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April 29, 2016

Ujjivan Microfinance IPO: Payback Time for Impact Investors. Again?



Catch the Original Payback Time article of PE/VC Investor Returns in  Equitas Holdings IPO here and here.


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April 27, 2016

The Road to Series A Just Got Longer & Harder

Deepak Gupta, Co Founder of early stage investment platform Equitycrest, has made an analysis (republished in Inc42) - using Venture Intelligence data - of the "new normal" in terms of the time, money and number of pre Series A rounds required to get to that milestone. Extracts:



I don’t know if we are exactly in the mode of how things are in 2012-13 but it does seem that 2014-15 was an aberration and the direction of the data points gives us some lessons to draw from. So what can we learn?
1. You need to be doubly sure about the idea you are pursuing and the fundability of the team. Just the first seed round does not mean a lot in terms of the success of the business. Also, you probably need something north of INR 4 crores to get to Series A regardless of the market, so be looking out to raise the second seed if your first raise was modest.  
2. In case of an angel round, one needs to ensure that the lead investor is truly committed and understands the company’s business, has the ability to rally folks to fund a second time prior to Series A.  
3. Founders need to invest time and energy keeping all investors on board with the Company’s progress all along, else its hard to re-engage when the time comes for a second dip.  
4. Frugality is a trait that needs to be in the DNA of the company.  Need to spend money in drip fashion until signs of product-market fit are getting abundantly clear. Over-hiring is probably not the best idea at the seed stage.
Related Post: The Indian Venture Capital Funnel: Darwinism at Work

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Can ThyroCare Outdo Dr. LalPath Labs' IPO?

"Dr. Lal PathLabs IPO subscribed 33.41 times"

"Dr Lal PathLabs zooms 50% on debut"

Will the latest Private Equity-backed diagnostic chain to go public - Thyrocare Technologies - also enjoy similar headlines to Dr. LalPath when it completes it IPO - opening this week - and subsequently lists? Venture Intelligence maps the financial performance, investor returns and the valuation growth of Thyrocare (and benchmarks it to its peer that went public in Dec-15).



Check out Venture Intelligence's analysis of Dr. Lal Path Labs IPO.

Interested in seeing transaction level data for PE/VC Investors in Thyrocare? Take a trial to Venture Intelligence Deal Databases with tons of information on transactions, valuations and financials on private companies.

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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.

April 23, 2016

How Mohandas Pai & Ratan Tata are shaking up the Angel Investments Landscape

While Venture Capital investments* have been steadily falling from the peak registered in Aug-2015, investments by Angel Networks and Super Angels have continued to tick up driven by increasing activity of new entrants like former Infosys CFO Mohandas Pai & former Tata Group Chairman Ratan Tata. (Even the minor slowdown in the last couple of months by the professional angels, has been compensated for by new angel investors – typically working professionals and Entrepreneur CEOs making their first 1-3 investments – stepping up their activity.) 
(*Institutional Investments of <$20 M in Early & Growth Stage Companies)


Venture Intelligence dug into its angel investments database to study activity across the last 24 months (across 300+ deals) to identify the list of most active investors. Mohandas Pai – who invests both directly as well as via Aarin Capital, his shared Family Office with the Manipal Group’s Ranjan Pai – topped the list with as many as 31 investments - overtaking India’s oldest angel network – Indian Angel Network – which reported 30 investments in India-based companies during the period. Google India head Rajan Anandan (27 deals); Shaadi.com founder Anupam Mittal (22); Ratan Tata and Mumbai Angels (20 each) completed the top 6.


Who’s Stepping Up and Who’s Slowing Down


Seasoned entrepreneurs and executives who have stepped back from active management roles – including Ratan Tata, Mohandas Pai, the Infosys Co-founders like Nandan Nilekani and Kris Gopalakrishnan and recently exited Internet entrepreneurs like Phanindra Sama (redBus) and Raghunandan G (TaxiforSure) – are stepping up. Entrepreneurs who are actively managing their companies – Kunal Bahl and Rohit Bansal of Snapdeal, Sachin Bansal and Binny Bansal of Flipkart and Zishaan Hayath of Toppr – have slowed down from the frenetic pace they set in early 2015.


