PE Roundup – June 2017
1H20172Q2017June 2017
Headline Trends
Page 3
Key trends – Half Yearly
► Investments► PE/VC investments in India in the first half (1H2017) witnessed sharp increase on the back of some very large deals with size
of each of them in excess of USD 300 million.
► In 1H2017, investments increased 41% in value (US$ 11.2 billion Vs US$ 8.0 billion in 1H2016) despite a 3.9% decline in volume (298 deals Vs 310 deals in 1H2016).
► Both buyout (US$2.2 billion across 18 deals) and PIPE (US$1.9 billion across 23 deals) deals recorded strong growth in 1H2017 of 76% and 72% respectively, the best half yearly performance for buyout deals and the second best for PIPE deals in over 10 years. In terms of number of deals, Buyouts have been sequentially increasing with a record high of 18 buyouts in 1H2017.
► Aggregate deal value was dominated by minority growth capital with 41% of the aggregate investments (US$4.6 billion invested
across 78 deals in 1H2017, a growth of 35% compared to 1H2016).
► Early stage / VC deals continued to dominate the deal volumes accounting for 50% of all deals in 1H2017 similar to last year.
► Also, 1H2017 saw significant activity from Canadian pension funds. In aggregate, they invested US$2.1 billion across six deals in 2017.
► Financial Services, Technology and Real Estate were the leading sectors in terms of investments in 1H2017.
► Exits► Exits grew 53% by value in 1H2017 (US$ 4.8 billion Vs US$ 3.1 billion in 1H2016) and 50% by volume (129 deals Vs 86 deals
in 1H2016), best half yearly performance since 2009, mainly driven by increase in open market and secondary divestments.
► IPO markets have been quite active as well with 6 PE backed IPOs in 1H2017
► From a sector perspective Financial services (US$1.6 billion across 31 exits), Technology (US$1 billion across 13 exits) and Life sciences (US$756 million across 23 exits) were the top sectors for exits in 1H2017.
► Fund raise► The first half of 2017 saw US$2 billion in fund raise, 30% decline compared to 1H2016, but a 54% increase over 2H2016.
► New fund raise plans announced also declined by 36% to US$ 5 billion in 1H2017 compared to same period last year.
► However, there is plenty of liquidity in the market with global funds having greater allocations for India and keen to investmore in the country.
EY Analysis of VCCEdge Data
PE Half Yearly Roundup – 1H2017
Page 5
PE/VC headline trends – Half Yearly
US$ mn #
2,072 3,910 2,564 3,140 3,528 4,809
97119
135
86
123 129
0
50
100
150
-
2,000
4,000
2H2014 1H2015 2H2015 1H2016 2H2016 1H2017
Exits
1,749 3,830 2,610 3,017 1,296 2,006
15 1620
30
11
20
0
10
20
30
40
-
2,000
4,000
2H2014 1H2015 2H2015 1H2016 2H2016 1H2017
Fund Raise
US$ mn #
US$ mn #
7,511 8,589 11,046 7,968 8,235 11,240
239
369 398
310 278 298
0
100
200
300
400
500
-
3,000
6,000
9,000
12,000
2H2014 1H2015 2H2015 1H2016 2H2016 1H2017
Investments
EY Analysis of VCCEdge Data
Page 6
34
12
14
160
90
29
18
23
150
79
Debt investment
Buyout
PIPE Financing
Start-up/ Early Stage
Expansion/ GrowthCapital
Deal Type #
Investments – H1 Analysis
** Deal value not available on 53 out of 298 deals in 1H2017 and 60 out of 310 deals in 1H2016
7,968
11,240
1H2016
1H2017
Total Investment US$m
1,212
1,240
1,103
1,050
3,363
945
2,184
1,900
1,475
4,555
Debt investment
Buyout
PIPE Financing
Start-up/ Early Stage
Expansion/ GrowthCapital
Deal Type US$m
519
560
1,125
1,633
4,130
543
526
1,000
1,704
7,287
< $10m
