23
© Grant Thornton India LLP. All rights reserved. July, 2014 Volume 10.7 DealTracker Providing M&A and Private Equity Deal Insight
© Grant Thornton India LLP. All rights reserved.
July, 2014
Volume 10.7
DealTracker Providing M&A and Private Equity Deal Insight
© Grant Thornton India LLP. All rights reserved.
About Grant Thornton
and over
700 offices
More than
38,500 people
based in over
countries
130
Member firm within
Grant Thornton
International
2,000 people
one of the largest
fully integrated
Assurance,
Tax & Advisory
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Ranked among
top 5 in all major markets
including India
Total global
revenues $4.5bn (2013)
Presence in 11 major cities of India – Ahmedabad, Delhi, Bengaluru,
Chandigarh, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida and
Pune
© Grant Thornton India LLP. All rights reserved.
210
804
1,850
32
43
54
17 22 25
8 7
18 18 9
12 1 4
1
2012 2013 2014
Total Deal Volume Spread – July '14 Total Deal Value Spread (USD mn) – July'14
• The month of July witnessed 110 deals worth USD 8.4bn, a 36% increase in
value and 23% increase in volume over July last year
• The M&A space saw some big ticket deals jointly valued at USD 6.5bn (56
deals), as against USD 4.6bn in 2013 and USD 2.3bn in 2012. The high
value was due to higher domestic and inbound deal activity during the
month
• The volume of deals in the PE space continued to grow; deal value also
increased to USD 1.85bn, as against USD 804mn in 2013, marked by the
USD 1bn investment in Flipkart
• The month also saw some big QIPs worth USD 813mn (6 QIPs) including
those of JP Associates and GMR Infrastructure, both of above USD
250mn each
Deal Summary Volume Value (USD mn)
2012 2013 2014 2012 2013 2014
Domestic 17 22 25 281 237 2,390
Cross-border 26 16 30 2,005 671 4,145
Merger & Internal
Restructuring 1 4 1 5 3,688 5
Total M&A 44 42 56 2,291 4,596 6,540
Private Equity 32 43 54 210 804 1,850
Grand Total 76 85 110 2,501 5,400 8,390
Cross-border includes
Inbound 8 7 18 131 48 3,847
Outbound 18 9 12 1,874 623 297
Trend spotting
Deal Round Up July 2014
3
• Post elections, the domestic &
inbound activity has seen a resurgence
in terms of value & volume and the
trend continued in July
• The M&A market saw seven deals of
over USD 100mn each, of which two
deals were of close to USD 2bn each
Private Equity
3,424 3,253 9,937
3,105 4,143
8,660 4,014 4,992
1,864
14,544
4,187
3,361
2012 2013 2014
Merger & InternalRestructuring
Outbound
Inbound
Domestic281 237 2,390 131 48
3,847
1,874 623
297
5
3,688
5
2012 2013 2014
© Grant Thornton India LLP. All rights reserved.
