In today's frenetic world, how does private equity set the pace? - EY regular presentation
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In today’s frenetic world, how does private equity set the pace? Learn how EY helps private equity professionals thrive in the Transformative Age The IVCA-EY monthly PE/VC roundup – 1Q2021 The better the question. The better the answer. The better the world works.
Our thoughts “ The first quarter of 2021 has seen a sequential month on month increase in PE/VC investment activity, from US$1.6 billion in Jan to US$4.6 billion in March 2021. On a y-o-y basis, investments grew by 64% in 1Q21 due to the low base effect as investments in 1Q20 were severely curtailed by the growing uncertainty around the spread of COVID-19. After the flurry of mega deals towards the second half of 2020, there has been a marked decline in large deals in 1Q21 with just 22 large deals aggregating US$4.8 billion vs. 30 deals worth US$16 billion recorded in 4Q20. Likewise, the number of buyouts have also reduced significantly with ten buyouts worth US$1.1 billion in 1Q21 vs. 21 buyouts worth US$8.9 billion in 4Q20. The pandemic resilient sectors like pharma, healthcare, edtech, online media, SaaS etc continue to see good traction in both value and volume of PE/VC deals. PE/VC exits have picked up momentum in 2021 with exits worth US$4.2 billion, which is 70% of the total value recorded last year. 1Q21 has recorded 9 PE-backed IPOs which is the highest quarterly number so far. Should the mid-cap / small-cap indices remain buoyant and not become volatile, we expect to see many more PE-backed companies hitting the capital markets this year given the healthy appetite for primary issuances. As of now, there are over 90 IPOs that have filed their DRHPs with SEBI of which more than 45 are PE-backed. E-commerce has emerged as a new IPO intense sector wherein six companies have filed their DRHPs including Zomato, Nykaa, and Grofers. If these companies see favorable investor interest, we could see follow through from a significantly higher number of companies from the e-commerce sector. This is in line with the global trend of start-ups going the IPO route; in 2020, US exchanges hosted 120 VC-backed IPOs worth a combined value of US$259.8 billion1. Notwithstanding the encouraging build up in PE/VC investment and exit activity in 1Q21, the second wave of COVID-19 infections is surging in India as well as globally. New variants of the virus and the slow vaccine rollout are raising fresh concerns as many governments/local authorities impose mini-lockdowns, which could endanger the recovery underwriting thesis. Investors could turn cautious till more clarity emerges on govt response to the second wave. 1 Pitchbook data Page 2 15 April 2021 EY analysis of VCCEdge data
How can you cut cost and still accelerate growth? Find out how EY’s insights can help companies grow from cash poor to cash rich Quarterly trend analysis – 1Q2021 The better the question. The better the answer. The better the world works.
Key trends: quarterly
Investments
► On a quarterly basis, PE/VC investments in 1Q21 recorded a 64% increase y-o-y. However, they declined by 55% sequentially
(US$8.3 billion in 1Q21 vs. US$5.1 billion in 1Q20 and US$18.5 billion in 4Q20). In terms of number of deals, 1Q21 recorded
an increase of 19% compared to 1Q20 and 10% compared to 4Q20 (266 deals in 1Q21 vs. 223 deals in 1Q20 and 241 deals
in 4Q20). Though the y-o-y increase in the value of PE/VC investments in 1Q20 appears impressive, it is on account of a lower
base effect as 1Q20 was significantly affected by the uncertainties that came along with the onset of the COVID-19 pandemic.
► The improvement in 1Q21 over 1Q20 was mainly on account of higher number of large deals. 1Q21 recorded 22 large deals
aggregating to US$4.8 billion (compared to 11 large deals aggregating to US$2.2 billion in 1Q20), However, the large deals in
1Q21 were significantly lower than the previous quarter that had recorded 30 large deals aggregating to US$16 billion. The
largest deals in 1Q21 include investment worth US$460 million in BYJU’s followed by investment worth US$400 million in
Dream11 by a group of PE/VC investors.
► Growth deals were the highest with US$4.3 billion invested across 63 deals (US$1.9 billion across 41 deals in 1Q20 and
US$7.9 billion across 52 deals in 4Q20), followed by start-up investments worth US$2 billion across 161 deals (US$1.4 billion
across 135 deals in 1Q20 and US$1.4 billion across 146 deals in 4Q20). Buyouts, which was the most affected deal strategy
post the onset of the COVID-19 pandemic in 1Q20, recorded US$1.1 billion in 1Q21 across ten deals (US$293 million across
seven deals in 1Q20 and US$8.9 billion across 21 deals in 4Q20). PIPE investments recorded US$385 million across 11 deals
in 1Q21 (US$630 million across 19 deals in 1Q20 and US$262 million across 14 deals in 4Q20). Credit investments recorded
US$480 million in 1Q21 compared to US$880 million in 1Q20 with 21 deals in each quarter (US$105 million across eight
deals in 4Q20).