(Click to View Large Version)

Sector Focus



Among the most active investors, Internet industry veterans like Rajan Anandan and Anupam Mittal have chosen to focus on sectors they know best: Internet & Mobile, while the senior industry leaders like Ratan Tata and Mohandas Pai have invested across sectors including Education, Healthcare and Media.


Catch the ET Now Startup Central Coverage Here


Related Posts:


Tiger Global Vs Ratan Tata: Who Will Indian VCs Follow?

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April 21, 2016

What explains microfinance firm Equitas' 23% gain on Listing Day?

Chennai-based Equitas Holdings, which is focused on providing microfinance and other financial services to bottom-of-the pyramid customers, closed its first day as a public company at INR 135.25, a gain of 23% over its IPO price of INR 110 per share. The company was 93% owned by PE/VC and Impact Investors prior to its IPO.


You can receive such updates via the Venture Intelligence Deal Digest Weekly Newsletter which delivers all the funding action of the week to your inbox. FREE!  Subscribe.

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.

April 20, 2016

Are Indian Unicorns Taking the Media for a Ride?

Mint has listed (on its front page) various fancy "GMV" goals totted out by CEOs of Indian E-Commerce Unicorns - at various points to various media outlets - but have been "missed by big margins". Extract:
Payments start-up Paytm launched its e-commerce business only in 2014, years after Flipkart and Snapdeal. But that didn’t stop the company from spelling out growth targets that would put its rivals to shame.
Alibaba-backed Paytm said in an April 2015 interview with Mint that it will generate annualized GMV of more than $4 billion by December 2015. In an interview this February with the Hindu BusinessLine newspaper, Paytm CEO Vijay Shekhar Sharma said the company was clocking GMV of $3 billion, which means it missed its sales target. No sweat. Paytm has set an even more ambitious target of hitting $10 billion in GMV by this December. 
..."If these goals are anything to go by, it would seem as if accountability isn’t high on the list of priorities at many e-commerce firms. Or perhaps the statements chronicled..simply comprise a low-risk, free-of-cost public relations strategy. If that’s the case, rose-coloured projections from start-ups are unlikely to stop any time soon.," 
Ouch, Ouch and Ouch!!

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Did Culture Clash Send Punit Soni B2SV (Back to Silicon Valley)?

Even as the question of whether Flipkart can provide profitable exits to its investors remains a multi billion dollar one, the firm has started to see high profile exits of a different kind: that of its top executives that it had attracted through acquisitions (especially Mukesh Bansal of Myntra) and from Silicon Valley.

The recent exit of Flipkart Chief Product Officer Punit Soni (who had joined it from Google) has received a lot of coverage in the media - including ET Now's interview with Soni on why (a polite techie sounding "There are a couple of areas that I'm interested in working on that are not orthogonal to Flipkart's interest") and what next for him (he's headed back to the US to work on a new venture). According to recruiters and others interviewed by Mint, "cultural differences" (between start-ups in Bangalore and Silicon Valley) is the key reason for the disenchantment of the Valley Hires. Extract:
...“People from Silicon Valley companies are used to working in places where there’s some sort of democratization of power and where there are systems and processes,” said a recruiter who works with top Indian start-ups. “In many Indian start-ups, entrepreneurs still like to wield a lot of control, and instead of controls and processes, you have chaos. There’s obviously a cultural mismatch. What is needed is management of expectations from both sides, transparency about what they are getting into and patience. Unfortunately, patience is not something you can afford when you’re expected to show 2-3x (times) growth.”
...“Often, founders have expectations that are impossible to achieve. At the same time, they are unwilling to give you any kind of meaningful freedom and control. There are systematic issues and operational issues at Indian start-ups that have been brewing for the past several years. Hiring new talent cannot change things overnight,” a Silicon Valley hire said.
On the other hand, some Indian entrepreneurs said that executives hired from the Valley failed to act fast enough and adapt to changing needs of start-ups. “The speed of the consumer Internet industry requires the businesses to change and adapt very fast. It does not allow people to get the learning time,” the entrepreneur said.
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Kishore Biyani's "It's Not Very Important to be Online" - Practical Wisdom or Famous Last Words?