4.0
6.57.2
251 250
341
Total Deal Volume Spread – YTD'14 Total Deal Value Spread (USD bn) – YTD'14
• A total of 660 deals worth USD 30.9bn were signed in YTD’14, a clear
indication that the overall deal sentiment in India has picked up, surpassing
the level of value & volume recorded in the past two years
• With 30% increase in value and 10% increase in volume over 2013, the
M&A space witnessed increased activity at USD 24bn (328 deals). Clearly,
domestic & inbound deal activity have contributed to this increase
• Although the deal volume is consistent, outbound deal value is yet to match
the levels seen previously
• PE volume has shown a significant uptrend in YTD July 2014, as against the
corresponding period in previous years
Deal Summary Volume Value (USD mn)
2012 2013 2014 2012 2013 2014
Domestic 148 137 142 3,424 3,253 10,036
Cross-border 150 129 163 7,118 9,135 10,524
Merger & Internal
Restructuring 69 29 23 14,544 4,187 3,262
Total M&A 367 295 328 25,086 16,574 23,822
Private Equity 251 250 341 4,008 6,484 7,169
Grand Total 618 545 669 29,094 23,058 30,991
Cross-border includes
Inbound 84 72 106 3,105 4,143 8,660
Outbound 66 57 57 4,014 4,992 1,864
Trend spotting
Deal Round Up YTD 2014
4
• The domestic market has seen an
upsurge in deal value with 11 deals
of over USD 100mn each so far
• The inbound activity has more than
doubled in terms of value & volume
against 2013. With 20 deals of over
USD 100mn each, the average deal
size is USD 82mn
Private Equity
3,424 3,253 9,937
3,105 4,143
8,660 4,014 4,992
1,864
14,544
4,187
3,361
2012 2013 2014
Merger & InternalRestructuring
Outbound
Inbound
Domestic 148 137 142
84 72 106
66 57
57
69 29
23
2012 2013 2014
3.4 3.3 10.0
3.1 4.1
8.7
4.05.0
1.9
14.5
4.2
3.3
2012 2013 2014
© Grant Thornton India LLP. All rights reserved.
M&A Round Up July 2014
5
Top M&A Deals of the Month
Acquirer Target Sector USD Mn Deal Type % Stake
Reliance Power
Limited
Jaiprakash Power – Hydroelectric
Power assets
Energy & Natural
Resources
2,000* Acquisition 100%
Diageo Plc United Spirits Ltd Retail & Consumer 1,903 Increasing stake
to 54.78%
26%
Teleperformance SA,
France
Aegis Limited USA Inc - Aegis
Group
IT & ITeS 610 Acquisition 100%
Huhtamaki Oyj,
Finland
Positive Packaging Industries
Limited – (All businesses Excluding
Nigeria Operations)
Manufacturing 336 Acquisition 100%
Wipro Ltd
ATCO- IT Services division
IT & ITeS 195 Acquisition 100%
Sectoral Snapshot Top Sectors based on Deal Volume Top Sectors based on Deal Value (USD mn)
Notable Sectors Volume USD Mn
IT & ITeS 10 845
Pharma, Healthcare & Biotech 9 188
Media & Entertainment 8 193
Manufacturing 6 452
Energy & Natural Resources 3 2,072
Retail & Consumer 3 1,913
Banking & Financial Services 3 87
Telecom 2 555
The value of the assets is pegged at USD 2bn, as
per market estimates. The previous bid of USD
1.6bn by a consortium of investors led by
TAQA was recently withdrawn. The deal is
subject to regulatory approvals.
IT & ITES18%
Pharma, Healthcare &
Biotech16%
Media & Entertainment
14%Manufacturing
11%
Banking & Financial Services
6%
Energy & Natural Resources
5%
Real Estate5%
Retail & Consumer5%
Others20%
Energy & Natural Resources
32%
Retail & Consumer29%
IT & ITES13%
Telecom8%
Manufacturing7%
Media & Entertainment
3%
Pharma, Healthcare &
Biotech3%
Others5%
*based on market estimates
© Grant Thornton India LLP. All rights reserved.
PE Round Up July 2014
6
Top PE Deals of the Month
Acquirer Target Sector % Stake USD Mn
Morgan Stanley, GIC, Accel
Partners, DST Global, Iconiq Capital
and Sofina
Flipkart Online Services Pvt Ltd IT & ITeS N.A. 1,000
Goldman Sachs, Asian
Development Bank and South Asia
Clean Energy Fund
ReNew Power Private Limited Energy & Natural
Resources
N.A. 140
Apax Partners Cholamandalam Investment &
Finance Company Limited
Banking & Financial
Services
8.0% 83
Standard Chartered Private Equity
Advisory (India) Private Limited
Sterlite Power Grid Ventures
Limited
Infrastructure
Management
N.A. 83
Tata Capital Shriram Properties Private
Limited
Real Estate 18.0% 80
Sectoral Snapshot Top Sectors based on Deal Volume Top Sectors based on Deal Value (USD mn)
Notable Sectors Volume USD Mn
IT & ITeS 23 1,155
Energy & Natural Resources 5 195
Real Estate 5 183
Retail & Consumer 5 33
Banking & Financial Services 4 120
Pharma, Healthcare & Biotech 3 16
The investment takes the total fund raised by
Flipkart since its inception to over USD1.76bn.