► From a sector perspective, e-commerce was at the top (US$1.8 billion across 45 deals), highest quarterly value of investments
in the sector in the past five quarters followed by real estate sector (US$1.4 billion across 18 deals), and financial services
sector (US$1.4 billion across 50 deals).
Page 4 15 April 2021 EY analysis of VCCEdge data
Key trends: quarterly
Exits
► On a year-on-year (y-o-y) basis, exits doubled in terms of value in 1Q21 (US$4.2 billion vs. US$1.9 billion in 1Q20) and were
higher by 81% compared to 4Q20 (US$2.3 billion). The number of exits in 1Q21(56 exits) were 54% higher compared to 1Q20
(37 exits).
► Exits via strategic sale were the highest with US$1.8 billion recorded across nine deals, accounting for 44% of all exits in 1Q21
followed by 22 open market exits worth US$1.1 billion. Exits via secondary sale (sale to other PE funds) were at US$489
million (13 deals) compared to US$25 million in 1Q20 (six deals). 1Q21 recorded nine PE-backed IPOs, highest number of PE-
backed IPOs in any quarter, that saw PE funds garner US$361 million in sale proceeds.
► From a sector perspective, financial services recorded the highest value of exits in 1Q21 (US$1.2 billion across 14 deals)
followed by e-commerce (US$1 billion across six deals).
► The largest exit in 1Q21 saw Alibaba, IFC, and Abraaj sell their stake in Bigbasket for US$1 billion to the TATA Group.
Fundraise
► 1Q21 saw US$1.7 billion in fundraises, 20% higher compared to 1Q20 (US$1.4 billion) and 56% lower compared to 4Q20
(US$3.9 billion). The largest fundraise in 1Q21 saw Kotak Real Estate fund raise US$380 million for its 11th fund for
investments across both early and late-stage real estate projects in the residential, commercial, retail, warehousing and
hospitality sectors.
Page 5 15 April 2021 EY analysis of VCCEdge data
PE/VC quarterly headline trends: investments
US$m Total PE/VC investments #
18,516
265 265 266 266 300
18,000 234 241
223 217 250
15,000 194 203
182 188
243 200
12,000 13,450 10,569
9,000 150
16,025
6,000 100
11,146 9,699 11,110 10,913 9,567
8,307 8,261 9,250 8,280
3,000 5,061 1,776 4,585 50
- 349 1,022 -
1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021
Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail
US$m PE/VC investments split across asset classes
2,796
16,000
5,258 588 4,497
70
12,000 511
1,695 2,871
840 895 218 2,511 3,090 360
8,000 862 2,626
1,659 1,450 1,490 765 1,444
1,474 1,378 12,792
11,224
8,610 1,028 9,698
4,000 7,941 8,256 7,058 320
6,593 6,749 6,477
5,174 5,246
3,714
-
1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021
PE/VC investment (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 6 15 April 2021 EY analysis of VCCEdge dataPE/VC quarterly headline trends: exits
US$m Total PE/VC exits #
56
7,000 52 52 60
6,000 42 42 42 44
41
5,000 36 37 37
32 40
4,000 28
18,016
3,000
4,755 4,178 20
2,000 3,959 3,313
1,000 2,420 2,658 2,296
1,857 1,895
1,192 1,060 757
- -
1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021
Value (US$m) # of exits
US$m PE/VC exits split across asset classes
7,000 9
13
6,000
5,000
844
4,000 82 766
284
17,994 348 90
3,000 104
354 201
2,000 234 89 653
3,829 3,674 -
262 2,958 3,322
1,000 2,066 92 2,353 302
1,361 1,807 1,643
967 758 754
-
1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 7 15 April 2021 EY analysis of VCCEdge dataPE/VC quarterly headline trends: fundraise
US$m Fundraise #
4,000 17 20
15 15 15
14 14
3,000 13 15
12 12
11 11
10
2,000 3,809 10
3,869
2,794 5 2,768
2,607 2,479 2,749
1,000 2,335 5
1,701 1,430 1,713
1,304
171
- -
1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021
Total funds raised (US$m) Total # of funds raised
Page 8 15 April 2021 EY analysis of VCCEdge dataInvestments (excluding infrastructure and real estate)
Total investments (US$m) # of deals
1Q2021 6,477 1Q2021 239
4Q2020 11,224 4Q2020 220
1Q2020 3,714 1Q2020 203
Deal type US$m Deal type #
419 18