$10m - $20m
$20m - $50m
$50m - $100m
> $100m
Deal Size US$m
138
37
34
23
18
137
34
29
23
22
< $10m
$10m - $20m
$20m - $50m
$50m - $100m
> $100m
Deal Size #
310
298
1H2016
1H2017
No. of Deals
EY Analysis of VCCEdge Data
Page 7
Investments – H1 Sector Cut
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
213
122
362
498
307
1,071
-
1,321
1,233
1,380
269
352
353
369
402
617
1,012
1,256
1,941
3,400
RCP
Logistics
Power and utilities
Infrastructure
Healthcare
Ecommerce
Telecom
RHC
Technology
Financial services
Top Sectors US$m1H2017
1H2016
3
2
8
7
14
35
14
53
39
61
2
3
5
15
17
18
20
26
51
69
Telecom
Power and utilities
Infrastructure
Logistics
RCP
RHC
Healthcare
Ecommerce
Financial services
Technology
Top Sectors #
EY Analysis of VCCEdge Data
Page 8
Top Investments
Top Investments in 1H2017
Company PE Investor Sector Stage US$mnStake
(%)
Paytm SoftBank Financial servicesExpansion/ Growth
1,400 NA
Bharti Infratel Ltd. KKR,CPPIB Telecommunications PIPE Financing 956 10.3
GlobalLogic CPPIB TechnologyExpansion/ Growth
720 48.0
IndoSpace CPPIB RHC Buyout 500 NA
ICICI LombardWarburg Pincus, Clermont Group , IIFL Special Opportunities Fund
Financial servicesExpansion/ Growth
383 12.2
Tata Technologies Ltd Warburg Pincus TechnologyExpansion/ Growth
360 43.0
Kotak Mahindra Bank CPPIB, CDPQ Financial services PIPE Financing 342 1.5
Princeton Growth Ventures Warburg Pincus TechnologyStart-up/ Early Stage
300 NA
Aegis Ltd Capital Square Technology Buyout 275 100.0
Oyo Rooms SoftBank EcommerceStart-up/ Early Stage
250 15.0
Hindustan Powerprojects Macquarie Group Power and utilities Buyout 250 100.0
EY Analysis of VCCEdge Data
Page 9
Exits – H1 Analysis
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
3,140
4,809
1H2016
1H2017
Total Exits US$m
86
129
1H2016
1H2017
No. of Deals
409
103
4
218
225
488
295
324
360
396
976
1,577
RHC
CBP
Pharmaceuticals
Healthcare
Technology
FinancialServices
Top Sectors US$m
11
2
2
7
18
8
10
4
7
16
12
31
RHC
CBP
Pharmaceuticals
Healthcare
Technology
FinancialServices
Top Sectors #
595
484
1,483
192
387
363
374
371
1,763
1,938
IPO
Buyback
Strategic
Secondary
Open Market
Exit Type US$m
8
14
29
10
25
6
14
22
27
60
IPO
Buyback
Strategic
Secondary
Open Market
Exit Type #
EY Analysis of VCCEdge Data
Page 10
Top Exits
Top Exits in 1H2017
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
Company Sector Sellers Buyer Exit Type US$mnStake (%)
Globallogic Technology Apax CPPIB Secondary 720 48
ICICI Lombard General Insurance Company Ltd.
Financial Services FairfaxWarburg PincusLLC , Clermont Group , IIFL
Secondary 383 12
Capital First Ltd Financial Services Warburg Pincus GIC & others Secondary 275 25
Dalmia Bharat Ltd. CBP KKR India NA Open Market 236 8
Eris Lifesciences Ltd. Pharmaceuticals ChrysCapital NA IPO 200 16
Idea Cellular Ltd. TelecommunicationProvidence Equity Partners LLC
NA Open Market 199 3
Edelweiss Financial Services Ltd.
Financial Services Carlyle NA Open Market 130 8
Apollo Hospitals HealthcareKhazanah Nasional Berhad
NA Open Market 129 5
Max Financial Services Financial Services Goldman Sachs NA Open Market 126 6
IndusInd Bank Ltd. Financial Services Norwest NA Open Market 125 1
EY Analysis of VCCEdge Data
Page 11
Fund Raise
► The first half of 2017 saw US$2 billion in fund raise, 30% decline compared to 1H2016, but a 54% increase over 2H2016
► New fund raise plans announced also decreased by 36% to US$ 5 billion in 1H2017 compared to same period last year.