IT & ITES43%
Energy & Natural Resources
9%
Real Estate9%
Retail & Consumer9%
Banking & Financial Services
7%
Education6%
Pharma, Healthcare &
Biotech6%
Others11%
IT & ITES62%
Energy & Natural Resources
11%
Real Estate10%
Banking & Financial Services
7%
Infrastructure Management
4%
Media & Entertainment
2%
Retail & Consumer2%
Pharma, Healthcare &
Biotech1%
Others1%
© Grant Thornton India LLP. All rights reserved.
A
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er
R
ati
on
ale
T
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In
vest
or
C
om
men
ts
In
vest
ee
Reliance Power has
entered into an
agreement to buy
hydropower assets of
Jaiprakash Power
Ventures.
Flipkart raised USD 1bn
in fresh round of
funding, led by existing
investors Tiger Global &
Naspers amongst others
and new investors – GIC
& Morgan Stanley.
Reliance Power Ltd.
The acquisition will be made
by Reliance CleanGen Ltd., a
unit of Reliance Power.
Reliance Power currently has
hydroelectric power projects
aggregating to over 5000MW
under development.
Jaiprakash Power Ventures
Ltd (JPVL)
JPVL, a part of Jaypee Group,
is selling its entire hydroelectric
power portfolio of close to
1800MW in three power plants.
The completion of the
proposed transaction would
make Reliance Power the
largest provider of
hydroelectric power in India.
Consortium of investors
Existing investors include Tiger
Global, Naspers, DST Global,
ICONIQ, Accel Partners &
Sofina. New investors are
Singapore-based sovereign
wealth fund – GIC & Morgan
Stanley Investment
Management.
Flipkart India Pvt. Ltd.
Flipkart is India’s largest e-
commerce company, with
close to 22 mn registered
users and 5 mn shipments per
month. This is its second
fundraise in the current year,
taking the total funds raised
by the company to over USD
1.7 bn since inception.
With the third largest PE
fundraise of all time in India,
Flipkart plans to strengthen
its technology and acquire
firms across areas like e-
commerce, technology and
supply chain and exploit the
massive market opportunity in
the e-commerce sector.
7
Deal of the Month - M&A
Deal of the Month - PE
© Grant Thornton India LLP. All rights reserved.
Deal List
This document captures the list of deals announced based on information available in the public domain and based on public announcements. Grant
Thornton India LLP does not take any responsibility for the information, any errors or any decision by the reader based on this information. This document
should not be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as a result of relying on the material
contained herein. Further, our analysis of the deal values are based on publicly available information and based on appropriate assumptions (wherever
necessary). Hence, if different assumptions were to be applied, the outcomes and results would be different.
© Grant Thornton India LLP. All rights reserved. 9
Acquirer Target Sector USD mn Deal Type %
Stake
Domestic/
Crossborder
Reliance Power Limited Baspa Stage II, Karcham Wangtoo
(1391 MW) & 400 MW plant in
Vishnurayag from JPVL
Energy & Natural
Resources
2,000* Acquisition 100% Domestic
Diageo Plc United Spirits Ltd Retail & Consumer 1,903.33 Increasing Stake to
54.78%
26% Inbound
Teleperformance Aegis Limited USA Inc - Aegis Group IT & ITES 610.00 Acquisition 100% Inbound
Helios Towers Africa Bharti Airtel - 3100 Towers in Africa Telecom 550* Acquisition 100% Inbound
Huhtamaki Oyj Positive Packaging Industries Limited -
Excluding Nigeria Operations
Manufacturing 336.00 Acquisition 100% Inbound
Wipro Ltd ATCO- IT Services division IT & ITES 195.00 Acquisition 100% Outbound
Life Healthcare Group Pty Ltd Max Healthcare Institute Ltd Pharma, Healthcare &
Biotech
132.33 Increasing Stake 26% Inbound
Kotak Mahindra Limited Multi Commodity Exchange Banking & Financial
Services
76.50 Minority Stake 15% Domestic
SBS Group Transpole Private Limited Transport & Logistics 73.50 Majority Stake 66% Inbound
Parficim SAS Vicat Sagar Cement Pvt Ltd - stake of
Sagar Cements Ltd
Manufacturing 72.30 Increasing Stake to
100%
47% Inbound
I. M&A Deals
*Based on public reports.
