How can our insight enrich your next deal opportunity? · 6/4/2020 · opportunity? Learn how we give private equity deal teams the edge they need to thrive in the Transformative

The better the question. The better the answer.�The better the world works.

The IVCA-EY monthly PE/VC roundup –May 2020

How can our insight enrich your next deal opportunity?Learn how we give private equity deal teams the edge they need to thrive in the Transformative Age

Page 2 04 June 2020 EY analysis of VCCEdge data

Our thoughts

The fundraising spree by Jio Platforms has pushed Indian PE/VC investment in May 2020 above US$5 billion. Adjusting for these marquee deals, Indian PE/VC investment activity is on a downward trajectory. Nonetheless, these deals help highlight investor confidence in the India story.

As anticipated, the defensive sectors are witnessing renewed interest from investors. In May 2020, life sciences sector received the second highest amount of PE/VC investments of U$354 million (after telecom). On the exits front, financial services sector recorded the highest value of exits as investors looked to book some profits in listed securities after the recent recovery in the equity indices.

With the government having laid down the roadmap for gradual withdrawal of the lockdown, economic activity is expected to start reviving. Though the pace of demand revival is still uncertain, the weeks following the lockdown withdrawal will provide directional clues for changes in consumer behavior, helping investors tweak valuation models and factor in assumptions for the new normal. The roll out of the stimulus announced by the government will also help.

Given that the curve of COVID cases is yet to flatten decisively in some zones that account for a large part of the country’s economic activity, the virus will continue to remain a major headwind that both the government and private enterprises will need to tackle in the near future till such time a definitive cure is found.”

LP: Limited partner

“

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How does the right edge redefine private equity’s boundaries?

Monthly trend analysis – May 2020

Learn how our proprietary deal insights help private equity deal teams thrive in the Transformative Age


Investments

► At US$5.4 billion, May 2020 recorded a significant jump in PE/VC investments on the back of large investments in Jio Platforms by marquee global PE funds. Investments in May 2020 were 92% higher compared to May 2019 (US$2.8 billion) and 5.8 times the value recorded in April 2020 (US$935 million). However, 85% of the investments in May 2020 were due to the Jio Platforms PE deals aggregating US$4.6 billion. If not for Jio Platforms, PE/VC investments would have recorded a fourth straight month of decline, recording just US$791 million in investments, a 72% y-o-y decline and 15% lower than April 2020. In terms of volume, deals in May 2020 declined 28% y-o-y and 23% sequentially (58 deals in May 2020 vs. 80 deals in May 2019 vs. 75 deals in April 2020).

► May 2020 recorded five large deals (value greater than US$100 million) worth US$4.9 billion compared to three large deals worth US$820 million last year. Four out of the five large deals in May 2020 involved investments in Jio Platforms. The largest PE deal announced in May 2020 saw KKR invest US$1.5 billion in Jio Platforms.

► In May 2020, growth investments were the highest in value with US$4.9 billion recorded across 12 deals, a 5.7 times increase y-o-y (US$846 million in May 2019) followed by buyouts worth US$283 million across three deals, 2.8 times y-o-y increase (US$100 million in May 2019) and start-up investments worth US$172 million, 71% y-o-y decline (US$594 million in May 2019). Private investment in public equity (PIPE) deals worth US$110 million across three deals were recorded in May 2020 compared to US$62 million across two deals in May 2019.

► From a sector point of view, telecom sector (US$4.6 billion across four deals) emerged as the top sector due to Jio Platforms, followed by life sciences sector (US$354 million across four deals) which includes Carlyle’s buyout of 74% stake in SeQuentScientific Limited for US$210 million and financial services (US$309 million across 16 deals).

Key trends: monthly


Exits

► May 2020 recorded 11 exits worth US$286 million, a 24% y-o-y decline and 2.4 times the value recorded in the previous month.

► The largest exit in May 2020 saw Warburg Pincus sell its 8% stake in Laurus Labs for US$50 million.

► In May 2020, open market exits were highest at US$270 million across nine deals, accounting for 94% of all exits by value and82% by volume.

