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September 25, 2017

Venture Intelligence - Mint Deal Tracker (September 18)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.

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To get a detailed news on upcoming PE/VC, M&A, Angel and Strategic Investments sign-up for our Weekly Newsletter below. View a sample version 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.

September 21, 2017

Venture Intelligence - Mint Deal Tracker (September 11)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.


To get a detailed news on upcoming PE/VC, M&A, Angel and Strategic Investments sign-up for our Weekly Newsletter below. View a sample version 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.

September 20, 2017

Did Flipkart just break the hubris meter? - Mint

A Mint article on Flipkart quotes Venture Intelligence data on PE/VC investments in Internet & E-Commerce companies



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.

September 18, 2017

PE/VC Backed IPO: Capacite Infraprojects

PE/VC investors Paragon Partners and Newquest hold on to their stakes in Capacite Infraprojects IPO.



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.

How did PE/VC investors in Bharat Matrimony fare in the IPO?


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.

September 12, 2017

League Table Update - August 2017


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.

September 11, 2017

Venture Intelligence - Mint Deal Tracker (September 4)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.


To get a detailed news on upcoming PE/VC, M&A, Angel and Strategic Investments sign-up for our Weekly Newsletter below. View a sample version 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.

September 10, 2017

How did PE/VC investors in Dixon Technologies fare in the IPO?


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.

September 07, 2017

Growth Stage deals perk up VC investments in August

Sluggishness in Early Stage however continues

Venture Capital investments* perked up in August to 34 investments worth as much as $440 million - making it the second highest month in 2017. These stats are comparable to those seen in August 2016 (37 deals worth $458 million) and 140% higher in terms of value compared to Jul'17. August also arrests the 2-month slide in deal activity which began in June. (* Seed to Series D round investments in companies less than 10 years old with value of up to $20 Million. The monthly stats also include investments in IT companies that less than 10 years old, with deal value above $20 million.)


August registered as many as 10 deals worth more than $10 million or more, with VC investors predominantly focused on Series B and beyond rounds.



 

The reported $100 million investment in B2B E-Commerce firm Just Buy Live,was followed by data protection software company Druva's strong $80 million round. Online lender Capital Float attracted $45 million, while Treebo Hotels checked in with $34 million. Healthcare firms found favour with bioinformatics company MedGenome attracting $30 million and fitness chain operator Curefit raising $25 million.

Seed Investors taking a Break?


August was not all good news, however. The slowdown in angel investments continued with the month registering just 19 investments - compared to 47 deals in the same period last year and 22 in July'17.


The downward trend was also noticeable in the Early Stage VC segment with a sequential drop in Seed and Series A investments.


Will the Mega Flipkart Deal Trickle Down?

The screamingly large headline in the VC ecosystem in August of course was SoftBank Vision Fund's mega investment (over $2 billion) in Flipkart - providing an exit route to the e-commerce poster child's early investor, Tiger Global. Whether this liquidity event will encourage Tiger Global - the bellwether VC investor in India during the first half of this decade - to invest more in India going forward could set the tone for the remainder of the year. For more perspective on Tiger's past and likely future investments, read the analysis here.

Media Coverage:


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.

Tiger Global post Flipkart: Which way will it go?

Amidst the drama around SoftBank's $2.5 Billion investment in Flipkart, not much attention has been paid to the fact that the deal involves the exit (albeit partial) of key Flipkart backer, Tiger Global, from the most audacious Venture Capital investment in India.


The VC arm of the New York-based hedge fund, led globally by Lee Fixel, is estimated to have invested $1 Billion in Flipkart starting in end 2009. Tiger's bet on Flipkart - which arguably triggered the rush to invest and create other Internet & Mobile Unicorns in India - has also been described as the single biggest risk to the technology ecosystem. "Unfortunately, due to just one individual - Lee Fixel of Tiger Global - Flipkart has gone from being a poster child to being the single biggest risk to the technology ecosystem. I hope for a soft landing," angel investor and iSpirt co-founder Sharad Sharma had said during the heady days of 2015, when Flipkart's valuation had hit a peak of $15 Billion. After a tumultuous 2016, when many of Flipkart's US-based Mutual Fund investors wrote down the company's valuation to as low as $5.5 Billion, the capital it has raised two years hence have landed its valuation at a relatively softer $11.6 Billion.

As Tiger takes an estimated $800 million off the table at Flipkart (with an estimated 2.5 times return), how will this part exit influence the investor's next moves in the Indian market?

Click here to continue reading.

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.

September 03, 2017

Mint-Venture Intelligence Deal Tracker (August 28)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.


To get a detailed news on upcoming PE/VC, M&A, Angel and Strategic Investments sign-up for our Weekly Newsletter below. View a sample version 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.