The founder of the retailing focused Future Group has declared e-commerce as an optional area in an interview to Mint:
“I have been a very good student of e-commerce business,” Biyani said in an interview on 12 April. “I have been watching it by doing it myself with Futurebazaar(.com) and by meeting a lot of people who have been in this business. I have met everybody in this business. I have experimented with exclusive tie-ups with particular e-tailers and have also worked with the father of multi-channel retail (Love Goel, chairman of global investment firm GVG Capital Group) to understand global trends,” he said. He explained that this was done as a part of six-month immersion programme last year, and it led to the realization that “it’s not very important to be online”.

Biyani has offered more arguments (on why e-commerce doesn't work) in a Forbes India interview (emphasis mine):

My cost of doing business is 12-18 percent of sales. In online, it is 45-50 percent of sales. Sellers’ commission is 15 percent when you sell through a marketplace. Delivery cost is 11-13 percent. The rest is the cost of managing the business. Even the cost of creating and running a website (all those top dollar techie salaries) is 8 percent. Sellers will eventually sell what [product] has margin. To do business legally online is not easy unless you manufacture yourself or have private labels.
We are not able to sell a lot of our brands online due to the lack of margins. For example, we have a fantastic electronics brand in Koryo that sells about Rs 200 crore a year but we can’t sell it online as the electronics category has low margins. And if we at Future Group can’t get margins, how can anyone get them is beyond my understanding. I expect the online business in a lot of categories to reduce.

Does all this feel like Practical Wisdom (borne from years of retail experience "in the Indian context") or Famous Last Words like the following:

"I have traveled the length and breadth of this country and talked with the best people, and I can assure you that data processing is a fad that won’t last out the year."
Editor of Prentice Hall business books, 1957

"There is no reason anyone would want a computer in their home."
– Ken Olsen (Founder of Digital Equipment Corp), 1977

"I think there is a world market for maybe five computers."
– Thomas Watson, president of IBM, 1943

Given that Future Group has just purchased online furniture store FabFurnish.com (and said that it would be rolling its existing home furnishing brands into FabFurnish), something doen'e seem to be adding up.

Have a view? Chime in on LinkedIn.

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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.

April 18, 2016

How Much Should You Diss Competition?

From the CB Insights newsletter of April 13, 2016:


From the CB Insights newsletter of April 15, 2016:

While we can't help but smile at CB's pugnacity, at Venture Intelligence, our culture has been to publish quarterly trend reports as as early as possible (to satisfy our demanding media friends) but also with as much accuracy and worthwhile details as possible. 

Related 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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.