► Financial services was the top sector in May 2020 with seven exits worth US$188 million and accounting for 66% of all exits by value and 64% by volume. This includes GIC trimming its financial sector investments by US$184 million by selling stakes in six listed entities including two banks, two non-banking Finance Companies (NBFCs), one housing finance company (HFC) and one life insurance company.

Fundraise

► After recording nil fundraises in April 2020, May 2020 recorded fundraise worth US$50 million, which includes a US$45 million top-up to its first fund by Iron Pillar. In the first five months of 2020 there have been only US$1.5 billion worth of fundraises, 91% of which were raised in the first two months, compared to US$4.6 billion raised in the same period last year.

Key trends: monthly


PE/VC monthly headline trends: investments

4,649 2,832 3,124

8,338

4,267 3,408 3,242 5,288

2,387 2,502 1,697 898 935

786

80 87

100

73

93 89100

79 83 73 74 75

58

0

20

40

60

80

100

120

-

3,000

6,000

9,000

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

Total PE/VC investments

Investment in Jio Platforms (US$m) Other PE/VC investments (US$m) # of deals

#US$m

1,094 1,119

3,683 2,700

1,859 1,714

4,142

1,207 1,525 1,338 887 727

786

687 682

297 764

1,450 114

26

625 78 232 8

5

1,076 1,323

4,358

803 98

1,415

1,120

556 898 127

3 208

-

2,000

4,000

6,000

8,000


PE/VC investments: split across asset classes

PE/VC investments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)

4,649

Investment in Jio Platforms (US$m)

US$m

Note: Real estate includes deals across real estate (residential and commercial), hospitality and constructionInfrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure


PE/VC monthly headline trends: exits

376 1,019

616 680

2,663

960 1,490

864 461 329

1,105 117

286

10

15

911

18

14

19

9

12

16

9

5

11

0

5

10

15

20

-

1,000

2,000

3,000


Total PE/VC exits

Value (US$m) # of exits

#US$m

375 1,019

548 493

2,634

953 1,490

516 461 329 1,016

117 286 68 187

29

348

7 89

-

1,000

2,000

3,000


PE/VC exits: split across asset classes

Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)


US$m


PE/VC monthly headline trends: fundraise

1,096 971 545 1,136 654 403 172 3,233 742 603 85 - 50

6 5 4 4 4 53

7

46

3

02

0

4

8

12

16

-

1,000

2,000

3,000


Fundraise

Total funds raised (US$m) Total # of funds raised

#US$m


41

27

60

309

354

4,649

Others

E-commerce

Technology

Financial services

Life sciences

Telecom

Top sectors by value US$m

17

4

4

8

9

16

Others

Life sciences

Telecom

Technology

E-commerce

Financial services

Top sectors by volume

PE/VC investments: US$5.4 billion over 57 deals (excluding infrastructure and real estate investments)

90 (29) 42 (3) 142 (4) 302 (4)

4859 (5)

<US$10m US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m

Deal value US$m (volume)

21 (6) 283 (3) 110 (3) 167 (33)

4854 (12)

Creditinvestment

Buyout PIPE Start-up/Early stage

Growthcapital

Deal type US$m (volume)

Note: Deal value was not disclosed on 12 out of 57 deals in May 2020PIPE: private investment in public equity


0

5

Infrastructure

Real estate

By value US$m

0

1

Infrastructure

Real estate

By volume

Infrastructure and real estate investments: US$5 million over one deal

5 (1 )

0 (0 ) 0 (0 ) 0 (0 ) 204 (1)

<US$10m US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m


PIPE: private investment in public equityNote: Real estate includes deals across real estate (residential and commercial), hospitality and construction

Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure

0 (0) 0 (0) 0 (0)

5 (1)

0 (0)

Creditinvestment

Buyout PIPE Start-up/Early stage

Growthcapital



Company/project PE investors Sector Stage US$m Stake (%)

