DEAL TRACKER SEPTEMBER 2021
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
DEAL TRACKER
SEPTEMBER 2021
HIGHLIGHT OF THIS ISSUE:
Mounted high on sustainable growth, Indian trajectory of deal making has shaped itself into a bag full of
surprises. Amidst the dominant tones of technology and healthcare, consumer and lifestyle have stolen the
spotlight for the month of September 2021 with HDFC Life looking to enhance its national footprint by
acquiring a complete stake in Exide Life alongside the large ticket deals of Meesho, Eureka Forbes and Cars24,
at double the valuation of their previous rounds. The great Indian consumer transition in itself is an apt
depiction of what lies ahead for the Indian investment landscape as 2021 draws curtains
PE / VC ACTIVITY MONITOR
KNAV Deal Tracker | Month ended September 2021
For the month of September 2021, there were 242 Deal Classification by Value (US$ mn)
private equity & venture capital investments 1776
pertaining to India with reported values of US$ 4.70
bn.
690
Of the total 242 PE/VC deals, maximum number of
67 195
deals were entered by the companies at seed stage
(76 deals), followed by companies at early stage (53
deals), growth stage (40 deals) and late stage (27
deals). The highest amount of funds were invested in
the companies at late stage (US$ 1.78 bn), followed
by growth stage companies (US$ 0.69 bn), and early-
Top Sectors by Value (US$ mn)
stage companies (US$ 0.20 bn). The unclassified deal
value aggregated to US$ 1.90 bn. 1969
The highest number of investments were made in the 600 629
Internet Sector and Technology Sector (70 deals
171 183 210 234 239
each), followed by Healthcare Sector (17 deals) and
Food & Beverage Sector (12 deals). The highest
amount of funds were invested in the Internet Sector
(US$ 1.97 bn), followed by the Technology Sector
(US$ 0.63 bn) and Consumer Durables Sector (US$
0.60 bn).
TOP PE/VC DEALS
Investment Value
Investee Sector Investor Deal Highlights
(US$ mn)
Advent India has agreed to buy a majority stake
in Eureka Forbes Ltd, the consumer durable
Consumer flagship of Shapoorji Pallonji Group. Eureka
Durables & Advent India PE Advisors 600 Forbes Ltd, a unit of Forbes and Co. Ltd, will be
Apparel separated from the parent and listed on BSE.
Upon listing Advent will purchase up to 72.56%
of the company’s stock.
2
Bangalore-headquartered unicorn Meesho’s
Fidelity Investments, B Capital, recent fundraise takes the startup’s valuation to
Naspers, Softbank, Facebook, US$ 4.9 billion. The company plans to double
Internet 570
Footpath Ventures, Trifecta Capital, down on product and technology capabilities of
Good Capital its fashion and grocery verticals following the
fundraise.
DST Global Investments, Falcon Edge
Cars24 has raised a Series F funding of US$
Capital, Tencent, Moore Strategic
Internet 340 340 million. This investment values Cars24 at
Ventures, Exor, Scott Kapnick,
post-money valuation of US$ 1.84 billion.
BloombergSen Investment Partners
OfBusiness has doubled its valuation in less
than two months to US$ 3 billion. The startup
Tiger Global, Softbank, Falcon Edge
Retail 202 plans to deploy the fresh funds to expand its
Capital
operations in India and is also eyeing merger
and acquisitions opportunities.
Source: KNAV analysis of PrivateCircle data
INR figures converted to US$ on an approximate basis (1 US$ = 73.5 INR)Top Sectors by Value (US$ mn)
M&A ACTIVITY MONITOR
KNAV Deal Tracker | Month ended September 2021
Of the total 71 merger and acquisition deals in the Top Sectors by Value (US$ mn)
month of September 2021, the highest deals were 910 935
witnessed in the Internet Sector and Technology
Sector (13 deals each), followed by the Healthcare
Sector (11 deals).
179 247
100 146
Out of the transactions, for which values were
publicly disclosed, the merger and acquisition
investments for the month amounted to US$ 2.63 bn.
The largest deal values were witnessed by the
Technology Sector (US$ 0.94 bn), followed by
Insurance Sector (US$ 0.91 bn), Internet Sector (US$
0.25 bn) and Healthcare Sector (US$ 0.18 bn).
Deal Classification by Value (US$ mn)
Domestic deals were the most common, with 48 out
of the 71 deals (i.e., 67.61 % of the deals, with total Inbound, 20
value of US$ 2.16 bn). Although there were equal Outbound,
218
number of Inbound and Outbound deals, i.e 6,
Outbound deals recorded a much higher total deal
value of US$ 0.22 bn as compared to just US$ 0.02 bn
of Inbound deals. Others, 234
Domestic, 2156
TOP M&A DEALS
Deal Value
Target Acquirer Sector Deal Highlights
(US$ mn)
In the largest insurance deal in the country, Exide Industries have
exited Exide Life Insurance, selling 100% of their stake to HDFC Life
Insurance 915
Insurance. This mutually beneficial deal has given Exide a lucrative
exit while it improves HDFC Life’s geographical footprint in India.
Biocon Biologics Limited (BBL), a subsidiary of Biocon, has acquired
Covidshield
Covidshield Technologies Private Limited, a wholly-owned subsidiary
Technologies Private
of Serum Institute Life Sciences (SILS). Under this alliance, BBL will
Limited Technology 735
have access to 100 million doses of vaccines annually for 15 years and
(SILS
commercialization rights of the SILS vaccine portfolio for global
subsidiary)
markets.
Edtech unicorn Byju’s has acquired US-based kids coding platform,
Tynker, in a cash-and-stock deal, making it its ninth acquisition of this
Internet 200 year. This acquisition fortifies Byju’s entry into the US market while
Tynker gets access to newer geographies, as it plans to launch its
products in India.
Equinix, Inc., a digital infrastructure company, has completed the
acquisition of India operations of GPX Global Systems Inc., in an all-cash
Technology 161 deal. The acquisition includes a fiber-connected campus in Mumbai with
two data centers. This acquisition marks Equinix’s expansion plans to
unlock business opportunities in the Indian market.
Source: KNAV analysis of PrivateCircle data
INR figures converted to US$ on an approximate basis (1 US$ = 73.5 INR)Top Sectors by Value (US$ mn)
CONTACT US
INDIA OFFICE
India
Mumbai
201/202, Naman Centre, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051
T: +91 22 6164 4800
Pune
A 401, Lotus Siddhi, Survey no. 162, D.P. Road, Aundh, Pune - 411007
OTHER OFFICES
USA Canada
Atlanta 55 York Street, Suite 401, Toronto, ON M5J 1R7, Canada
One Lakeside Commons, Suite 850, 990 Hammond
Drive NE, Atlanta, GA 30328 Netherlands
T: +1 678 584 1200 Fokkerstraat 12, 3833 LD Leusden, The Netherlands
New York Singapore
1177 6th Ave 5th Floor, New York, NY 10036, USA 60 Paya Lebar Road,
#10-31 Paya Lebar Square, Singapore 409 051
UK
Ground floor, Hygeia Building,
66-68 College Road, Harrow,
Middlesex HA1 1BE
For assistance, please contact advisory@knavcpa.com
or visit us at: www.knavcpa.comYou can also read
