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February 27, 2017

Mint-Venture Intelligence Deal Tracker (Feb 20)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. 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.



February 21, 2017

Japanese power utilities join investors in India’s energy sector: The Japan Times

A Japan Times article quotes Venture Intelligence data on PE investments in the energy sector in India:
Venture Intelligence, which tracks private equity deals in India, estimates that energy companies in the country attracted $1.2 billion worth of such investments (across 27 deals) in 2015, which was more than twice that in 2014. 
Major energy investments in 2015 included the $265 million investment in ReNew Power Ventures that was led by the Abu Dhabi Investment Authority, followed by the $256 million buyout of Greenko Group’s Indian assets by GIC Singapore, according to Venture Intelligence. In 2016, private equity deals in India stood at $662 million.

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.

February 18, 2017

$25m to $400m: SAIF Partners exits MakeMyTrip, makes 16 times on its investment

An Economic Times article quotes Venture Intelligence data on venture exits:
Exits for venture-backed companies added up to $1.5 billion across 64 deals in 2016, as compared to $1.56 billion across 66 deals in 2015, show data from Venture Intelligence. Total investments added up to $2.2 billion last year, down from $4.9 billion in 2015.
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.


SoftBank's markdowns imply reduced visibility on profitable growth for India's top startups: Forbes

A Forbes article quotes Venture Intelligence data on VC investments in 2016:
In 2016, as many as 620 transactions were sealed in the PE/VC space, according to data available with research firm Venture Intelligence. Of this, about 65 percent comprised startup investments. In 2015, the year that created history for the highest amount of PE and VC investments, both by value and volume, of the total of 775 investments sealed in the January-December period that year, 512 were startup deals.
Related:
Venture Capital Report India - 2016: Selectivity is the keyword as Venture Capital investments dip 21% in 2016 
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.


February 17, 2017

Mint-Venture Intelligence Deal Tracker (Feb 6)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. 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.

February 13, 2017

Infosys: On a downward spiral - Financial Chronicle

A Financial Chronicle quotes Venture Intelligence data on acquisitions and investments by Infosys:


The article also quotes Arun Natarajan, Founder of Venture Intelligence:
Infosys has never been prolific on acquisitions. In all, it had nine acquisitions and sale activities, and it seemed to have relied more organic growth largely.
“While it is true that, with the exception of Lodestone Holdings (in 2012), the "founder era" at Infosys (until mid-2014) did not see any "big bang" acquisitions (costing $200m or above), the Indian IT services industry was largely focussed on making "tuck in" acquisitions until then,” says Arun Natarajan, founder and managing director, Venture Intelligence, a firm that tracks mergers & acquisitions across sectors. 
For example, until the $2.7 billion Trizetto acquisition in September 2014, Cognizant's largest reported acquisition was a $135 million buy (marketRx in October 2007). Also, Wipro, with the exception of the $600 million Infocrossing deal in 2007, did not make any acquisition crossing $200 million until 2016. “Clearly, while Wipro and Cognizant have done more acquisitions overall (both of which have done 20+ acquisitions compared to Infosys' nine), the industry overall had stayed away from any "bet the company" acquisitions until 2014,” Natarajan explained.
“Minority investments in start-ups (including by Infosys and Wipro), might lead to potential acquisitions down the line, but is not something that seems oriented towards growth in the short term-- especially since it takes a lot to "move the needle" for such large companies. They are more a way to get an inside track of technologies and innovation (including especially in the US) that will affect their own industry as well as those of customers in the medium to long-term,” Natarajan pointed out.
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.

February 09, 2017

As interest rate drop, realty developers, private equity companies go for refinancing: Economic Times

An Economic Times article quotes Venture intelligence data on PE Exits in the Real Estate space:
Private equity real estate firms announced 24 exits during entire 2016. Of these, 22 transactions had an announced value of $1.02 billion, up 13% compared to $905 million across 16 transactions announced in 2015. Thirteen of the exits were through buybacks followed by secondary sales involving sale of stake to another PE investor, which accounted for five exits, according to data from Venture Intelligence.  
Among secondary transactions, which involves stake sale to another private equity investor, Kotak Realty exited Mumbai-based developer Nirmal Lifestyle in which Altico Capital invested INR 500 crore. Urban infrastructure Venture Capital received full exit from Ozone Group's Urbana Project that was funded by structured debt raised from another financier. Urban Infrastructure had invested INR 200 crore in the Urbana project in 2009.
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.