Jio Platforms KKR Telecom Growth capital 1,512 2

Jio Platforms Vista Equity Partners Telecom Growth capital 1,510 2

Jio Platforms General Atlantic Telecom Growth capital 878 1

Jio Platforms Silver Lake Management Telecom Growth capital 750 1

SeQuent Scientific Limited Carlyle Pharmaceuticals Buyout 210 74

Hero FinCorp Limited Apis Partners, ChrysCapitaland Credit Suisse Financial services Growth capital 100 NA

Top PE/VC investments

Top PE/VC investments excluding infrastructure and real estate in May 2020


Company/project PE investors Sector Stage US$m Stake (%)

Awfis Space Solutions Private Limited ChrysCapital Real estate Start-up 5 NA

Top infrastructure and real estate investments in May 2020

Top infrastructure and real estate investments



NA (1)16 (2)

270 (9)

IPO Buyback Strategic Secondary Openmarket


Exits: US$286 million across 11 deals in May 2020

Exits in May 2020

NA (1)

98 (3)

188 (7)

Others

Pharmaceuticals

Financial services



Top exits

Top exits in May 2020

Company/project Sector Sellers Buyer Exit type US$m Stake (%)

Laurus Labs Limited Pharmaceuticals Warburg Pincus NA Open market 50 8

Shriram Transport Finance Company Limited

Financial services GIC NA Open market 43 NA

Bajaj Finance Limited Financial services GIC NA Open market 41 NA

Axis Bank Limited Financial services GIC NA Open market 35 NA

SBI Life Insurance Company Limited Financial services GIC NA Open market 32 NA


Status Fund US$m Strategy

Raised Iron Pillar 45 Technology sector

Fundraise

Top fundraises/announcements in May 2020

Spotlight

Start-up investments


PE/VC annual headline trends: start-up investments

2,02

7

2,21

6

5,67

6 7,89

2

2,09

9

4,38

1 6,48

0

1,04

9 2,45

5

3,50

5

-

2,000

4,000

6,000

8,000

Jan-May Jun-Dec Full Year

Trend in start-up investments

2020 (value US$m) 2019 (value US$m)

2018 (value US$m) 2017 (value US$m)

US$m

Deal size2020

(Jan-May)2019

(Jan-May) 2019 2018 2017

< US$10m 133 131 330 225 186

US$10m -US$20m 17 30 69 40 26

US$20m -US$50m 20 14 38 32 18

US$50m -US$100m 5 6 21 6 4

> US$100m 3 2 12 6 6

Total 229 240 607 377 311

Number of deals by deal size

40%

19%

13%

7%

6%4%

11%

Top sectors in 2019 (US$7,892 m)

E-commerce, 3,043

Financial services, 1,496

Technology, 981

Healthcare, 541

Logistics, 491

Media and entertainment,

303

Others, 846

49%

22%

11%

4%3%3%

8%


E-commerce, 3,153

Technology, 1,446

Financial services, 710

Healthcare, 286 Logistics, 174

Others, 544Food and agriculture, 161

27%

20%18%

11%

8%6%

10%


E-commerce, 863


Technology, 335

Real estate, 240

Healthcare, 189

Others, 316

Logistics, 651


PE/VC monthly headline trends (Jan-May): start-up investments

533 562 373 386

172 345

154 224

899 594

54 44

45 52

34

54

32

50

65

49

- 10 20 30 40 50 60 70

-

200

400

600

800

1,000

Jan Feb March April May

Trend in start-up investments

2020 (value US$m) 2019 (value US$m) 2020 (# of deals) 2019 (# of deals)

#US$m

32%

18%13%

11%

9%

4%

13%

Top sectors in 2020 Jan-May (US$2,027 m)


E-commerce, 360

Technology, 246

Healthcare, 214

Education, 178

Food and agriculture, 83

Others, 262

27%

26%10%

9%

8%

6%

14%

Top sectors in 2019 Jan-May (US$2,216 m)


