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Table of contents,1 Overview 3,2 Analysis of PE investments 4. Total equity investments in PE backed companies 4,Investments by industry 5. Investments by stage of development 7,Investments by region 8. Top 20 PE deals 9,3 Analysis of PE exits 10,Total PE exits 10. Exits by industry 11,Exits by type 12,Top five PE exits 13.
4 Active PE firms 14,5 Sector focus IT ITeS sector 15. Total PE investments 16,Investments by stage of development 17. Investments by region 18,Investments by subsector 19. PE exits in the sector 20,Definitions 21,PwC MoneyTree India Q1 2017 2. 1 Overview, 2017 opened on a strong note with the first quarter of the year recording private equity PE investments worth around 6 8 billion USD across 130 deals.
Despite a decline in deal volume investment value reported a 31 increase over the previous quarter and a 61 increase over the same period last year. indicating an optimism in investor sentiments towards India s macros. The Information Technology IT IT enabled services IT ITeS sector witnessed the highest investment activity with around 3 3 billion USD invested. across 66 deals this accounted for almost 50 of the total investment value and volume in the first quarter of 2017 The Telecom sector recorded over 1 billion. USD worth of investments across two deals which included KKR and CPPIB s nearly 1 billion USD investment in Bharti Infratel This was closely followed by. the Banking Financial services Insurance BFSI sector with a little under 1 billion USD invested across 19 deals Healthcare Life sciences reported. investments worth 544 million USD across 10 deals more than double the investment value as compared to the previous quarter Although the Energy sector. retained its position among the top sectors for PE investments in this quarter it witnessed a 61 decline in deal value and a 70 decline in deal volume The. Logistics sector witnessed a significant increase in activity over the same period last year with 252 million USD invested across seven deals. Late stage investments accounted for almost 44 of the investment value this quarter Early stage investments declined by around 30 in terms of value as. compared to the previous quarter while the value of PIPE deals increased almost threefold over the last quarter of 2016 to around 1 6 billion USD. From an exit standpoint this quarter recorded the second highest activity in the last decade with around 3 2 billion USD across 53 exits a 72 increase in value. over the previous quarter and a 37 increase in value over the same period last year Secondary sales accounted for around 41 of the exit value in this quarter. indicating a probable increase in secondary opportunities ahead. With valuations at an all time high deal activity in the coming quarters is likely to continue at a watchful pace with investors looking for quality deals The. government continues to improve economic resilience with the proposed dismantling of the Foreign Investment Promotion Board FIPB and the introduction. of the Goods and Services Tax GST which should drive investor confidence and positivity going forward. Sanjeev Krishan,Leader Private Equity and Transaction Services. PwC MoneyTree India Q1 2017 3,2 Analysis of PE investments. Total equity investments in Manufacturing and Energy sectors faced a marked dip in the first quarter. PE backed companies Late stage investments were the most popular route for PE investors in this quarter with a total of 19. deals worth approximately 3 billion USD PIPE deals which came second witnessed a massive 243. The new year has had a very strong opening quarter increase in value in Q1 17 with investments worth around 1 6 billion USD in 13 deals Buyouts which. in terms of private equity PE investments Q1 17 were the leading stage of development in the last quarter faced a significant drop from around. recorded total investments worth around 6 8 billion 2 1 billion USD in Q4 17 to 591 million USD in this quarter. USD in 130 deals This is a new high for PE, investments over the last decade second only to Regionally National Capital Region NCR raced ahead of Mumbai with total investments worth around. the approximately 6 9 billion USD attracted in Q3 2 4 billion USD With a staggering 790 increase in PE investment value Bengaluru climbed to the. 15 Compared to the year ago period which saw second position pushing Mumbai down to the third spot. investments worth around 4 2 billion USD in 214, deals there was a 61 increase in value but a 39 Total private equity investments in US mn. decrease in volume Further as compared to Q4 16 8 000 Value of deals in US Mn. when investments stood at around 5 2 billion USD 6 897 6 797. in 196 deals the value of deals in this quarter has. grown by 31 despite a volume decrease of 34 6 000 5 403. The average deal size for Q1 17 was around 4 848 4 460. 5 000 4 667,52 3 million USD 4 577 4 273 4 215 5 208.
