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February 27, 2018

SAIF, Kedaara Capital bag 2 awards each at Venture Intelligence APEX’18 PE-VC Awards

Mumbai, India, March 6, 2013: Kedaara Capital and SAIF Partners bagged two awards each as part of the Venture Intelligence “Awards for Private Equity Excellence” (APEX) event organized by Venture Intelligence. SAIF Partners bagged the VC Exit of the Year – 2017 Award (for the part exit from Paytm/One97 Communications) and the New Fund Raise of the Year – Venture Capital - 2017 Award. Kedaara Capital won the Best Private Equity Firm – Special Situations – 2017 the New Fund Raise of the Year – Private Equity - 2017.

The event opened with a Fireside Chat with V Vaidyanathan, Founder & Executive Chairman, Capital First interviewed by Sesh A.V, Managing Director, Basiz Fund Services

(Click to Magnify)

Snapshots of the awards ceremony:


Sesh AV, Managing Director, Basiz Fund Services presents the Venture Capital Investment of the Year award to Ramesh Radhakrishnan, Partner, Artiman Ventures.


Nagaraja Prakasam, Board Member, Sattva Consulting presents the Impact Investor of the Year award to Varun Saini, Program Manager , Michael & Susan Dell Foundation


David Jaegly, Deputy Managing Director, SBI-SG Global Securities presents the Corporate Venture Capital Investor of the Year award to Ashutosh Sharma, India Head - Investments and M&A of Naspers Ventures

 

Sesh AV, Managing Director, Basiz Fund Services presents the New Fund Raise of the Year - Venture Capital award to Deepak Gaur, Managing Director, SAIF Partners


Rajesh Begur, Managing Partner, ARA Law presents the Venture Capital Exit of the Year award to Deepak Gaur, Managing Director, SAIF Partners


Loknath Mishra, ICICI Bank Global Markets presents the Seed Capital Investment of the Year award to Sourabh Gupta, Co-founder & CEO of Vernacular.ai and Revant Bhat, Partner, Kalaari Capital-KStart


Sujjain Talwar, Partner, Economic Laws Practice presents the Private Equity Investor of the Year - Special Situation award to Devadatta Rajadhyaksha, Financial Controller, Kedaara Capital


David Jaegly, Deputy Managing Director, SBI-SG Global Securities presents the Private Equity Investor of the Year - Infrastructure award to Shantanu Chakraborty,  ‎Director - Infrastructure Finance Division, ‎Asian Development Bank


Sesh AV, Managing Director, Basiz Fund Services presents the Private Equity Investment of the Year - Listed Enterprise award to Nithya Easwaran, Managing Director at Multiples


Sesh AV, Managing Director, Basiz Fund Services presents the New Fund Raise of the Year - Private Equity award to Devadatta Rajadhyaksha, Financial Controller, Kedaara Capital


David Jaegly, Deputy Managing Director, SBI-SG Global Securities presents the Private Equity Investor of the Year – Investments award to  Vishal Mahadevia, Managing Director; India Co-Head & Member of Warburg Pincus’s Global Executive Management Group and Narendra Ostwal, Managing Director of Warburg Pincus India 


Sujjain Talwar, Partner, Economic Laws Practice presents the Private Equity Investor of the Year 2017 – Buyouts award to Srikrishna Dwaram, Partner, TrueNorth


Sujjain Talwar, Partner, Economic Laws Practice presents the Private Equity Investor of the Year 2017 – Buyouts award to Kunal Shroff, Managing Partner of ChrysCapital

Snapshot of the awardees with keynote speaker V Vaidyanathan:


Event Partners include:

February 21, 2018

Old businesses tap startups for new ideas: The Times of India

A ToI article Venture Intelligence data on strategic investments in India:
Last year, traditional businesses invested more than $100 million in startups to gain from emerging technologies and new ideas, according to data from Venture Intelligence, which analyses private company financials.
Interested in strategic investments by RPG Group, Mahindra & Mahindra, Alibaba, etc? Get access to the Venture Intelligence PE/VC Deal Database.