E-commerce, 569

Logistics, 212

Healthcare, 184

Technology, 182

Media and entertainment, 129

Others, 305


PE/VC start-up investments (Jan-May): financial services sector

189 137 147 39 116 63 47 90 331 59

8

5

7

5

8

12

6 7

12

4

-

5

10

15

-

50

100

150

200

250

300

350


Trend in start-up investments in financial services sector

2020 (value US$m) 2019 (value US$m)2020 (# of deals) 2019 (# of deals)

#US$m

56 (15)

32 (2)

249 (7)

289 (4)

-

98 (21)

117 (7)

70 (2)

136 (2)

170 (1)

<US$10m

US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m

Start-up investments in financial services sector by deal size (Jan-May)

2019 (US$m) 2020 (US$m)

Company/project PE investors Date US$m Stake (%)

Go Digit General Insurance Limited TVS Capital, Faering Capital, A91 Jan-20 84 NA

Resilient Innovations Private Limited (BharatPe) Amplo, Coatue Management, Steadview Capital, Ribbit Capital, Insight Venture Feb-20 75 NA

MWYN Tech Private Limited (MoneyTap) Megadelta Capital, Prime Venture Partners, RTP Global Advisors, Sequoia Jan-20 70 NA

Khatabook Inc GGV Capital, RTP Ventures, Tencent, B Capital Fund L.P., DST Global, Falcon Edge, Sequoia and others May-20 60 NA

Vivriti Capital Private Limited LGT Lightstone Aspada Mar-20 50 NA

Top start-up deals in financial services sector in 2020Note: values in brackets indicate number of deals


PE/VC start-up investments (Jan-May): e-commerce sector

67 124 60 95 14 88 19 12 160 289

4 4

6 5 7

8

4

3

10 8

-

5

10

15

-

50

100

150

200

250

300


Trend in start-up investments in e-commerce sector


54 (17)

12 (1)

182 (5)

113 (1)

110 (18)

90 (7)

59 (2)

89 (1)

220 (1)

<US$10m

US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m

Start-up investments in e-commerce sector by deal size (Jan-May)

2019 (US$m) 2020 (US$m)


Bundl Technologies Private Limited (Swiggy) Naspers Ventures, Meituan-Dianping, Wellington Management Company Feb-20 113 NA

Yellow Drive Technologies Private Limited (Spinny) Accel India, Alteria Capital, General Catalyst Partners, SAIF and others Mar-20 44 NA

Vogo Automotive Private Limited LGT Lightstone Aspada Jan-20 35 NA

Smartpaddle Technology Private Limited (Bizongo.com) Schroder Adveq (Swiz Investor), others Jan-20 30 NA

NoBroker Technologies Solutions Private Limited General Atlantic Apr-20 30 NA

#US$m

Top start-up deals in e-commerce sector in 2020Note: values in brackets indicate number of deals


PE/VC start-up investments (Jan-May): technology sector

40 126 10 54 16 55 10

34

58 25

10

14

6

12

6 9

5

7

12

5

-

5

10

15

-

50

100

150


Trend in start-up investments in technology sector


87 (29)

79 (5)

80 (3)

-

-

76 (24)

56 (4)

50 (1)

-

-

<US$10m

US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m

Start-up investments in technology sector by deal size (Jan-May)

2019 (US$m) 2020 (US$m)


Quicko TechnoSoft Labs Private Limited Eight Roads, Cisco Investments, F Prime Inc., Sequoia Feb-20 32 NA

MoEngage India Private Limited Matrix, Ventureast, Eight Roads, F Prime Inc. Feb-20 25 NA

Leap India Food and Logistics Private Limited Neev Fund, Danish SDG Investment Fund Feb-20 23 NA

IMerit Technology Services Private Limited Omidyar Network, CDC Group and others Feb-20 20 NA

Bitonic Technology Labs Private Limited Lightspeed Apr-20 20 NA

#US$m

Top start-up deals in technology sector in 2020Note: values in brackets indicate number of deals


PE/VC start-up investments (Jan-May): healthcare sector

5 16 122

71 -35 8 2 44 96

2 1 4

6

-1 1 2

4 3

-

5

10

-

50

100


Trend in start-up investments in healthcare sector


21 (6)

27 (2)

-

55 (1)

112 (!)