3 825 3 952 4 026 4 315, The Information technology IT enabled services 3 172 4 465 3 951. IT ITeS sector reclaimed the top spot this 3 000 2 164 2 578 2 581 2 397 2 314 2 348. quarter largely on the strength of a 1 4 billion USD 2 000. 2 006 2 114 2 565 2 456,1 749 2 198 1 948 2 165, investment from Tencent and others in Flipkart 1 790. 2 128 1 853, The sector witnessed a 318 jump in deal value 1 000 1 384 1 196 814 1 3841 299 1 571. despite a 40 decline in deal volume compared to 0,the last quarter Telecom slipped to the second. position in Q1 17 with an investment flow of about. 1 billion USD in two deals This was a 38 decrease,in deal value compared to Q4 16 Engineering.
Construction Media Entertainment and, Healthcare Life sciences all received a significant. boost in Q1 17 while PE investment in the,Data provided by Venture Intelligence. PwC MoneyTree India Q1 2017 4,Analysis of PE investments. Investments by industry Investments by industry in US mn. Q1 16 Q4 16 and Q1 17,0 500 1 000 1 500 2 000 2 500 3 000 3 500. With 66 deals worth approximately 3 3 billion USD, the IT ITeS sector overshadowed the other Information technology IT IT enabled services 1 409.
sectors in Q1 17 Its dominance was primarily the ITeS 3 270. result of two large deals an investment of 230, 1 4 billion USD by Tencent and others in Flipkart Energy 571. and CPPIB s 720 million USD investment in 221,GlobalLogic Clearly the sector has bounced 10. Telecom 1 673, back after the brief slump it experienced in the 1 032. last quarter 948,Banking Financial services Insurance BFSI 935. Telecom the top sector in Q4 16 ranked a distant 996. second in this quarter with investments worth 187, about 1 billion USD in two deals Although this was Manufacturing 424.
a 38 drop in investment value compared to Q4 31, 16 if we look at the year ago period the sector may 462. Healthcare Life sciences 229, safely be considered to be continuing to enjoy its 544 Q4 2016. healthy PE investment streak 24 Q1 2017,Food Beverages 13. Engineering Construction displayed a notable 17,467 spike in investments compared to Q4 16 25. with one deal worth 52 million USD Media Agri business 26. Entertainment 222 and Healthcare Life 30, sciences 137 both witnessed significant growth 114.
Engg Construction 9, in PE investment value in this quarter closing with 52. 126 million USD in three deals and 544 million 0, USD in ten deals respectively Fast moving consumer goods FMCG 71. Media Entertainment 39,Others 437, Note Others include Other services Hotels Data provided by Venture Intelligence. resorts Sports fitness Agribusiness and Retail,PwC MoneyTree India Q1 2017 5. Analysis of PE investments, In terms of deal activity the first quarter saw the IT ITeS space.
continue to account for a large share of overall deal value despite a. drop in volume Although the quarter witnessed large investments. in Indian eCommerce players such as Flipkart Ola and Paytm for. the most part the segment saw funds drying up due to the. rationalisation of investments and start up valuations However. the rise of India focused technology venture funds the. government s structural reforms such as the Goods and Services. Tax GST and the recently announced digital measures in Budget. 2017 are likely to accelerate deal activity in the segment. Sandeep Ladda,Leader Technology,PwC MoneyTree India Q1 2017 6. Analysis of PE investments,Investments by stage of development. Q1 16 Q4 16 and Q1 17, In the first quarter of 2017 late stage investments Investments by stage development in US mn. claimed the top spot in terms of stage of, development with an inflow of approximately 3 0 500 1 000 1 500 2 000 2 500 3 000 3 500. billion USD across 19 deals This was a 145,increase in deal value compared to Q4 16 The 257.