Private Equity investments tick up 24% to $3.6 Billion in Q1’16

Quarter sees 12 Mega Deals ($100-M or more) across E-Comm; Financial Services; Healthcare & Infra
Private Equity firms invested about $3,620 million across 144 deals during the quarter ended March 2016, according to early data from the Venture Intelligence Private Equity Deals database, a research service focused on private company financials, transactions and their valuations. The investment amount was 24% higher than that invested in the same period last year ($2,922 million across 191 transactions) and 9% higher than the immediate previous quarter ($3,326 million across 152 transactions). Note: All figures in this note are exclusive of PE investments in Real Estate.
There were as many as 12 PE investments worth $100 million or more during Q1’16 compared to seven such transactions in the same period last year and ten during the immediate previous quarter, the Venture Intelligence analysis showed. The largest investment during Q1’16 was the estimated $350 million (INR 2,345 Cr) buyout of the commercial lending business of GE Capital in India by Aion Capital Partners in association with former GE Capital executives Pramod Bhasin and Anil Chawla. This was followed by Canada-based Fairfax's $321 million (INR 2,149 Cr) acquisition of the 33% stake held by the GVK Group in Bangalore International Airport.
Another Canada-based entity, Ontario Teachers Pension Plan, led a $200 million (INR 1,368 Cr) funding round for Snapdeal.com, which also facilitated an exit for some existing investors in the e-commerce firm. The next three largest transactions were also targeted at the online services/e-commerce sector: $150 million each for e-grocer BigBasket.com and payments processor Billdesk and a $145 million investment in auto classifieds firm CarTrade.
IT & ITES companies accounted for 34% of the value pie (attracting $1,222 million across 82 deals) during Q1’16, followed by BFSI (Banking, Financial Services and Insurance) companies at 26% (attracting $955 million across 12 deals). Led by the Abraaj Group’s $140 million buyout of Hyderabad-based Care Hospitals, Healthcare & Life Sciences companies (which attracted a total of $342 million across nine transactions) accounted for 9% of the investment pie.
Late Stage companies (including mature companies like Bangalore Airport, Snapdeal and Janalakshmi Financial) attracted 23 investments and accounted for 37% of the pie in terms of value during the period. Buyouts, led by the GE Capital and Care Hospitals transactions, accounted for as much as 24% of the PE investment pie (across 9 transactions) during Q1’16. Listed company investments (“PIPE” deals) accounted for 7% of the pie in value terms.  The 9 listed companies that attracted PE investments during the period was topped by the life insurance focused Max Financial Services (INR 950 crore or about $140 million from KKR) followed by retail focused Future Consumer Enterprise (about $45 million or INR 302 Cr from Black River).
The Venture Capital segment (defined as investments of up to $20 million in companies less than 10 years old) accounted for 85 of the PE transactions or 59% of volume pie during Q1’16 (7% by value). The VC investments of Q1’16 were dominated by follow-on rounds in companies like B2B group buying service for Power2SME ($20 million round led by Infosys co-founder Nandan Nilekani), food ordering service FreshMenu ($17 million from Zodius Capital and Lightspeed Ventures) and B2B marketplace firm cross-border enterprise software firm iCertis ($15 million round led by Eight Roads Ventures).
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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.

April 15, 2016

Equitas IPO: Payback Time for Impact Investors

Business Standard has an article on returns made by PE/VC investors in Equitas Holdings' IPO using data from the Venture Intelligence Private Equity Deals Database.



Incidentally, Aavishkaar Goodwell made INR 80 Cr or 13 times its INR 6 Cr investment in Mar-2008 and more than the size of its 2007-vintage fund (Aavishkaar Goodwell Fund I which had a corpus of $17 M or INR 76 Cr at that time).

Contact Us for a spin of our Social VC Investments Deals Database with valuations, financials and transaction multiples.

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.

April 12, 2016

PE Investors offload shares worth $2.5 B in Q1'16 - Up 129% YoY

Private Equity exits in India for Q1 2016 amounted to $2.5 billion (including value of stock swap transactions) an increase of 129% compared to $1.94 billion in the Q1 2015, according to latest Venture Intelligence Private Equity Exits Report. Of the total exit value in Q1’16, $2 billion represented complete exits; the remainder being partial ones.
Highlights

  • 7 exits of over $100 million in value account for 82.28% of the value pie
  • KKR sells its stake in Alliance Tire Group for $1.05 Billion to Yokohama Rubber Co
  • Strategic Sale exits at $1.3 Billion account for 37% of total exits followed by Public Market Sale and Secondary sale with 29% each

The largest PE exit announced (in value terms) during the year was the stake sale worth $1.05 billion of Alliance Tire Group by KKR to Yokohama Rubber Co. KKR realized approx. 2.8x return on its three year old investment.

The next largest was the exit by Advent International from Care Hospitals via a sale to Abraaj Group for a reported $231 million. This was followed by Arpwood Partners’ stake sale in Senvion when it got listed in Frankfurt stock exchange on Mar 23, 2016 fetching a 2x return, within a year of the investment. In the IT space investors in BillDesk and Commonfloor registered exits in deals worth $100 M+.