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, 2018

Media Mention: Bessemer Venture Partners hits a pause in India

An article by The Ken quotes Venture Intelligence data on investments and exits by Bessemer Venture Partners in India:
According to data shared by Venture Intelligence, BVP India earned 3.27 times the return on its investment in online marketplace Snapdeal in a secondary share sale to SoftBank in 2015. This was ahead of the drop in valuation of Snapdeal from its peak of $6.5 billion in 2016 to $850 million in 2017. BVP India’s other exits include TaxiForSure (which was sold to Ola) as well as companies like Matrimony.com and Shriram City Union Finance being publicly listed.
BVP India has invested in 47 companies in India since 2004 when it set up an India office. It has exited 20 companies, through strategic sale and IPO. 
According to data from research platform Venture Intelligence, the number of deals by BVP has shrunk from 10 in 2016 to six in 2017. 

Interested in viewing in-depth data on investments, exits and return data on Bessemer Venture Partners  in India? Get access to the Venture Intelligence PE/VC Deal Database.

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 12, 2018

Media Mention: Deep tech back in flavour

A Times Of India article quotes Venture Intelligence data on VC investments in Deep tech companies:


Enterprise deep tech companies was the only major theme to see an increase in investment activity in 2017 nearly doubling from the 12 in 2016 to 23 in 2017, according to data from Venture Intelligence.
Artificial Intelligence (AI) and big data companies shared 33% of the investments, while security tech companies grabbed 17% of the VC investments in deep tech. The large rounds went to fraud protection company Similty, big data company Flutura and speech recognition company Uniphore, Venture Intelligence data reveals.
Interested in viewing investments in Deep Tech companies? Get access to the Venture Intelligence PE/VC Deal Database.

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 07, 2018

Media Mention: The Alibaba jigsaw in place, Jack Ma to pump $8 bn into India to fight Amazon

A Factordaily article on Alibaba's strategy in India quotes Venture Intelligence data on it's  India investments:


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 06, 2018

Media Mention: Apollo Management India head Mintoo Bhandari moves to advisory role

An Economic Times article quotes Venture Intelligence data on investments by Apollo Management:

According to data from Venture Intelligence, a PE data provider, Apollo Management has invested around $898 million through eight deals, including Welspun Corp, Welspun Infratech and Dish TV. Through Aion, the fund has invested $881 million in nine companies including Avantha Holdings and Future Group. It has acquired Planetcast Media and GE Capital Services to rechristen it as Clix. Aion and JSW are the frontrunners to acquire Monnet Ispat through the NCLT-led bankruptcy process.

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 05, 2018

Venture Intelligence - Mint Deal Tracker (Jan 29, 2018)

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 comprehensive coverage on upcoming PE/VC, M&A, Angel and Strategic Investments sign-up to our Daily/Weekly Newsletter. View a sample Deal Digest Newsletter 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.

February 01, 2018

Budget 2018 - Impact on Corporate India & Its Investors

An analysis by

While the budget 2018 is the fourth consecutive budget of the current Government and the Hon’ble Finance Minister. It is also the last full-fledged budget by this Government considering the Central Election scheduled for 2019.  Accordingly the budget was expected to be on the one hand populist at the same time on the other hand justifying the actions taken by the Government during its tenure of 4 years.

On populist front, the budget has proceeded to allocate significant funds to primary sector (agriculture and fisheries), health, education, infrastructure and affordable housing as also detailed the schemes by which the funds intended to be employed. However the budget has fallen short of justifying the utilization of funds allocated in the earlier budgets to similar schemes announced therein. But the Finance Minister has very strongly and effectively, right in the start of the speech, showcased the positive impact of various reforms implemented since its coming into power. 

On the Tax proposals the Finance Minister has attempted to play a balancing role by, on the one hand granting / expanding deductions from taxable incomes, whereas on the other hand bringing back a Long Term Capital Gains on sale of securities as well as increasing the surcharge for specified categories of tax payers. The grandfathering provision announced along with the re-introduction of Long Term Capital Gains would ensure a check on the sellout of long term holdings.

One wonders whether the budget announcements have fallen short of meeting the commitment made by the Finance Minister of reducing the corporate income tax from 30% to 25% for all companies and not only those having a turnover up to Rs. 250 crores.