10 (2)

44 (3)

56 (2)

75 (1)

-

<US$10m

US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m

Start-up investments in healthcare sector by deal size (Jan-May)

2019 (US$m) 2020 (US$m)


CureFit Healthcare Private Limited Temasek, Accel, Epiq Capital, Chiratae Ventures and others Mar-20 112 NA

MedGenome Labs Limited Sequoia, Sofina SA, Leapfrog Investments Apr-20 55 NA

Qure.ai Technologies Private Limited MassMutual Ventures, Sequoia Feb-20 16 NA

Tricog Health Services Private Limited Blume Ventures, Inventus Capital and others Mar-20 11 NA

Akna Medical Private Limited LGT Lightstone Aspada Apr-20 7 NA

#US$m

Top start-up deals in healthcare sector in 2020Note: values in brackets indicate number of deals


PE/VC start-up investments (Jan-May): education sector

36 111 4 14 13 2 - 0 5 11

8

4

2 2

4

2 1 1

5

3

-

5

10

-

50

100


Trend in start-up investments in education sector


40 (14)

28 (2)

-

-

110 (1)

17 (8)

-

-

-

-

<US$10m

US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m

Start-up investments in education sector by deal size (Jan-May)

2019 (US$m) 2020 (US$m)


Sorting Hat Technologies Private Limited (Unacademy) Blume Ventures, Nexus Ventures, Sequoia, SteadviewCapital, General Atlantic and others Feb-20 110 NA

Class 21A Technologies Private Limited (Doubtnut.com) India Impact Economy Innovation Fund, Sequoia, Tencent and others Jan-20 15 NA

Vedantu Innovations Private Limited Legend Capital, Omidyar Network Apr-20 13 NA

Bunch Microtechnologies Private Limited (Classplus) Strive III LLP, Blume Venture, Sequoia and others May-20 10 NA

Testbook Edu Solutions Private Limited Iron Pillara, AngelList, Matrix Partners and others Jan-20 8 NA

#US$m

Top start-up deals in education sector in 2020Note: values in brackets indicate number of deals


PE/VC start-up investments (Jan-May): food and agri sector

6 38 2 32 5 37 9 6

31 33

3 3 4

3 3

8

1

4 4

7

-

5

10

-

25

50


Trend in start-up investments in food and agri sector


21 (10)

-

62 (2)

-

-

46 (14)

68 (5)

-

-

-

<US$10m

US$10m-US$20m

US$20m-US$50m

US$50m-US$100m

>US$100m

Start-up investments in food and agri sector by deal size (Jan-May)

2019 (US$m) 2020 (US$m)


Waycool Foods and Products Private Limited (Sunny Bee) Aspada Fund, Netherlands Development Finance Co., Lightbox Ventures Feb-20 32 NA

B9 Beverages Private Limited (Bira91) Sixth Sense Ventures, Sofina SA, Sequoia Apr-20 30 NA

Clover Ventures Private Limited Mayfield, Accel, Omnivore Capital Feb-20 6 NA

IDS Kisan Network Private Limited (kisannetwork.com) FundersClub, Venture Highway, Y Combinator and others Jan-20 3 NA

WoknStove Foodworks Private Limited (Samosa Singh) She Capital, Equanimity Investments, Fireside Investment Advisory and others Jan-20 3 NA

#US$m

Top start-up deals in food and agri sector in 2020Note: values in brackets indicate number of deals

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► EY’s India Private Equity Services Practice has been among the top advisors for private equity deals over the past ten years. EY has been awarded the “Most Active Transaction Advisor” award by Venture Intelligence for 2009-2013 and also the “Investment Bank of the Year, Private Equity” award by VC Circle in 2012 and 2017 and for M&A in 2018. EY was also the top PE advisor in the Venture Intelligence league table in 2018.

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How can our insight enrich your next deal opportunity? · 6/4/2020 · opportunity? Learn how we give private equity deal teams the edge they need to thrive in the Transformative