Exits by Profitability

In Q1 2016, PE investors fetched 32 profitable exits compared to 52 profitable exits in the previous quarter. Of these, six exits fetched 3x or higher returns (compared to 13 such deals in Q1 2015).

SAIF Partners registered a 22x return in a buyback deal in JustDial, while Sequoia Capital India also recorded a 4.6x in a buyback deal in JustDial. Rakesh Jhunjhunwala's Rare Enterprises registered a 13x exit when it sold Concordia Biotech to Quadria India.

Exit Via IPOs

PE Backed IPOs during Q1’16 included those of cancer care hospital chain HealthCare Global, multi-specialty hospital operator  Narayana Hrudayalaya, security software firm Quick Heal Technologies and staffing services firm Teamlease Services.



The full report has been mailed to Venture Intelligence subscribers. Please Contact Us for a trial.

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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.

April 11, 2016

The 10 Worst VC Board Members

From a Tweet by Bessemer Ventures:


Creative Reminiscent of Bessemer's famous Anti-Portfolio.

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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.

April 07, 2016

Indian Startup Ecosystem attacked by "Integrity Cancer": Kashyap Deorah

Kashyap Deorah, author of "The Golden Tap: The Inside Story of Hyper-Funded Indian Startups" and the former President of the Future Group's e-commerce venture Futurebazaar.com, has a LinkedIn post describing various examples of ethically challenged behaviour at Indian startups.

Extracts:
Senior management of a startup create new companies that provide services to their hyper-funded startup. The startup loses money through its nose while the service provider makes great margins. The service provider compensates its shareholders through dividends and individuals through fees. In similar news, relatives of the founder of a large e-commerce company become sellers on the platform, get tipped off about when the company will sell at negative gross margins, and sell to the e-commerce company at a higher price only to buy back in bulk at a lower price.
...A VC firm struggling to return money to its investors after seven to eight years finds a portfolio company in a space that is tipped to be on the radar of global investors due to a hyper-funded Chinese equivalent. VC invests $5 million at a certain valuation. Startup issues a press release announcing twice the investment amount at a 50 percent higher valuation. Entrepreneur loves it because competitors get scared off due to the stated valuation and fund-raise. VC loves it because they are able to demonstrate greater multiples on mark-to-market as they look to raise a new fund. Both work together to tweak the story to the liking of the global investor and pitch their startup as the top choice. In one such occasion, the reporter involved is a relative of the entrepreneur.
...An influential angel investor looking to start a new company in a certain market space goes to an existing startup operating in that space. He poses as investor, gets all details including alternate company names they looked at. He buys the domain for one of those names, starts a competing business and raises seed money the size of a Series A. A similar story plays out with a VC. A VC firm with a term sheet out to a startup continues to take a close look at competitors without revealing that they have a term sheet out, even when asked about conflicts. A deal is announced a few weeks later. VC does not reply to emails of competitors who got the short end of the stick. Non-disclosure agreements are no longer used in the country because enforceability is a joke. 
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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.

Manish Sabharwal @ Venture Intelligence APEX'16 PE-VC Summit


Manish Sabharwal, Co-Founder of leading staffing services company Teamlease, that pulled off a successful IPO in the choppy environment of early 2016, weighed in with typical flourish on various issues as part of the inaugural panel at the Venture Intelligence APEX'16 PE-VC Summit  (Bangalore; March 9). Some highlights:



"India's Brand is Warm - Not Hot or Cold"

India's brand is that 'We won't be Hot or Cold; we will be consistently Warm'. We will be 'between 5 and 8' - in terms of growth rates. If we are growing at 5%, don't worry, we'll soon go to 8%. If we are growing at 8%, then we'll pretty soon we will go down to 5%. I don't think we'll ever grow at 13%. Which is why, for us entrepreneurs, the current economic weather is not so relevant.