© Grant Thornton India LLP. All rights reserved. 10
Acquirer Target Sector USD mn Deal Type %
Stake
Domestic/
Crossborder
Sembcorp Industries Thermal Powertech Limited Energy & Natural
Resources
66.67 Increasing Stake to
65%
16% Inbound
*Prime Focus Limited - Reliance
MediaWorks Ltd
Reliance Mediaworks - global film &
media services business, Prime Focus
Media &
Entertainment
98.33 Merger N.A. Domestic
Prestige Estates Private Limited 8 acre land parcel in Bangalore -
Siemens Ltd
Real Estate 57.50 Acquisition 100% Domestic
Hind Hotels & Properties Group Blue Sydney Hotel - Indian Hotels and
Properties Limited
Hospitality & Leisure 32.00 Acquisition 100% Inbound
INOX Leisure Limited Satyam Cineplexes Limited Media &
Entertainment
30.00 Acquisition 100% Domestic
Tribune Digital Ventures What's On India Media Private Limited Media &
Entertainment
27.00 Acquisition 100% Inbound
Sintex Industries Ltd Groupe Simonin Manufacturing 24.20 Acquisition 100% Outbound
Cipla Ltd Undisclosed Pharma, Healthcare &
Biotech
21.00 Majority Stake 51% Outbound
Sureka Group, Merlin Group and
JB Group
Keppel Magus Development Private
Limited
Real Estate 20.00 Acquisition 100% Domestic
Carnival Films Multiplex business of HDIL
Entertainment
Media &
Entertainment
N.A. Acquisition 100% Domestic
I. M&A Deals
Reliance Mediaworks (RMW) is merging its global film and media services business with Prime Focus. Additionally, RMW & promoters of Prime Focus are further infusing INR 120 Cr into Prime Focus..
© Grant Thornton India LLP. All rights reserved. 11
Acquirer Target Sector USD mn Deal Type %
Stake
Domestic/
Crossborder
Mahindra Holidays & Resorts
India Ltd
Holiday Club Resorts Hospitality & Leisure 17.00 Minority Stake 19% Outbound
Daido Steel Sunflag Iron & Steel Company Limited Manufacturing 9.31 Minority Stake 10% Inbound
Strides Arcolab Limited Indian Branded Generics Business -
Bafna Pharma
Pharma, Healthcare &
Biotech
8.02 Acquisition 100% Domestic
Anil Ltd Siddhi Vinayak Agro Industries Private
Limited
Retail & Consumer 7.67 Acquisition 100% Domestic
Future Market Networks Ltd 2.75-acre piece of land and associated
mall
Real Estate 6.23 Acquisition 100% Domestic
Mahindra Holidays & Resorts
India Ltd
Covington S.a.r.l Hospitality & Leisure N.A. Acquisition 100% Outbound
Kochhar & Co. Legal Matrix Professional /
Business Services
N.A. Acquisition 100% Domestic
Management of Reliance Private
Equity Fund
Reliance Private Equity Fund - Reliance
Capital
Banking & Financial
Services
N.A. Internal
Restructuring
N.A. Merger &
Internal
Restructuring
Exova Group Plc Metallurgical Services Private Limited Infrastructure
Management
N.A. Acquisition 100% Inbound
Cipla Ltd Mabpharm Private Limited Pharma, Healthcare &
Biotech
N.A. Increasing Stake to
100%
75% Domestic
I. M&A Deals
© Grant Thornton India LLP. All rights reserved. 12
Acquirer Target Sector USD mn Deal Type %
Stake
Domestic/
Crossborder