Credit investment 99 Credit investment 7
278 19
501 4
Buyout 2,515 Buyout 11
84 3
118 8
PIPE* 262 PIPE* 14
565 17
2,032 159
Start-up/Early stage 1,378 Start-up/Early stage 144
1,356 127
3,408 50
Expansion/Growth 6,969 Expansion/Growth 44
1,430 37
Deal size US$m Deal size #
3,562 15
>US$100m 9,010 >US$100m 21
1,236 8
995 13
US$50m-US$100m 1,146 US$50m-US$100m 14
972 14
1,094 33
US$20m-US$50m 499 US$20m-US$50m 17
808 24
439 31
US$10m-US$20m 202 US$10m-US$20m 14
354 23
386 118Investments: infrastructure
Total investments (US$m) # of deals
1Q2021 360 1Q2021 9
4Q2020 2,796 4Q2020 8
1Q2020 1,028 1Q2020 9
Deal type US$m Deal type #
51 2
Credit investment - Credit investment -
602 2
150 1
Buyout 2,075 Buyout 5
127 3
157 2
PIPE* - PIPE* -
- 1
2 1
Start-up/Early stage 19 Start-up/Early stage 1
3 1
- 3
Expansion/Growth 702 Expansion/Growth 2
296 2
Deal size US$m Deal size #
259 3
>US$100m 2,758 >US$100m 5
939 3
- -
US$50m-US$100m - US$50m-US$100m -
- -
99 3
US$20m-US$50m - US$20m-US$50m -
86 2
- -
US$10m-US$20m 37 US$10m-US$20m 2
- -
2 1Investments: real estate
Total investments (US$m) # of deals
1Q2021 1,444 1Q2021 18
4Q2020 4,497 4Q2020 13
1Q2020 320 1Q2020 11
Deal type US$m Deal type #
11 1
Credit investment 5 Credit investment 1
-
416 5
Buyout 4,306 Buyout 5
82 1
110 1
PIPE* - PIPE* -
65 1
6 1
Start-up/Early stage 6 Start-up/Early stage 1
15 7
901 10
Expansion/Growth 179 Expansion/Growth 6
158 2
Deal size US$m Deal size #
948 5
>US$100m 4,235 >US$100m 4
355 6
US$50m-US$100m 223 US$50m-US$100m 3
305 4
116 4
US$20m-US$50m - US$20m-US$50m -
11 1
US$10m-US$20m 27 US$10m-US$20m 2
14 2Investments: sector-wise
Top sectors by value (US$m) Top sectors by # of deals
50
1,751 Financial services 34
E-commerce 1,319 39
529
45
1,450 E-commerce 29
Financial services 642 25
1,067
25
1,444 Education 17
Real estate 4,497 16
320 24
Technology 35
668 31
Education 270
550 18
Real estate 13
524 11
Pharmaceuticals 1,083
219 16
Media and entertainment 12
725 14
Media and entertainment 246 15
27 Retail and consumer products 16
13
360
Infrastructure 2,796 12
1,028 Pharmaceuticals 9
9
304
Technology 992 9
180 Infrastructure 8
9
1,054 52
Others 6,672 Others 68
1,141 56
1Q2021 4Q2020 1Q2020
* In 4Q2020, others includes US$4.8 billion invested in Retail sector, mainly in Reliance Retail
Page 12 15 April 2021 EY analysis of VCCEdge dataTop PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in 1Q2021
Company PE investors Sector Stage US$m Stake (%)
Think and Learn Private Limited B Capital, Baron Global Advantage Fund, Arison
Education Growth capital 460 NA
(BYJU’s) Holdings and others
Sporta Technologies Private Steadview Capital, Tiger Global, TPG, Media and
Growth capital 400 NA
Limited (Dream11) ChrysCapital, Falcon Edge Capital and others entertainment
Altico Capital India Limited Ares Management Financial services Buyout 380 100
BrainBees Solutions Private
ChrysCapital, TPG, PremjiInvest E-commerce Growth capital 313 NA
Limited (FirstCry)
Trustroot Internet Private Altimeter Capital, GGV Capital, DST Global,
E-commerce Start-up 280 NA
Limited (Udaan) Lightspeed Venture, Tencent and others
Tiger Global, Kora Investments, Steadview,
Zomato Private Limited E-commerce Growth capital 250 NA
Fidelity, and others
Five Star Business Finance
KKR, Sequoia, Norwest Ventures, TVS Capital Financial services Growth capital 234 NA
Limited
Business and
Indegene Private Limited Carlyle and Brighton Park Capital Growth capital 200 NA
professional services
Oyo Hotels (Singapore) Pte
Softbank Ventures E-commerce Credit investment 200 NA
Limited
Airtel Africa’s mobile money biz TPG Capital Inc.(Rise Fund) Telecommunications Growth capital 200 NA
Stelis Biopharma Private Limited Asia Healthcare Holdings, and others Pharmaceuticals Growth capital 195 NA
Zetwerk Manufacturing Sequoia Capital, KAE Capital, Greenoaks Capital,
E-commerce Start-up 120 NA
Businesses Private Limited Lightspeed Venture
ZCL Chemicals Limited Advent International Pharmaceuticals Buyout 117 51