August 29, 2017

Exuberance of 2015 in the past, number of startups being founded nose dives: Deal Street Asia

A Deal Street Asia article covering the fall in startups being founded in India, quotes Venture Intelligence data on Venture Capital Investments:
The year 2017 has seen the numbers dwindling further. According to Venture Intelligence, VC investments in India plunged to a three-year low in the second quarter of (CY)2017 to 78 deals worth $275 million during the three months ended June 2017, 25 per cent lower compared to the same period in 2016. It was also 7 per cent lower than the previous quarter, which recorded 84 deals worth $349 million.
Related: 




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.

August 27, 2017

Mint-Venture Intelligence Deal Tracker (August 21)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.


To get a detailed news on upcoming PE/VC, M&A, Angel and Strategic Investments sign-up for our Weekly Newsletter below. View a sample version 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.

August 22, 2017

Forbes Hidden Gems: Digging Deep

Venture Intelligence provided the primary list of companies for its Hidden Gems - 2017 List after having looked at over thousands of companies in its PE/VC Deals Database and the Company Financials Search Database with data on 25k+ private companies.

In the 2017 selection, eight such companies feature as Hidden Gems. These were chosen by the Forbes India editorial team on the basis of the criteria listed above, from a long list suggested by industry experts, investors and analysts. (Venture Intelligence, an information company, provided support with the initial list.)

Are you interested in identifying the next wave of hot companies in India? Take a trial to our Deal Databases and other products.

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.

August 21, 2017

Tiger Global post Flipkart: Which way will it go?

Amidst the drama around SoftBank's $2.5 Billion investment in Flipkart, not much attention has been paid to the fact that the deal involves the exit (albeit partial) of key Flipkart backer, Tiger Global, from the most audacious Venture Capital investment in India.


The VC arm of the New York-based hedge fund, led globally by Lee Fixel, is estimated to have invested $1 Billion in Flipkart starting in end 2009. Tiger's bet on Flipkart - which arguably triggered the rush to invest and create other Internet & Mobile Unicorns in India - has also been described as the single biggest risk to the technology ecosystem. "Unfortunately, due to just one individual - Lee Fixel of Tiger Global - Flipkart has gone from being a poster child to being the single biggest risk to the technology ecosystem. I hope for a soft landing," angel investor and iSpirt co-founder Sharad Sharma had said during the heady days of 2015, when Flipkart's valuation had hit a peak of $15 Billion. After a tumultuous 2016, when many of Flipkart's US-based Mutual Fund investors wrote down the company's valuation to as low as $5.5 Billion, the capital it has raised two years hence have landed its valuation at a relatively softer $11.6 Billion.

As Tiger takes an estimated $800 million off the table at Flipkart (with an estimated 2.5 times return), how will this part exit influence the investor's next moves in the Indian market?


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.

August 20, 2017

Mint-Venture Intelligence Deal Tracker (August 14)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.


To get a detailed news on upcoming PE/VC, M&A, Angel and Strategic Investments sign-up for our Weekly Newsletter below. View a sample version 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.

August 17, 2017

SoftBank invests in major Indian e-commerce operator Flipkart Group: The Japan Times

An article by The Japan Times quotes Venture Intelligence data on SoftBank investments in India:
According to local research firm Venture Intelligence, which tracks private equity and venture capital investments, SoftBank Group invested around $1.41 billion in India in the first half of this year.
Related:



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.

August 16, 2017

Mint-Venture Intelligence Deal Tracker (August 7)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.



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.

August 10, 2017

League Table Update - July'2017

 Venture Intelligence League Table

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.

August 09, 2017

VC investments slip to 2014 levels

Venture Capital investments slide to below 30 a month, after two heady years.


July 2017 registered a 12 month low in Venture Capital investments*, registering just 26 deals. Investment value also dipped to US$180 million from $260 M in June'17. (*Seed to Series D round investments of up to $20-M in companies less than 10 years old. The monthly analysis includes investments of over $20-M as well in tech startups that are less than 10 years old.)

Follow-on investments in Growth Stage Consumer Internet & Mobile companies - led by Byju's Classes, FabHotels.com and UrbanClap - helped bump up the number of $10M+ deals during the month.


Top VC Investments


Byju's Classes raised a reported $40 million from China's Tencent at a valuation of $750 million. (Other Indian companies Tencent has invested into include Flipkart, Hike and Practo.)

Oyo Rooms competitor Fabhotels.com raised a $25 million Series B led by Goldman Sachs' venture arm and Accel India. The hotel aggregator space has not seen any other investments in 2017. Treebo Hotels last raised $17 million in July-2016.

Home and local services company Urbanclap raised a $22 million Series C from Vy Capital, SAIF Partners, Bessemer and Accel India.


Angel Investments stabilise at 22


Investments have more than halved from a high of 48 deals in July 2016 to just 22 deals last month.