upward trend persists for PIPE deals with a 243 Early 311. rise from 465 million USD across 12 deals in Q4 16 221. to nearly 1 6 billion USD in 13 deals in the current. quarter Growth stage investments rounded off the 1 038. Growth 873, top three with 26 deals worth around 1 billion 1 079. USD Buyouts which were the top source of PE, investment in the previous quarter slipped to the 1 437. fourth position in this quarter seeing a 72 decline Late 1 211. in deal value 2 964,Buyout 2 143,Note Definitions for the stage of development. categories can be found in the definitions 300,section of this report 348. Growth stage in the above graph includes both,growth and growth PE stages.
Data provided by Venture Intelligence,PwC MoneyTree India Q1 2017 7. Analysis of PE investments,Investments by region,Q1 16 Q4 16 and Q1 17. In terms of region NCR and Bengaluru surged Investments by region in US mn. ahead of Mumbai in the first quarter of the new, year With investments worth around 2 4 billion 0 500 1 000 1 500 2 000 2 500 3 000. USD across 33 deals the capital region witnessed a. 120 jump in PE investment value compared to the 1 250. last quarter Buoyed by investments worth almost Bengaluru 223. 2 billion USD in 32 deals Bengaluru rose to the 1 980. second position Faced with a 40 decline in PE, investment value Mumbai came in third closing 1 032. the quarter with 32 deals worth around Mumbai 2 602. 1 5 billion USD 1 548,2 405 Q1 2016,Hyderabad 75 Q1 2017.
Chennai 280,Others 937,Note NCR includes Delhi Gurgaon and Noida 645. Data provided by Venture Intelligence,PwC MoneyTree India Q1 2017 8. Analysis of PE investments,Top 20 PE deals, The top 20 deals comprised 83 of the total deal Top 20 PE deals in Q1 2017. value in Q1 17 The top five deals together, accounted for nearly 55 of the total deal value Amount. The average deal size for this quarter was around Company Industry Investors US mn. 52 3 million USD Flipkart IT ITeS Tencent Others 1 400. Bharti Infratel Telecom KKR CPPIB 952,GlobalLogic IT ITeS CPPIB 720.
Kotak Mahindra Bank BFSI CDPQ CPPIB 338,Ola IT ITeS SoftBank Corp Others 330. Manipal Health Enterprises Healthcare Life sciences Temasek 215. Paytm E Commerce IT ITeS SAIF Alibaba 200, Condis Healthcare Healthcare Life sciences India Value Fund 200. ReNew Wind Power Energy JERA 200, Orbit Tours and Travels IT ITeS Emerging India 180. PVR Cinemas Media Entertainment Warburg Pincus 120. Spandana Sphoorty Financial BFSI Kedaara Capital Ontario Teachers Pension 100. Home First Finance Company BFSI India Value Fund 100. Delhivery Shipping Logistics Carlyle Tiger Global 100. L T Infrastructure Finance BFSI IFC 100,Resonance Eduventures Education KKR 97. Planetcast Media Services Telecom AION Capital 80,India Infoline BFSI Fairfax Holdings 76.
Disha Microfin BFSI India Value Fund TA Associates LeapFrog 75. Tata Opportunities Fund Others, Zinka Logistics IT ITeS IFC Accel India Flipkart Sands Capital 70. Data provided by Venture Intelligence,PwC MoneyTree India Q1 2017 9. 3 Analysis of PE exits,Total PE exits,Total PE exits in US mn. In Q1 17 there was a 72 increase in the value of 4 500 Value of deals in US mn. PE exits compared to the last quarter In all there 3 977. were 53 deals worth 3 2 billion USD In Q4 2016 4 000. the total exits were valued at 1 8 billion USD in 68. deals Further there was a 37 rise in value 3 079, compared to the year ago period approximately 3 000. 2 3 billion USD in 43 deals 2 478,2 500 2 317, IT ITeS was the top sector in terms of PE exits in.