Top Fund Raise in 1H2017
Status Fund US$m Strategy Remark
Raised ChrysCapital fund VII 600 Sector agnostic Seventh fund
RaisedEdelweiss Special Opportunities Fund (ESOF) II
350 sector agnostic Final close of second credit focused fund
RaisedICICI Venture: India Advantage Fund Series 4 (IAF4)
160 Sector agnostic Final close of US$ 350m fund
Raised KKR 147 Sector agnostic Credit focused fund
Raised SPAC Constellation Alpha 144 Healthcare Fund raise through IPO
Raised IDFC Alternatives 100 Sector agnostic First close of fourth fund
EY Analysis of VCCEdge Data
PE Quarterly Roundup – 2Q2017
Page 13
Key Trends - Quarterly
► On a quarterly basis, investments increased 93% in value (US$ 7.1 billion Vs US$ 3.7 billion in 2Q2016) with number of deals remaining similar.
► The growth was driven by sharp increase of 103% and 133% in buyout and growth deals respectively. 2Q2017 demonstrated the best quarterly performance recorded by both buyout (US$1.9 billion across 11 deals) and growth (US$ 3.1 billion across 47 deals) deals in over a decade.
► Quarterly comparison shows a 2.6X jump in exits (US$ 2.8 billion Vs US$ 1.1 billion in 2Q2016), driven by open market and secondary exits. There were 4 PE backed IPOs in 2Q2017.
► From a sector perspective Financial services (US$1.1 billion across 17 exits) and Life sciences (US$648 million across 13 exits) were the top sectors for exits in 2Q2017.
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
EY Analysis of VCCEdge Data
Page 14
PE/VC headline trends – Quarterly
US$ mn #
2,792 2,698 4,813 3,450 5,139 6,003 5,043 4,310 3,658 3,097 5,138 4,229 7,054
121 113 126
181 188220
178146
164
121157
132168
0
50
100
150
200
250
-
2,000
4,000
6,000
2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017
Investments
863 991 1,081 1,161 2,749 1,205 1,358 2,067 1,073 2,046 1,483 2,033 2,776
47 48 4960 59
66 69
42 44
64 59 6168
0
20
40
60
80
-
1,000
2,000
3,000
2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017
Exits
1,047 470 1,279 1,892 1,938 1,285 1,325 2,075 942 320 976 1,287 719
4 5
10
5
11 12
8
1614
2
911
9
0
5
10
15
20
-
500
1,000
1,500
2,000
2,500
2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017
Fund Raise
EY Analysis of VCCEdge Data
Page 15
Investments – Q2 Analysis
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
3,658
7,054
2Q2016
2Q2017
Total Investment US$m
164
168
2Q2016
2Q2017
No. of Deals
549
928
407
426
1,348
661
1,885
209
981
3,138
Debt investment
Buyout
PIPE Financing
Start-up/ Early Stage
Expansion/ GrowthCapital
Deal Type US$m
21
5
4
84
50
21
11
8
81
47
Debt investment
Buyout
PIPE Financing
Start-up/ Early Stage
Expansion/ GrowthCapital
Deal Type #
265
316
678
601
1,798
308
294
523
913
4,837
< $10m
$10m - $20m
$20m - $50m
$50m - $100m
> $100m
Deal Size US$m
73
21
21
8
5
75
19
15
12
16
< $10m
$10m - $20m
$20m - $50m
$50m -$100m
> $100m
Deal Size #
** Deal value not available on 31 out of 168 deals in 2Q2017 and 36 out of 164 deals in 2Q2016
EY Analysis of VCCEdge Data
Page 16
Investments – Q2 Sector Cut
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
108
113
126
219
318
350
532
1,002