Over all the budget seems to be a well-balanced populist budget as would have been expected in the year before elections. It would be interesting however to see how the various schemes announced in the budget are effectively implemented. It would also be interesting to see how the Finance Minister is able to maintain the fiscal deficit at 3.3% as estimated by him for FY 2018 – 19.

Set out below are the key takeways on policy level changes that are expected as per the announcements made during today’s budget and have a bearing on private equity and venture capital industry. 

1. Key Changes brought out in the SEBI Act

Power to levy penalties: Section 11B of the SEBI Act is proposed to be amended to give power to levy penalties in proceedings before them. Currently, the present section does not mandate the power to impose monetary penalties.

Penalty for the violation of regulations in respect of Alternate Investment Funds (“AIF”), Infrastructure Investment Funds (“InVITs”) and Real Estate Investment Trusts (ReITs) – The Finance bill proposes to insert Section 15EA in the SEBI Act providing penalty in respect of persons for failure to comply with the regulations made by the SEBI or directions issued by the Board in respect of AIF, InVITs and ReITs. Such penalty shall be of an amount not less than INR 1,00,000 but which may extend to INR 1,00,000 for each day during which such failure continues subject to a maximum of INR 1,00,00,000 or three times the amount of gain made out of such failure, whichever is higher. 

Penalty for the violation of regulations in respect of investment advisor or Research Analyst- The Finance bill proposes to insert Section 15EB which provides for a penalty for the failure by an investment adviser and research analyst to comply with the regulations made by SEBI or directions issued by the Board. The penalty shall be an amount of not less than INR 1,00,000 but which may extend to INR 1,00,000 for each day during which such failure continues subject to a maximum of INR 1,00,00,000.

Continuance of proceedings - The insertion of Section 28B of the SEBI Act contemplates the continuance of proceedings after the death of a person in a significant departure from the abatement of proceedings due to the death of a person. The language suggests that the “Legal Representative” shall be liable to pay any sum which a deceased would have been liable to pay, if he had not died. In case of any penalty payable under the SEBI Act, a legal heir shall be liable only in case the penalty has been imposed before the death of the deceased person. The liability of a legal heir is limited to the extent to which the estate of the deceased is capable of meeting the liability.

For the said purpose, “Legal Representative” has been defined to mean a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character, the person on whom the estate devolves on the death of the party so suing or sued.

2. Key Changes brought out in the Securities Contracts (Regulation) Act, 1956

Adherence to SEBI Regulations by Stock Exchange or a Clearing Corporation: Section 23GA is proposed to be inserted which provides for penalty in respect of failure to conduct business in accordance with rules or regulations made by the SEBI or directions issued by it to a Stock Exchange or a Clearing Corporation. Such penalty shall be an amount of not less than INR 5,00,00,000 but which may extend to INR 25,00,00,000 or three times the amounts of gains made out of a failure, whichever is higher 

Continuance of proceedings - Section 23JC is proposed to be inserted which provides that a “Legal Representative” shall be liable to pay any sum which the deceased would have been liable to pay if he had not died. However, it has been specified that the Legal Representative shall be liable only in case the penalty has been imposed before the death of the person. 

For the said purpose, “Legal Representative” has been defined to mean a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character, the person on whom the estate devolves on the death of the party so suing or sued.

3. One-Fourth of the financing needs of large corporates from the Bond Market

In addition to the RBI issuing guidelines to nudge Corporates access bond market, the Finance Minister has proposed SEBI to consider mandating, beginning with large corporates, to meet about one-fourth of their financing needs from the bond market.

Further the Finance Minister has proposed to include bonds with “A” grade ratings for investment.

The proposed change would deepen the bond market and would encourage more investment opportunity through investing in bonds for corporates.

4. (ReITs) and (InvITs)  

The Finance Minister has proposed to monetize select Central Public Sector Enterprises (CPSE) assets using InvIts from next year.

The Finance minister has appreciated the efforts of the Government and Market Regulators for development of ReITs and InvITs. The above change would further popularize ReITs and InvITs.

5. Stamp Duty Regime on Financial Securities Transactions  

The Finance Minister has suggested that the Government will undertake reform measures with respect to stamp duty regime on financial securities transactions in consultation with the States and make necessary amendments the Indian Stamp Act.

6. Hybrid Instruments

The Government intends to evolve a policy for Hybrid Instruments so as to attract foreign investments in certain sectors. 