this quarter with a total of nine exits worth around 1 913 1 978. 1 820 1 843,1 1 billion USD BFSI and Healthcare Life 1 514. sciences followed with exits worth around 683 1 500 1 227. 1 216 1 238,1 774 1 333, million USD in 11 deals and 497 million USD in 948 948 973. 1 080 1 122, 10 deals respectively The Manufacturing sector 1 000 801. 1 005 780 795, witnessed a decline 83 in exit value this quarter 554574. 607 370 431 403 448 470,500 210268277,Gaining a slight edge over public market sales.
secondary sales emerged as the most preferred exit 0. route with a total value of around 1 3 billion USD. in eight deals In all 28 exits worth around 1 3, billion USD followed the public market sale route in. Data provided by Venture Intelligence,PwC MoneyTree India Q1 2017 10. Analysis of PE exits,Exits by industry,Q1 16 Q4 16 and Q1 17. IT ITeS led exits by industry with nine deals Exits by industry in US mn. worth about 1 1 billion USD This was a more than, fivefold increase in exit value compared to the last 0 200 400 600 800 1000 1200 1400. quarter around 212 million USD in 11 deals and, includes the exit of Apax Partners from GlobalLogic 60.
and that of Reliance Venture Saama Capital and Telecom 4. Sapphire Ventures from One97 Communications 216,the top two exits in this quarter. BFSI was the second largest sector for exits In all 110. there were 11 exits worth around 683 million USD BFSI 419. This represents a 63 increase in value compared 683. to the previous quarter which saw exits worth,about 419 million USD in 15 deals 427. IT ITeS 212, Healthcare Life sciences came in third with 10 1 094. exits worth around 497 million USD This was a Q1 2016. substantial increase compared to the previous 1 263 Q4 2016. quarter when exits from this sector stood at 197 Manufacturing 714. million USD in 10 deals Although there were only 119 Q1 2017. two exits from the Telecom sector in Q1 17 they,were of high value compared to the last quarter. with Providence s exit from Idea Cellular being the Energy 29. fifth highest exit of the quarter The Manufacturing 39. sector reported a downward trend in exits in this,Healthcare Life sciences 197.
Others 270,Note Others include Shipping Logistics Other. services Retail Food Beverages and Hotels,Resorts Data provided by Venture Intelligence. PwC MoneyTree India Q1 2017 11,Analysis of PE exits. Exits by type,Q1 16 Q4 16 and Q1 17, Secondary sale was the preferred exit route for PE. Exits by type in US mn, investors in this quarter with a total exit value of.
around 1 3 billion USD in eight deals In Q4 16 0 200 400 600 800 1 000 1 200 1 400. secondary sales deals were worth around 510, million USD in 10 deals while in Q1 16 the figures. were around 585 million USD in 12 deals Public 188. market sales saw exits worth about 1 3 billion USD Buyback 52. in 28 deals while strategic sales saw 15 deals worth. 531 million USD Two exits worth 90 8 million USD 91. were made via the buyback route in this quarter,Public market sale 970. 1 251 Q1 2016,Secondary sale 509,Strategic sale 307. Data provided by Venture Intelligence,PwC MoneyTree India Q1 2017 12. Analysis of PE exits,Top five PE exits, The top five exits comprised nearly 5o of the total.
Top 5 PE exits in Q1 2017,exit value in Q1 17,Deal amount. Company Industry Investor US mn,GlobalLogic IT ITeS Apax Partners 720 0. Reliance Venture Saama, One97 Communications IT ITeS Capital Sapphire Ventures 250 0. Manipal Health, Enterprises Healthcare Life sciences India Value Fund 215 0. Condis Healthcare Healthcare Life sciences OrbiMed Ascent Capital 200 0. Idea Cellular Telecom Providence 193 2,Data provided by Venture Intelligence.