1,045
2,548
Healthcare
Business and Prof Ser
RCP
Pharmaceuticals
Infrastructure
Power and utilities
Ecommerce
RHC
Technology
Financial services
Top Sectors US$m2Q2017
2Q2016
1
5
5
3
19
8
7
24
15
35
2
4
5
7
10
12
13
15
33
39
Power and utilities
Infrastructure
Pharmaceuticals
Business and Prof Ser
RHC
RCP
Healthcare
Ecommerce
Financial services
Technology
Top Sectors #
EY Analysis of VCCEdge Data
Page 17
Top Investments
Top Investments in 2Q2017
Company PE Investor Sector Stage US$mnStake
(%)
Paytm SoftBank Financial services Expansion/ Growth 1,400 NA
IndoSpace CPPIB RHC Buyout 500 NA
ICICI LombardWarburg Pincus, Clermont Group , IIFL Special Opportunities Fund
Financial services Expansion/ Growth 383 12.2
Tata Technologies Ltd Warburg Pincus Technology Expansion/ Growth 360 43.0
Princeton Growth Ventures Warburg Pincus TechnologyStart-up/ Early Stage
300 NA
Aegis Ltd Capital Square Technology Buyout 275 100.0
Oyo Rooms SoftBank EcommerceStart-up/ Early Stage
250 15.0
Hindustan Powerprojects Macquarie Group Power and utilities Buyout 250 100.0
Religare Health Insurance True North, Faering Capital Financial services Buyout 200 80.0
Bangalore International Airport Ltd. Fairfax Infrastructure Buyout 200 10.0
Shriram Properties and Infrastructure Pvt. Ltd., Information Technology Special Economic Zone
Xander Finance RHC Buyout 190 100.0
EY Analysis of VCCEdge Data
Page 18
Exits – Q2 Analysis
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
1,073
2,776
2Q2016
2Q2017
Total Exits US$m
44
68
2Q2016
2Q2017
No. of Exits
418
157
17
114
367
325
164
327
912
1,048
IPO
Buyback
Strategic
Secondary
Open Market
Exit Type US$m
4
5
13
4
18
4
5
11
18
30
IPO
Buyback
Strategic
Secondary
Open Market
Exit Type #
2
13
85
14
4
488
149
255
303
307
345
1,055
Industrial products
Technology
Healthcare
CBP
Pharmaceuticals
Financial Services
Top Sectors US$m
2
8
3
1
1
8
7
7
8
3
5
17
Industrial products
Technology
Healthcare
CBP
Pharmaceuticals
Financial Services
Top Sectors #
EY Analysis of VCCEdge Data
Page 19
Top Exits
Top Exits in 2Q2017
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
Company Sector Sellers Buyer Exit Type US$mnStake (%)
ICICI Lombard General Insurance Company Ltd.
Financial Services FairfaxWarburg PincusLLC , Clermont Group , IIFL
Secondary 383 12
Capital First Ltd Financial Services Warburg Pincus GIC & others Secondary 275 25
Dalmia Bharat Ltd.Cement and building products
KKR NA Open Market 236 8
Eris Lifesciences Ltd. Pharmaceuticals ChrysCapital NA IPO 200 16
Apollo Hospitals Healthcare Khazanah NA Open Market 129 5
ItzCash Card Ltd Financial ServicesIntel Capital, Matrix, Lightspeed
Ebix Inc Strategic 124 80
Max Financial Services Financial Services Goldman Sachs NA Open Market 123 5
Tata Technologies Ltd Technology Tata Capital Warburg Pincus Secondary 109 13
Intas Pharmaceuticals Pharmaceuticals ChrysCapitalCapital International
Secondary 106 3
Mphasis Ltd Technology Blackstone Mphasis Ltd Buyback 99 5
EY Analysis of VCCEdge Data
Page 20
Fund Raise
► On a quarterly basis, fund raise declined 24% to US$ 719 million compared to US$942 million last year.