Skanray Technologies Pvt Ltd Compagnia Elettronica Italiana Pharma, Healthcare &
Biotech
N.A. Increasing Stake to
100%
N.A. Outbound
Everymedia Technologies Plus 1 Digital Media &
Entertainment
N.A. Acquisition 100% Outbound
Strides Arcolab Limited OncoBiologics Inc Pharma, Healthcare &
Biotech
N.A. Strategic Stake N.A. Outbound
Qliktag Software Inc. Buzzfactory Interactive Pvt. Ltd Media &
Entertainment
N.A. Acquisition 100% Inbound
Sun Pharmaceutical Industries Ltd Pharmalucence Inc. Pharma, Healthcare &
Biotech
N.A. Acquisition 100% Outbound
BrightStar Corporation Beetel Teletech Limited Telecom N.A. Acquisition 100% Inbound
Amulya Leasing & Finance
Limted
Apollo Pipes Limited Manufacturing N.A. Minority Stake 17% Domestic
India Webportal Private Limited-
part of Zee Entertainment
Limited
Bpbweekend.com - Idea Shop Web
and Media Private Limited
IT & ITES N.A. Strategic Stake 26% Domestic
Aries group - Biz TV Vismayas Max Studio Media &
Entertainment
N.A. Acquisition 100% Inbound
Aspire Systems SRA Systems Limited - Service
Division
IT & ITES N.A. Acquisition 100% Domestic
I. M&A Deals
© Grant Thornton India LLP. All rights reserved. 13
Acquirer Target Sector USD mn Deal Type %
Stake
Domestic/
Crossborder
Gozoop iThink InfoTech Private Limited IT & ITES N.A. Acquisition 100% Domestic
Jardine Lloyd Thompson Group Independent Insurance Brokers Banking & Financial
Services
N.A. Strategic Stake 26% Inbound
IFCI Ltd Rajasthan Consultancy Organisation
Ltd.
Professional /
Business Services
N.A. Strategic Stake 49% Domestic
Mu Sigma Webfluenz IT & ITES N.A. Acquisition 100% Outbound
Advantage One Group MakeMyJob Professional /
Business Services
N.A. Acquisition 100% Domestic
Zomato MenuMania IT & ITES N.A. Acquisition 100% Outbound
Dentsu Aegis Network Milestone Brandcom Media &
Entertainment
N.A. Acquisition 100% Inbound
Intuit Inc. KDK Softwares India Pvt Ltd IT & ITES N.A. Acquisition 100% Domestic
Cliantha Research Karmic Lifesciences Ltd Pharma, Healthcare &
Biotech
N.A. Acquisition 100% Domestic
Shapoorji Pallonji Group SCI Forbes Limited Transport & Logistics N.A. Increasing Stake to
100%
50% Domestic
I. M&A Deals
© Grant Thornton India LLP. All rights reserved. 14
Acquirer Target Sector USD mn Deal Type %
Stake
Domestic/
Crossborder
Assa Abloy Enox Brand form Pooja Hardware
Private Limited
Manufacturing N.A. Acquisition 100% Inbound
Miles Software Private Limited Beans & Intellect Financial Technology
Private Limited
IT & ITES N.A. Acquisition 100% Domestic
Exl Service Holdings Inc Blue Slate Solutions, LLC IT & ITES N.A. Acquisition 100% Outbound
GE Energy Financial Wind Power Projects - Atria Power
Limited
Energy & Natural
Resources
N.A. Strategic Stake N.A. Domestic
United Spirits Ltd J P Impex Incorp - Karnataka assets Retail & Consumer 1.92 Acquisition 100% Domestic
GVK BioSciences Private Limited Inogent Laboratories Pharma, Healthcare &
Biotech
1.50 Increasing Stake 6% Domestic