PwC MoneyTree India Q1 2017 13,4 Active PE firms, IDG Ventures India entered into eight deals in this. quarter Blume Ventures Accel India and Sequoia Q1 2017 investors No of deals Q1 2017 investors No of deals. Capital India followed with six deals each IDG Ventures India 8 Pravega Ventures 2. The most active PE investors in Q1 17 are listed at Blume Ventures 6 Shunwei Capital 2. right Accel India 6 Lok Capital 2,Sequoia Capital India 6 ADB 2. Kalaari Capital 5 Orios VP 2,Mayfield 4 SBICAPS Ventures 2. IFC 4 Google Capital 2,Nexus Venture Partners 4 Eight Roads Ventures 2. India Value Fund 3 Matrix Partners India 2,Endiya Partners 3 Axilor Ventures 2.
Michael Susan Dell Foundation 3 Paragon Partners 2. ChrysCapital 3 Aavishkaar 2,Village Capital 3 Fairfax Holdings 2. IvyCap Ventures 3 Kae Capital 2,Beenext 3 Tencent 2. TA Associates 3 SAIF 2,PremjiInvest 2 NYLIM Jacob Ballas Funds 2. Sistema Asia Fund 2 AdvantEdge Partners 2,Everstone 2 Pi Ventures 2. CPPIB 2 Ideaspring 2,Temasek 2 SIDBI VC 2,Villgro 2 SoftBank Corp 2.
Number of deals includes both single and co 3ONE4 Capital 2. investments by PE firms Cases where two or Data provided by Venture Intelligence. more firms have invested in a single deal are,accounted for as one deal for each firm. PwC MoneyTree India Q1 2017 14,5 Sector focus IT ITeS sector. In 2016 the Indian IT industry felt the impact of the global economic slowdown and political upheavals Accordingly corporates became more conservative in. their decision making 1, Interestingly in FY17 these trends did not slow down investments in new technologies such as IoT AI automation smart mobility P2P payments and remote. monitoring thus paving the way for their entry into the mainstream digital economy Indian IT companies were also seen to boost their automation credentials. in the wake of customer demands for lower prices This could soon lead to a natural change in hiring patterns with unconventional roles likely to be more. attractive for high margin digital jobs, This quarter saw the government continue its big push to the digital economy The industry welcomed a host of digital measures such as Digi Gaon the Bharat. Interface for Money BHIM app the Payments Regulatory Board and AadhaarPay Rationalisation of regulations and in particular labour laws is also expected. to have a far reaching effect on the ease of doing business Budget 2017 also addressed one of the key concerns related to tax disputes abroad and foreign tax. credit FTC Additionally Make in India was given a significant boost in the Budget through increased allocation for electronics manufacturing under the. Modified Special Incentive Package Scheme M SIPS and Electronic Development Fund EDF. To support investments and the scaling up of start ups the government recently changed provisions for carrying forward losses and extended the time period. for eligibility for the three year income tax exemption However amidst valuation markdowns and slow growth profitability and sustainability remain the key. focus areas for eCommerce players in India As a result consolidation is expected to continue as poorly performing players join forces with the larger ones to. create synergies, 2016 saw a slowdown in funding for the eCommerce sector leading to players moving away from heavy discounts to same day delivery and providing better.
customer experiences 1 The funding slowdown has shown some signs of improvement and the first quarter ended with a bang with Flipkart announcing the. Indian start up ecosystem s largest funding round a massive 1 4 billion USD investment led by Tencent eBay and Microsoft. Meanwhile in the US which is the single largest revenue source for the Indian IT industry new immigration policies and visa reforms could create barriers to. on site deployment of Indian tech specialists At a time when traditional outsourcing is under threat of commoditisation IT players could see a further strain on. their diminishing margins To keep pace with the evolving trends Indian IT companies are expected to adopt new on demand business models and focus on. strategic tuck in digital acquisitions,Sandeep Ladda. Leader Technology, 1 NASSCOM The IT BPM Sector in India Strategic Review 2017 Feb 2017.


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