Top Fund Raise in 2Q2017
Status Fund US$m Strategy Remark
RaisedEdelweiss Special Opportunities Fund (ESOF) II
350 Sector agnostic Final close of second credit fund
Raised SPAC Constellation Alpha 144 Healthcare Fund raise through IPO
Raised CapAleph 70 Sector agnostic First close
Raised Kotak Realty 50 Real Estate For affordable hosing
Raised IAN 27 Sector-agnostic Early stage / Angel investing
EY Analysis of VCCEdge Data
PE Monthly Roundup – June 2017
Page 22
PE/VC headline trends – Monthly
US$ mn #
409 1,164 494 388 766 71 646 880 602 550 843 1,383 550
14
21 21 2218 16
25
15
24 22
32
24
12
0
10
20
30
40
-
500
1,000
1,500
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Exits
312 30 0 290 335 450 191 331 850 106 377 200 2320
2
4
6
0
200
400
600
800
1000
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Fund Raise
608 859 1,007 1,231 1,185 927 3,026 1,196 393 2,641 1,920 3,447 1,507
70
40 39 42
60
41
56
43
30
6067
5645
0
20
40
60
80
-
1,000
2,000
3,000
4,000
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Investments
EY Analysis of VCCEdge Data
Page 23
Key Trends
► From a monthly perspective, at US$1.5 billion, June 2017 recorded a sharp increase of 148% compared to US$608 million in June 2016 despite a 36% decline in number of deals (45 deals vs 70 deals in June 2016), mainly on account of five large US$100 million and above deals accounting for 71% of aggregate deal value. June 2017, however, did not record any PIPE deals.
► When compared to the previous month, June 2017 investments declined by 56% in value terms. May 2017 witnessed Softbank’s US$1.4 billion investment in Paytm, which is the largest deal in the Financial Services sector in India ever. In volume terms, investments declined 20% compared to the previous month.
► Technology (US$708 million across 15 deals) and Financial Services (US$200 million across 12 deals) were the top sectors for the month.
► June 2017 recorded 34% increase in value of exits compared to same period last year (US$550m across 12 exits vs US$409m across 14 exits in June 2016). However, on a month-on-month basis, there was a sharp decline of over 50% in both value and volume terms.
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
EY Analysis of VCCEdge Data
Page 24
66 (20) 59 (4)112 (3)
200 (3)
1069 (5)
<$10Mn $10Mn -$20Mn
$20Mn -$50Mn
$50Mn -$100Mn
>$100Mn
Deal Size US$ mn (Volume)
Investments – US$1.5 bn over 45 deals
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
** Deal value not available on 10 out of 45 deals in June 2017
1
2
5
6
54
75
75
182
200
200
708
RCP
Healthcare
Food and Agriculture
Business and Prof Ser
Ecommerce
Pharmaceuticals
Logistics
RHC
Infrastructure
Financial services
Technology
Value US$ million
1
1
1
1
1
2
3
3
5
12
15
Healthcare
Food and Agriculture
Pharmaceuticals
Logistics
Infrastructure
Business and Prof Ser
RCP
Ecommerce
RHC
Financial services
Technology
Volume
614 (8)
419 (31)
NA (0)
199 (1)
273 (5)
Expansion/Growth
Start-up/Early Stage
PIPE Buyout Debt
Deal Stage US$ mn (Volume)
EY Analysis of VCCEdge Data
Page 25
Investments – Monthly sector cut
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
73
-
267
211
54
45
187
111
709
182
136
693
316
1,649
200
121
306
31
708
952
56
-
498
507
211
362
- 500 1,000 1,500 2,000 2,500 3,000 3,500
Feb
Mar
Apr
May
Jun
Investment by Sector – US$mn
3
-
6
6
3
1
6
1
4
5
4
11
9
11
12
8
14
16
8
15
-
5
7
2
3
8
16
25
17
7
- 10 20 30 40 50 60 70 80
Feb
Mar
Apr
May
Jun
Investment by Sector – No. of Deals
Ecommerce RHC Financial Services Technology Telecom RCP Automotive Power & Utilities Others Education
EY Analysis of VCCEdge Data
Page 26
Investments – Monthly (deal size and type)
127
128
106
270
61
350
130
554
435
277
200
1,607
1,193
2,192
1,069
Feb
Mar
Apr
May
Jun
Deal Size Trend - Value (US$ mn)
16
23
29
26
20
3
8
8
7
4
2
8
2
