1. WHAT THE DATA SAYS M VARATHA RAJAN #ApexPEVCSummit
THE STATE OF INDIAN PRIVATE EQUITY
M VARATHA RAJAN
RESEARCH & CONTENT MARKETING
#ApexPEVCSummit
@ventureindia

2. IN $23.8 B OUT $13.7 B INR 1.5 Lakh Cr INR 87,700 Cr 2017 591 Deals
THE BIGGEST YEAR ON RECORD IN
$23.8 B
INR 1.5 Lakh Cr
591 Deals
OUT
$13.7 B
INR 87,700 Cr
276 Deals

3. 6 Yrs INVESTMENTS Vs. EXITS
MORE MONEY HARVESTED THAN INVESTED

4. PE-VC EXITS
$14 BILLION EXITED ACROSS 270 DEALS

5. TOP PE EXITS BY SIZE - 2017 COMPANY INVESTORS AMOUNT ($M) Aricent
COMPANY
INVESTORS
AMOUNT ($M)
Aricent
KKR, WestBridge, Delta Partners
2,000 (EV)
Flipkart
Tiger Global, Others
800
GlobalLogic
Apax Partners
720
GENPACT
Bain Capital, GIC
590
Paytm
SAIF, Others
400
Capital First
Warburg Pincus
273

6. EXITS BY PROFITABILITY
TIME HORIZONS GETTING SHORTER
COMPANY
INVESTORS
RETURN
HOLDING PERIOD
Paytm
Saama Capital
74x 10
Nazara Tech
WestBridge
40x 12
Reliance Venture
28x 7
SAIF
27x
Ace2three
Matrix Partners
22x 6
Vini Cosmetics
Bay Capital
17x
Sapphire Ventures
16x
Dixon Tech
Motilal Oswal
AU Finance
IFC
13x

7. BY INDUSTRY

8. BY INDUSTRY – MEDIAN RETURN

9. BY TYPE
PUBLIC MARKETS, SECONDARY SALE OVERTAKE STRATEGIC SALE

10. IPO ROUTE $1.2 B HARVESTED THROUGH IPOs. REPRESENT 50%+ OF IPOs*
*Mainstream IPOs

11. IPO/PUBLIC MARKET EXITS
COMPANY
INVESTORS
EXIT MULTIPLE
AMOUNT($M)
GENPACT
GIC, Bain Capital 2x
590
Max Financial Services
Goldman Sachs
3.5x
354
Capital First
Warburg Pincus
4.5x
273
AU Small Finance Bank
Warburg Pincus, IFC, ChrysCapital, Kedaara Capital
4-13x
247
Dalmia Bharat
KKR
4.3x
240
Eris Lifesciences
ChrysCapital 7x
209

12. IPO - VC COMPANY INVESTORS EXIT MULTIPLE AMOUNT ($M)
Matrimony (10 Yrs)
Bessemer, Mayfield, JP Morgan
3-8x 51
Tejas Networks(10 Yrs+)
Frontline Strategy, Intel,
Sandstone Capital
2-4.5x 18
CL Educate (10 Yrs)
IIFL VC, Gaja Capital,
Granite Hill
1.2x 5

13. BY PROFITABILITY

14. 2017
THE BIGGEST YEAR ON RECORD IN
$23.8 B
INR 1.5 Lakh Cr
591 Deals

15. PE INVESTMENTS – AT ALL TIME HIGH
$23.8 BILLION INVESTED ACROSS 590 DEALS IN 2017

16. TOP PE INVESTMENTS IN 2017 COMPANY INVESTORS AMOUNT($M) Flipkart
TOP 10 DEALS ACCOUNT FOR 41% OF THE VALUE
COMPANY
INVESTORS
AMOUNT($M)
Flipkart
SoftBank
2500
Tencent, Others
1400
Paytm
Ola
Tencent, SoftBank, Others
1100
Axis Bank
Bain Capital
1067
Bharti Infratel
KKR, CPPIB
955

17. MEDIAN INVESTMENT SIZES

18. MEDIAN EBITDA MULTIPLE

19. BY INDUSTRY
IT & ITeS BOUNCE BACK
TOP 6 INDUSTRIES FOR PRIVATE EQUITY

20. VC INVESTMENTS: FINTECH Vs E-COMMERCE
FINTECH, DEEP TECH, LOGISTICS TECH STAND OUT

21. 47% 22% -17% 247% -17% BY STAGE ($s INVESTED) <$20 M
LATE, PIPE, GROWTH-PE RISE, VC & BUYOUT FALL
47%
22%
-17%
247%
-17%
<$20 M

22. BY SIZE - ABOVE $25 M
$200M+ DEALS DOUBLED FROM 15 TO 31, FIVE $1B+ DEALS
10-40%

23. BY SIZE - SUB $25 M
FALL ACROSS CATEGORIES
15-25%
FALL

24. SUMMING UP 2017 - Biggest Year for Investments and Exits
Public Markets and Secondary Sales were the major driver for Exits
Big Ticket ($100-M) Investments account for > 75%
Led by Asian & Canadian Investors
Late Stage segments witness uptrend
Early Stage segment witnesses fall – for 2nd straight year
VC: Fintech > E-Commerce. Deeptech Startups sees spike in interest.