Click Here for the related video








Lessons from China - Decentralization and Strong Leadership 

Decentralization and Strong Leadership are more important lessons to take from China than the virtues of single party rule and the ability take away land without asking. China's genius was not in some Ayotollah sitting in Beijing issuing Fatwas; it was in having mayors competing for investment. The important development of the last 18 months in India is that we are handing power to the States - which is why things like Labor Reforms are getting done. And as we hand over power even further to City leadership, things will get even better.


Impact of Policy Changes

We are praying to One God - Jobs - and if we get that right, the rest will fall into place. We overestimate what policy can do in the short run, but underestimate what it can do in the long run. For the first time, we have a government that has a vision and plan to address all the areas that relate to jobs and productivity: Manufacturing; Urbanization; Labor Law Reforms ("where we have seen more action in the last 1 year than in the previous 20 years"); Ease of Doing Business; etc. We will see the fruits of changes in these inter-related areas over the next five years.

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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.

The Venture Intelligence APEX Private Equity - Venture Capital Summit is  an  annual one stop update point for the latest trends affecting the Investor-Entrepreneur Ecosystem and to enjoy great networking opportunities.

April 04, 2016

B2B Services, EdTech and IT Product Cos witness return of interest even as overall Venture Capital investments dip 32% in Jan-Mar'16

Venture Capital firms invested $242 million over 85 deals in India during the three months ending Mar 2016, data from the Venture Intelligence VC Deals Database shows. The investment activity by volume during Q1’16 is 32% lower compared to the same period in 2015 (which had witnessed 125 investments worth $471 million). The activity level was also 13% lower to the immediate previous quarter (which had witnessed 98 deals worth $347 million).

Note: As VC type investments cap out at $20 million per round under Venture Intelligence definitions, follow on investments raised by companies like BigBasket, CarTrade, ShopClues, Byju’s Classes, etc. are not included in this report.

The larger Growth Stage investments in Q1’16 included the $20 million Series D investment in B2B Group Buying site Power2Sme led by Nandan Nilekani (along with existing investors Kalaari Capital, Accel India and Inventus Capital) and the $13 million third round investment in baby products e-commerce site Hopscotch led by Facebook Co-founder Eduardo Saverin. Among Early Stage investments, food tech company Freshmenu raised $17 million from Zodius Capital and Lightspeed Ventures while Just Buy Live, a B2B marketplace connecting retailers with consumer brands, raised $14.5 million from Alpha Capital and Aarin Capital.

Information Technology and IT-Enabled Services (IT & ITES) companies, at 69 deals worth $199 million, attracted 79% of the investments in volume terms (83% in value terms). Food & Beverages companies followed a distant second attracting 3 investments worth $11 million led by beer maker Bira 91 which raised $6 million from Sequoia Capital India and angel investors. Sequoia Capital also led a $4.75 million investment in another beverages company RAW Pressary along with Saama Capital and DSG Consumer Partners.


Even as investor interest in Consumer Internet & Mobile sectors like Food-Tech and Real Estate portals waned, Q1'16 saw the return of invest interest in sectors like B2B online services, Education and IT Products. Apart from Power2sme, other B2B services that raised capital during Q1'16 included Just Buy Live, KartRocket and SnapBizz. IT Product companies like Sedemac Mechatronics (mechanical engineering tech firm; $7.5 million led by Nandan Nilekani), Altizon Systems (IoT Startup, $4-M led by Wipro Ventures) and Aarav Unmanned Systems (drones for agri and industrial uses; $0.5 M from StartupXseed Ventures and others) and Ed tech start-ups Avagmah (B2B services in Higher Education; undisclosed amount from TechPro Ventures and Kris Gopalakrishnan), Mycity4kids (marketplace for after school activities; $3-M led by SIDBI Ventures) and FlipClass (Marketplace for tutors; $1-M from Blume Ventures and education publisher S Chand ) attracted capital during the period.

ET-Now's coverage of the quarterly trend:



 Comments? Join the Discussion on LinkedIn.

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. Click Here to Sign Up for the FREE Weekly Edition of the Deal Digest: India's First & Most Exhaustive Transactions Newsletter.