10
3
2
7
6
3
3
0
4
6
4
5
4
9
15
5
10
Feb
Mar
Apr
May
Jun
Deal Size Trend - No of Deals
<$10Mn $10Mn - $20Mn $20Mn - $50Mn
$50Mn - $100Mn >$100Mn NA
539
454
1,687
614
98
289
394
168
420
1,476
81
73
980
705
200
259
11
377
274
Feb
Mar
Apr
May
Jun
Deal Type Trend - Value
5
18
23
15
8
17
24
30
20
31
3
9
3
5
1
3
7
3
1
1
6
4
12
5
Feb
Mar
Apr
May
Jun
Deal Type Trend - No of Deals
Expansion/ Growth Capital Start-up/ Early StagePIPE Financing BuyoutDebt investment
EY Analysis of VCCEdge Data
Page 27
Top Investments
Top Investments in June 2017
Company PE Investor Sector Stage US$mnStake
(%)
Tata Technologies Ltd Warburg Pincus Technology Expansion/ Growth 360 43.0
Princeton Growth Ventures Warburg Pincus TechnologyStart-up/ Early Stage
300 NA
Bangalore International Airport Ltd. Fairfax Infrastructure Buyout 200 10.0
Aditya Birla Capital PremjiInvest Financial services Expansion/ Growth 109 2.2
Embassy Group Piramal FinanceReal Estate, Hospitality & Construction
Debt 100 NA
Apollo LogiSolutions Ltd. Piramal Finance Logistics Expansion/ Growth 75 NA
Strides Shasun Ltd. KKR Pharmaceuticals Debt 75 NA
Mahagun Real Estate Pvt. Ltd. Piramal FinanceReal Estate, Hospitality & Construction
Debt 50 NA
ANI Technologies Pvt. Ltd(Ola Cabs) Tekne Capital Ecommerce Expansion/ Growth 50 NA
Mswipe Technologies Pvt. LtdMatrix, DSG Consumer Partners , Falcon Edge Capital, UC-RNT Fund
Financial servicesStart-up/ Early Stage
31 NA
EY Analysis of VCCEdge Data
Page 28
Exits – US$550 bn across 12 deals in June
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
Exits in June
5 (1)
11 (2)
13 (1)
56 (2)
217 (2)
245 (3)
Industrial products
Healthcare
Financial Services
RHC
Pharmaceuticals
Technology
Exits by Sector US$mn (Volume)
237 (2)
154 (3)
NA (1)
119 (2)
37 (4)
IPO Buyback Strategic SecondarySale
Open Market
Exits by Type US$mn (Volume)
EY Analysis of VCCEdge Data
Page 29
Exits – Top Exits
Top Exits in June 2017
*** RCP – Retail & Consumer Products, RHC-Real Estate, Hospitality & Construction, CBP – Cement & Building Products
Company Sector Sellers Buyer Exit Type US$mnStake (%)
Eris Lifesciences Ltd. Pharmaceuticals ChrysCapital NA IPO 200 16
Tata Technologies Ltd Technology Tata CapitalWarburg PincusLLC
Secondary 109 13
Mphasis Ltd Technology Blackstone Mphasis Ltd Buyback 99 5
Indiabulls Infraestate Ltd. RHC IL&FS IndiaIndiabulls Real Estate Ltd.
Buyback 55 10
Tejas Networks Technology
Cascade Capital,India Industrial Growth Fund, Intel Capital and others
NA IPO 37 11
Natco Pharma Ltd. Pharmaceuticals CX Capital NA Open Market 17 1
Equitas Holdings Ltd. Financial Services Creation NA Open Market 13 1
Quality Needles Pvt. Ltd. Healthcare CX Partners TPG Secondary 11 5
Welspun Enterprises Industrial productsApollo
ManagementNA Open Market 6 3
Sinclair Hotels RHC The Xander Group NA Open Market 1 6
EY Analysis of VCCEdge Data
Page 30
Fund Raise
Top Fund Raise/Announcements in June 2017
Status Fund US$m Strategy Remark
Raised SPAC Constellation Alpha 144 Healthcare Fund raise through IPO
Raised Kotak Realty 50 Real Estate For affordable hosing
Raised IAN 27 Sector-agnostic Early stage / Angel rounds
Announced Tata Capital 1,000 Healthcare Three funds
Announced Ascendas-Singbridge 300 Real Estate
EY Analysis of VCCEdge Data
Page 31
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Ernst & Young LLP is a Limited Liability Partnership, registered under the Limited Liability Partnership Act, 2008 in India, having its registered office at 22 Camac Street, 3rd Floor, Block C, Kolkata – 700016
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This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.
Mayank Rastogi
Partner
Private Equity & Transaction Advisory Services
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For any queries you can reach out to the undersigned.