: Split across asset classes
US$m
3,000
29
2,000
2,633 89
1,000
1,490 348 2
953 1,016 302
516 461 329 117 286 134 65 527
- 262
Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Page 49 16 October 2020 EY analysis of VCCEdge dataPE/VC monthly headline trends: Fundraise
Fundraise
US$m #
3,500 7 8
6 6
2,800 5 6
2,100 4 4 4 4
3 3 3 4
3,233
1,400 2
2195
2
700
742 -
654 403 172 603 85 - 50 121 480 93
- 0
Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Total funds raised (US$m) Total # of funds raised
Page 50 16 October 2020 EY analysis of VCCEdge dataPE/VC investments: US$4,107 million over 76 deals (excluding
infrastructure and real estate investments)
Top sectors by value US$m Top sectors by volume
RCP 1,802 Technology 20
Technology E-commerce 9
663
Media and entertainment 8
Education 661
RCP 7
Media and entertainment 401
Financial services 6
E-commerce 286 Healthcare 6
Others 294 Others 21
Deal value US$m (volume) Deal type US$m (volume)
3216 (6) 2678 (11)
596 (5) 687 (52)
256 (8) 391 (5)
132 (43) 113 (7) 147 (8)
US$100m Credit Buyout PIPE Start-up/ Growth
US$20m US$50m US$100m investment Early stage capital
RCP : Retail and consumer products
Page 51 16 October 2020 EY analysis of VCCEdge dataInfrastructure and real estate investments: US$ 226 million over
one deal
By value US$m By volume
Real estate NA Real estate NA
Infrastructure 226 Infrastructure 1
Deal value US$m (volume) Deal type US$m (volume)
226 (1) 226 (1)
NA (NA) NA (NA) NA (NA) NA (NA) NA (NA) NA (NA) NA (NA) NA (NA)
US$100m Credit Buyout PIPE Start-up/ Growth
US$20m US$50m US$100m investment Early stage capital
Page 52 16 October 2020 EY analysis of VCCEdge dataTop PE/VC investments PE/VC investments in Reliance Retail: September 2020 PE investors Stage US$m Stake (%) Silver Lake Management Growth capital 1,022 1.75 KKR Growth capital 754 1.28 Page 53 16 October 2020 EY analysis of VCCEdge data
Top PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in September 2020*
Company PE Investors Sector Stage US$m Stake (%)
Hexaware Technologies Limited Baring PE Asia Technology PIPE 565 29
General Atlantic, Tiger Global
Think and Learn Private Limited
Management, Silver Lake Education Growth capital 500 NA
(Byju)
Management and others
Sporta Technologies Private Limited Tiger Global Management, TPG, Media and
Growth capital 225 NA
(Dream11) ChrysCapital and others entertainment
Nexus Ventures, Sequoia Capital,
Sorting Hat Technologies Private
General Atlantic, SoftBank Vision Education Start-up 150 10
Limited
Fund 2, Blume Ventures
Zomato Media Private Limited Tiger Global Management LLC E-commerce Growth capital 100 NA
Venturi Partners, Bessemer Ventures,
Home Interior Designs E-commerce
Goldman Sachs, TPG Capital and E-commerce Start-up 90 NA
Private Limited
others
Pegasus Tech Ventures, Go Ventures,
Galactus Funware Technology Private Media and
MDI Ventures, RTP Global Advisors, Start-up 90 NA
Limited entertainment
Sequoia Capital and others
Intact Ventures, RPS Investment
Acko Technology and Services Private
Fund, Amazon.com NV Investment Financial services Start-up 60 NA
Limited
Holdings LLC and others
* PE/VC deals excluding investments in Reliance Retail in September 2020
Page 54 16 October 2020 EY analysis of VCCEdge dataTop infrastructure and real estate investments
Top infrastructure and real estate investments in September 2020
Company PE Investors Sector Stage US$m Stake (%)
RattanIndia Group, Solar Assets 306
GIP Infrastructure Growth capital 226 NA
MW
Page 55 16 October 2020 EY analysis of VCCEdge dataExits: US$527 million across 13 deals in September 2020
Exits in September 2020
Deal value US$m (volume) Deal value US$m (volume)
391 (6)
Industrial products 287 (2)
Technology 101 (2)
RCP* 82 (1)
101 (3)
Pharmaceuticals 48 (2)
34 (1)
NA (NA) NA (NA)
Others 9 (6)
IPO Buyback Strategic Secondary Open
market
* Retail and consumer products
Page 56 16 October 2020 EY analysis of VCCEdge dataTop exits
Top exits in September 2020
Company Sector Sellers Buyer Exit type US$m Stake (%)
Essel Propack Limited Industrial products Blackstone NA Open market 253 23
Computer Age
Management Services Technology Warburg Pincus NA IPO 101 13
Private Limited
Amber Enterprises India Retail and ADV Opportunities Fund
NA Open market 82 10
Limited consumer products I LP
Page 57 16 October 2020 EY analysis of VCCEdge dataFundraise Top fundraise/announcements in September 2020 Status Fund US$m Strategy Announced Godrej Fund Management 500 Real estate Announced 8i Ventures Fund II 50 Consumer and fintech Raised VC firm 3one4 Fund III 40 Early stage - Emerging technologies Raised Inflexor Ventures 31 Early stage - Emerging technologies Page 58 16 October 2020 EY analysis of VCCEdge data
About EY Private Equity Services
About EY’s Private Equity Services Practice
EY has been working with the private equity industry for more than 25 years, with approximately
25,000 seasoned professionals worldwide dedicated to the industry and its business issues. EY
serves 74% of the top 300 PE firms included in the Global PEI 300 firms list. Private equity firms,
portfolio companies and investment funds face complex challenges. They are under pressure to
deploy capital amid geopolitical uncertainty, increased competition, higher valuations and rising
stakeholder expectations. Successful deals depend on the ability to move faster, drive rapid and
strategic growth and create greater value throughout the transaction life cycle. EY taps its global
network to help source deal opportunities and combines deep sector insights with the proven,
innovative strategies that have guided the world’s fastest growing companies.
In India, EY is among the leading providers of advisory, tax, transactions and assurance services.
The organization is also the number one professional services brand* in India, which is a
testimony to our relentless commitment to deliver exceptional client service and create a better
working world. EY has offices spread across 11 cities in India. Worldwide, our 270,000 people
across 150+ countries and 700+ cities are united by our shared values and their unwavering
commitment to quality.
► EY’s India Private Equity Services Practice has been among the top advisors for private equity
deals over the past ten years. EY has been awarded the “Most Active Transaction Advisor”
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Private Equity” award by VC Circle in 2012 and 2017 and for M&A in 2018. EY was also the
top PE advisor in the Venture Intelligence league table in 2018.
► EY’s India Private Equity Services Practice provides value to PE funds and their portfolio
companies through its deep sector and service expertise. EY India is organized around key
industry verticals in a matrix structure that enables us to offer an unparalleled blend of
industry expertise and functional skills. We actively track about 15 sectors with sector leads
driving our penetration in each of those sectors.
Page 60 16 October 2020 EY analysis of VCCEdge dataEY services for Private Equity
We offer an array of services to Private Equity funds and their portfolio/investee companies through our various service lines.
Partners
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