I. M&A Deals
© Grant Thornton India LLP. All rights reserved. 15
Investor Investee Sector % Stake Value USD mn
Morgan Stanley Investment Management,
GIC, Accel Partners, DST Global, Iconiq
Capital and Sofina
Flipkart Online Services Pvt Ltd IT & ITES N.A. 1,000.00
Goldman Sachs, Asian Development
Bank and South Asia Clean Energy Fund
ReNew Power Private Limited Energy & Natural
Resources
N.A. 140.00
Apax Partners Cholamandalam Investment & Finance
Company Limited
Banking & Financial
Services
8.0% 83.33
Standard Chartered Private Equity
Advisory (India) Private Limited
Sterlite Power Grid Ventures Limited Infrastructure Management N.A. 83.33
Tata Capital Shriram Properties Private Limited Real Estate 18.0% 80.00
Peninsula Brookfield Investment
Managers
Ansal Properties and Infrastructure Limited Real Estate N.A. 66.67
Steadview Capital and Sequoia Capital,
Mtrix Partners & Tiger Global
Olacabs IT & ITES N.A. 41.67
AT Capital Orange Powergen Private Limited - renewable
energy project
Energy & Natural
Resources
N.A. 40.00
Bessemer Venture Partners & Intel
Capital
Hungama Digital Media Entertainment Pvt. Ltd. Media & Entertainment N.A. 40.00
ASK Capital Management ATS Group Real Estate N.A. 21.17
II. Private Equity
© Grant Thornton India LLP. All rights reserved. 16
Investor Investee Sector % Stake Value USD mn
Steadview Capital, SAIF Partners and
Kalaari Capital
UrbanLadder-Descasa Home Decor Online Pvt
Ltd
IT & ITES N.A. 21.00
Aditya Birla Private Equity CIBIL Ltd Banking & Financial
Services
10.0% 20.00
Sequoia Capital and Mayfield India Knowlarity Private Limited IT & ITES N.A. 16.00
Sequoia Capital and Norwest Venture Capillary Technologies IT & ITES N.A. 14.00
Updata Partners XebiaLabs - Xebia India IT & ITES N.A. 12.00
The Japan Bank for International
Cooperation
Takshasila Hospitals Operating Pvt Ltd Pharma, Healthcare &
Biotech
N.A. 10.50
GIC Muthoot Finance Ltd Banking & Financial
Services
N.A. 10.06
Euphoria Ventures RoomnHouse IT & ITES N.A. 10.00
WestBridge Capital La Opala RG Ltd Retail & Consumer 4.5% 9.00
Piramal Fund Private Limited Residential Project in Mumbai Real Estate N.A. 8.33
II. Private Equity
© Grant Thornton India LLP. All rights reserved. 17
Investor Investee Sector % Stake Value USD mn
Tembusu Partners Sainik Aryan Group - Param Mitra Coal
Resources
Energy & Natural
Resources
N.A. 7.50
ASK Pravi Private Equity Opportunities
Fund
Gateforum Private Limited Education 55.4% N.A.
Brand Capital Intec Group Retail & Consumer 15.0% N.A.
WestBridge Capital Hatsun Agro Product Ltd Retail & Consumer N.A. N.A.
Landmark Holdings Unitech’s Gurgaon project Nirvana Real Estate N.A. N.A.
MCap Fund Advisors V-Guard Industries Retail & Consumer 1.3% N.A.
MCap Fund Advisors Omkar Clean Energy Services Pvt Ltd Energy & Natural
Resources
N.A. N.A.
Avigo Capital Maharana Infrastructure and Professional
Services Private Limited
Professional / Business
Services
N.A. N.A.