Top Funded Sectors in July


Fintech - Vayana Network, Billionloans, Trupay, Ziploan

Healthtech - 1MG, Touchkin

Food - Hokey Pokey, MonkeyBox

Prominent Exits


Inventus Capital and IvyCap Ventures scored healthy exits from online advertising firm Sokrati as part of the Pune-based company's sale to Dentsu Aegis Network. Inventus had invested $1 million in Mar-2011 and $3.5 million along with with IvyCap Ventures in Jan-2015. (Dentsu Aegis had also acquired SVG Media in April 2017.)

SAIF Partners and Outbox Ventures exited InstaLively via a acquihire by messenger app maker Hike.


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.

Private Equity “Re-Investments”: 2nd Time Lucky or Unlucky?

How have Private Equity funds fared when they revisit a company they have invested into in the past? An analysis by Venture Intelligence.

One of the best known quotes of legendary investor Warren Buffett is regarding his preferred holding period in outstanding businesses: Forever. Given the requirement of Private Equity (PE) funds to sell off their holdings in companies within 3-5 years (so as to distribute capital back to their investors), such funds are hard put to follow Buffett's maxim. Leading PE investors in India have however found creative ways to re-invest in companies they like and have profited from previously. While some fund managers have revisited companies that they had invested in at their previous firm, other managers have even bought out the holdings of their former employer. The results of revisiting “old flames” however has not been uniform.

The case of multiplex operator PVR  and two firms led by PE industry veteran, Renuka Ramnath is especially interesting. ICICI Venture (I-VEN), which Renuka Ramnath had led until April 2009, had originally invested about INR 48 crores in the company (in 2003 & 2005) - when it was still private. The company went IPO in late 2005 and I-VEN sold its stake in Jul-Sep 2007, raking in 4.3 times its invested capital. In 2008, I-VEN made a fresh investment of INR 31 crore in the now listed PVR. This investment however fetched less than 1.7 times by the time I-VEN completely sold its stake in April 2013.


In November 2012, Renuka Ramnath founded independent firm, Multiples PE, invested INR 153 crore in PVR through preferential allotment and, between April and September 2014, it made a part exit by selling shares worth about INR 152 crore (fetching a 2.37x return). In June 2015, Multiples PE invested INR 350 crore more via a new preferential allotment and through 2016, it invested an additional INR 122 crore in through open market purchases. In January 2017, Multiples sold INR 530 crore worth of its PVR holdings to fellow PE investor, Warburg Pincus, again fetching 2.37x return. Post the January part exit, Multiples held a 14% stake in PVR.

Nalanda Capital, a public markets focused firm launched in 2006 by former PE fund manager Pulak Prasad, has successfully revisited a few companies that his former employer - Warburg Pincus - had invested into including Havells India, DB Corp and Vaibhav Global. Interestingly, in the case of Vaibhav Global (earlier called Vaibhav Gems), Nalanda (which invested in October 2007) is sitting on gains even though Warburg Pincus (which had originally invested in 2005) lost a significant portion of its invested capital when it finally sold off its stake in 2015.

The WestBridge Capital team, which spun out of Sequoia Capital India in 2011 to focus primarily on listed companies, has also invested from their new firm into a clutch of companies that they had originally invested in while at Sequoia. However, their “re-investment” experience has not been as happy. Companies like Dr. Lal Pathlabs and eClerx, while profitable exits, fetched lower returns than that for Sequoia. Westbridge lost 50% of its invested capital in Manappuram Finance (whereas Sequoia had made over 7x), not to speak of its investment in the beleaguered Vasan Eye Care.


In April 2017, Mathew Cyriac, founder of newly launched PE firm Florintree and the former co-head of Blackstone’s private equity business in India, bought Blackstone’s 39.96% stake in listed textiles firm Gokaldas Exports for INR 58.61 crore. The deal saw Blackstone exiting with a 79% loss on the INR 676 crore investment it made a decade ago. While investing in companies where the first outing was profitable is one thing, this high conviction investment is one that even Mr. Buffett would want to make note of.



Leelavinothan Arumugam and Arun Natarajan are, respectively, Head-Research & Founder-CEO of financial analytics firm, Venture Intelligence.

Mint Coverage of the article:


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.

August 07, 2017

Mint-Venture Intelligence Deal Tracker (July 31)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.




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.

August 03, 2017

Seed funding slows in June Quarter - Mint

A Mint article quotes Venture Intelligence data on the falling seed investments in 2017. Seed investments are at a 3-year low.



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.

July 31, 2017

Mint-Venture Intelligence Deal Tracker (July 24)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint tracking all Private Equity, Venture Capital, M&A, Real Estate and Strategic investments in India. The Deal Tracker is featured in the Deals Section (Page 3) every Monday.




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.