7. Long-term Capital Gains Tax

Long-term capital gains of 10% imposed for gains exceeding Rs. 1 lakh without allowing the benefit of indexation. Gains upto March 31, 2018 to be grandfathered. No change to the rates of short term capital gains tax. 

8. Start-ups and Fintech

Group of investors in Ministry of Finance will be examining policy and measures for Fintech sector. It was also announced that the Government to work out additional measures to strengthen environment of growth and operation for Angel investors and Venture Capital investors. 

Although the announcement promise many changes and potential measures, the industry will have to wait for them to be announced and implemented. The private equity and venture capital sector may feel there were much expectation for immediate relief on some of the burning issues, such as, angel tax to be taken away, allow management expenses to be capitalised, permitting securities that can provide valuation adjustments for angel investment, etc which seems to have remained unaddressed.

Click Here to download ELP's detailed analysis of the budget and its impact across sectors.


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.

AZB & Partners tops Legal Advisor League Table for M&A deals in 2017

S&R Associates, Trilegal claim the No.2 & No.3 slots


AZB & Partners topped the Venture Intelligence League Table for Legal Advisors to M&A Transactions in 2017. AZB & Partners advised M&A deals worth $20.3 Billion (across 58 qualifying deals) during the period. S&R Associates ($15.5 Billion across 11 deals) and Trilegal ($15.2 Billion across 19 deals) followed next. Shardul Amarchand Mangaldas ($14.4 Billion across 34 deals) occupied the fourth spot while Slaughter May occupied the fifth spot in 2017. The top seven firms in the M&A league table - including Bharucha & Partners and Vaish Associates - were involved as advisors to the mega Vodafone-Idea Cellular merger.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.

In 2017, the Telecom industry driven by the consolidation, was the biggest source of mega sized M&A transactions. AZB was the legal advisor to major deals including the American Tower Corporation acquisition of tower businesses of Idea and Vodafone and the deals by Bharti Airtel with Tikona Digital Networks, Telenor and Tata Teleservices.  The legal advisors to the second largest deal - Reliance Communications - Reliance Jio - included CAM, J Sagar Associates and Khaitan & Co.
AZB topped the tables in terms of deal volume as well in 2017, with Khaitan & Co. (50 deals worth $6 Billion) and Shardul Amarchand Mangaldas (34 deals) coming in next. Cyril Amarchand Mangaldas (31 deals worth $9.1 Billion) finished the at fourth spot while HSA Advocates (with 23 deals worth $1.6 Billion) took the fifth spot.

By Industry
In Financial Services, AZB topped with $3.2 Billion, followed by CAM ($3.1 Billion) and S&R Associates ($2.4 B). By deal volume, AZB and Khaitan shared the top spot with 10 deals each, followed by Trilegal and CAM in second spot with 5 deals each. DSK Legal and J Sagar Associates shared the third spot with 4 deals each.
In IT & ITeS, Simpson Thacher & Bartlett and Sullivan & Cromwell topped, advising the $2 Billion Altran Technologies - Aricent deal. SAM ($460 million) and CAM ($412 million) occupied the the second and third place respectively. Trilegal and Khaitan completed the top five. Khaitan & Co. topped by deal volume with 13 deals, followed by SAM (11) and AZB (8). In Manufacturing, AZB topped with $1 Billion across 10 deals, followed by CAM ($970 million) and White & Case ($609 million). PDS Legal and HSA Advocates occupied fourth and fifth spot. AZB also topped by deal volume, followed by Khaitan and DSK Legal tied at second place with 7 deals each. In Healthcare & Lifesciences, Khaitan and Desai & Diwanji occupied the top spot with $554 million. DSK Legal ($215 million) finished at second while IndusLaw and ALMT Legal finished at third respectively with $200 million. In Energy, J Sagar Associates ($2.9 Billion) followed by Trilegal ($900 million) in second place. HSA Advocates ($535 million) finished at third place. In Real Estate, CAM topped with $230 million, followed by AZB ($165 million) at second place and Ropes & Gray and Simpson Thacher & Bartlett at third place with $157 million.
The full league tables can be viewed online at http://www.ventureintelligence.com/leagues.php

Images for Top Rankings




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.