Norwegian Microfinance (NMI), Norway
and Oikocredit, Dia Vikas and SIDBI
RGVN (North East) Microfinance Ltd Banking & Financial
Services
N.A. 6.97
Sequoia Capital Akoksha - Coraza Technologies Pvt. Ltd IT & ITES N.A. 5.20
II. Private Equity
© Grant Thornton India LLP. All rights reserved. 18
Investor Investee Sector % Stake Value USD mn
Tiger Global LLC, Blume Ventures and
Nirvana Venture Private Limited
Reviews42 - zopper.com IT & ITES N.A. 5.00
Qualcomm Ventures Portea Medical Pvt. Ltd. Pharma, Healthcare &
Biotech
N.A. N.A.
Angel Investor Cinestaan Entertainment Private Limited Media & Entertainment N.A. N.A.
Angel Investor, BVPIndia and Nirvana
Venture Private Limited
Remedinet Technologies IT & ITES N.A. N.A.
Venture Nursery's Angels SeekSherpa IT & ITES N.A. N.A.
Times Internet, Angel Investors News in Shorts IT & ITES N.A. N.A.
Accel Partners WizRocket Technologies Pvt Ltd. IT & ITES N.A. N.A.
Faering Capital & Nirvana Venture
Private Limited
Transerv IT & ITES N.A. N.A.
Blume Ventures Greytip Software IT & ITES N.A. N.A.
Angel Investors Cerana Beverages Retail & Consumer N.A. N.A.
II. Private Equity
© Grant Thornton India LLP. All rights reserved. 19
Investor Investee Sector % Stake Value USD mn
Angel Investors Sattviko Hospitality & Leisure N.A. N.A.
RiverBridge Investment Advisors Pvt Ltd Akara Research & Technologies IT & ITES N.A. N.A.
RiverBridge Investment Advisors Pvt Ltd BelgYum Waffles Hospitality & Leisure N.A. N.A.
JAFCO Asia, SingTel Innov8, Jungle
Ventures
Pokkt IT & ITES N.A. 2.50
Asian Development Bank, Khosla
Ventures & UnitusSeedFund.
Hippocampus Learning Centres Education N.A. 2.40
Exhilway Global Opportunities Private
Equity Fund
Livewell Healhcare Pharma, Healthcare &
Biotech
N.A. 2.00
IDG India Private Limited and Inventus
Capital
PeelWorks Private Limited IT & ITES N.A. 2.00
SAIF Partners TravelTriangle.com - Holiday Triangle Travel
Private Limited
IT & ITES N.A. 1.67
Crowdfunding Appdra Software Solutions Ltd IT & ITES N.A. 1.50
The Chennai Angels Fourth Partner Energy Energy & Natural
Resources
N.A. 0.50
II. Private Equity
© Grant Thornton India LLP. All rights reserved. 20
Investor Investee Sector % Stake Value USD mn
India Quotient Grabhouse - Cryptopy Technologies Private
Limited
IT & ITES N.A. 0.50
500 Startups & angel investors SocialCops IT & ITES N.A. 0.32
Kae Capital and Blume Ventures ShepHertz Technologies Pvt Ltd IT & ITES N.A. 0.26
Pearson Affordable Learning Fund Sudiksha Private Limited Education N.A. 0.05
II. Private Equity
© Grant Thornton India LLP. All rights reserved. 21
Company Name Sector Issue Price Equity Offered Capital Raised INR mn Capital Raised USD mn
Oasis Tradelink Ltd Retail & Consumer 30 2,000,000 60 0.97
Bansal Roofing Products Ltd Manufacturing 30 680,000 20 0.33
Dhanuka Commercial Ltd Banking & Financial Services 10 4,440,000 44 0.72
III. IPO
Investee Sector % Stake Value USD mn
Ashok Leyland Automotive N.A. 111.2
Aban Offshore Energy & Natural Resources 25% 125.0
GMR Infrastructure Infrastructure Management N.A. 246.2
City Union Bank Banking & Financial Services N.A. 58.0
J Kumar Infraprojects Ltd Infrastructure Management N.A. 23.0
JP Associates Infrastructure Management N.A. 250.0
IV. QIP
© Grant Thornton India LLP. All rights reserved. 22
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