February 08, 2017

Mint-Venture Intelligence Deal Tracker (Jan 30)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. The Weekly update is usually 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.


Investment firm Stellaris raises $50 million for early-stage funding of ideas: Economic Times

An ET article quotes Venture Intelligence data of VC fund raising in India:
Led by local affiliates of Silicon Valley heavyweights, Sequoia Capital and Accel, VC funds dedicated to India raised $2.2 billion in 2016, up from $1.5 billion in the previous year, according to data from Venture Intelligence. 
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.


February 01, 2017

Budget 2017- The Key Initiatives Affecting Start-ups - Analysis by Economic Laws Practice

An analysis by


The Finance Minister on February 1 presented to the union budget for the financial year 2017-2018. The budget offered the following concessions to the start-ups:

1. Extension to the Period of Tax Break 

 Presently an eligible start-up is allowed a deduction of the entire amount of the profits and gains derived from eligible business for three consecutive assessment years out of five years beginning from the year in which such eligible start-up is incorporated. However, keeping in mind the time taken to derive profits by start-ups, it proposed that an eligible start-up can avail the tax break for any three consecutive assessment years out of seven years beginning from the year in which such eligible start-up is incorporated.

2. Carry Forward of Losses 

Presently a company, not being a company in which public are substantially interested, cannot carry forward its losses, unless it has continuous holding of more than 51% (fifty one) percent of the company. Now it is proposed that the eligible start-ups can carry forward losses and set off against the income of the previous year, even if the continuous holding of the company has fallen below 51% (fifty one) percent, if all the shareholders of such company who held shares carrying voting power on the last day of the year or years in which the loss was incurred continue to hold those shares on the last day of such previous year. This exemption is proposed for the eligible start-ups if the loss has been incurred during the period of seven years beginning from the year in which such eligible start-up is incorporated.

3. Carry Forward of MAT Credit 

The Finance Bill 2017 has further proposed to extend the period for carry forward of Minimum Alternate Tax (MAT) credit to fifteen years as opposed to the present period of ten years. In addition to the above, the Finance Minister in his budget speech has also proposed following amendments to: 

(i) the existing labour laws and has proposed to form them into four codes on (i) wages, (ii) industrial relations, (iii) social security and welfare, and (iv) safety and working conditions; and

(ii) the Companies Act, 2013 to remove difficulties and impediments to the ease of doing business. 

The above exemptions proposed for the start-ups and the proposed amendments to the labour and company laws are definitely encouraging and will provide the much needed impetus to the growth of the start-up industry.

Authors: Darshan Upadhyay - Partner and Amruta Kelkar - Senior Associate



Economic Laws Practice ("ELP") is a leading full-service Indian law firm established in the year 2001 by eminent lawyers from diverse fields. The firm’s Private Equity & Venture Capital practice brings onboard a unique understanding of commercial matters and legalese to be able to provide effective solutions to all stakeholders in a transaction. The team looks at providing a bespoke legal service experience, which is sector agnostic in nature and driven towards successful consummation of the relevant transactions.

ELP advises clients on all aspects of private equity and venture capital transactions, whether from a fund formation perspective or a potential portfolio investment or a relevant exit transaction. Our services include right from conceptualising a structure, to conducting the legal due diligence exercise, to the preparation of the relevant documentation, to providing assistance to the final closure including negotiations and corporate secretarial assistance.


ELP is the firm of choice for clients because of its in-depth expertise, continuous availability, geographic reach, transparent approach, competitive pricing and most importantly the involvement of partners in every assignment.

Mint-Venture Intelligence Deal Tracker (Jan 23)

Venture Intelligence is powering the (Weekly) Deal Tracker on The Mint. The Weekly update is usually featured in the Deals Section (Page 3) every Monday.

(Click to enlarge)

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.