Resilient Innovations Private Insight Venture, Steadview Capital, Sequoia
Financial services Start-up 108 12
Limited Capital, and others
Dragoneer Investment, Tiger Global, Mubadala
Innovaccer Inc. Healthcare Start-up 105 NA
Investment, Steadview Capital and others
Page 13 15 April 2021 EY analysis of VCCEdge dataTop PE/VC investments
Top infrastructure and real estate investments in 1Q2021
Company PE investors Sector Stage US$m Stake (%)
RMZ Corp, construction projects JV CPPIB Real estate Growth capital 340 NA
Gardencity Realty, 1.65 M sq. ft at Bengaluru IT
Ascendas Property Fund Real estate Buyout 200 100
park
Phoenix Group’s 2 IT-SEZ projects in Hyderabad Varde Partners Real estate Growth capital 158 NA
Sterlite Power Transmission Limited, 5 energy
AMP Capital Investors Power and utilities Buyout 150 50
transmission projects
Phoenix's IT-SEZ,1.1 M sq. ft GIC Real estate Growth capital 143 NA
Godrej Properties Limited GIC Real estate PIPE 110 2
Adani Ports and Special Economic Zone Limited Warburg Pincus Infrastructure PIPE 109 0.5
Phoenix IT Infra’s property in Hyderabad Ascendas India Trust Real estate Buyout 69 100
Prius Commercial Projects Kotak Special Situations Fund Real estate Buyout 61 100
Phoenix Group’s, building aVance 6 Ascendas India Trust Real estate Buyout 60 >50
Real estate includes deals across real estate (residential and commercial), hospitality and construction
Infrastructure includes deals across roads, ports, railways, power and utilities, renewables and telecom infrastructure
Page 14 15 April 2021 EY analysis of VCCEdge dataExits: quarterly analysis
Total exits (US$m) # of deals
1Q2021 4,178 1Q2021 56
4Q2020 2,296 4Q2020 44
1Q2020 1,895 1Q2020 37
Exit type US$m Exit type #
1,069 22
Open market 470 Open market 15
410 13
489 13
Secondary 834 Secondary 9
25 6
1,823 9
Strategic 601 Strategic 12
397 13
435 3
Buyback 340 Buyback 6
64 4
361 9
IPO 51 IPO 2
1,000 1
Top sectors US$m Top sectors #
1,185 14
Financial services 98 Financial services 10
1,706 14
1,048 9
E-commerce 63
7 Media and entertainment 2
766 2
Infrastructure - Retail and consumer 6
89 2
561 products -
Media and entertainment 43
24 6
276 E-commerce 4
Retail and consumer products 271 1
- 5
136 Chemicals 1
Chemicals 88 1
-
206 16
Others 1,734 Others 25
945 32
Page 15 15 April 2021 EY analysis of VCCEdge dataTop exits
Top exits in 1Q2021
Company Sector Sellers Buyer Exit type US$m Stake (%)
BigBasket E-Commerce Alibaba, IFC and Abraaj TATA Group Strategic 1,000 50
Adani Ports and Special
Gangavaram Port Limited Infrastructure Warburg Pincus Strategic 761 32
Economic Zone Limited
SBI Cards and Payment
Financial Services Carlyle NA Open market 542 4
Services Limited
Media &
Bharti Telemedia Limited Warburg Pincus Bharti Airtel Limited Buyback 430 20
Entertainment
Five Star Business Finance KKR, Sequoia, Norwest
Financial Services Morgan Stanley Secondary 234 NA
Limited Ventures, TVS Capital
Crompton Greaves Consumer Retail and Consumer
Advent International NA Open market 205 6
Electricals Limited Products
Indigo Paints Chemicals Sequoia NA IPO 87 9
Max Financial Services Limited Financial Services KKR NA Open market 86 4
Home First Finance Company Bessemer Venture, True
Financial Services NA IPO 78 12
India Limited North
Page 16 15 April 2021 EY analysis of VCCEdge dataFundraise Top fundraise in 1Q2021 Status Fund US$m Strategy Raised Kotak Real Estate Fund XI 380 Early- and late-stage real estate projects (Debt funding) Raised Godrej Fund Management - Office Platform 250 Office buildings Raised TVS Shriram Growth Fund 3 212 Sector agnostic Raised Sequoia Capital Seed Fund - II 195 Early stage start-ups Raised Tata Capital Growth Fund II 168 Strategic services, urbanisation and discrete manufacturing. Raised Trifecta Capital - Second Fund 140 Venture Debt – Start-ups Raised Fireside Ventures - Fund II 118 Early Stage - Consumer Page 17 15 April 2021 EY analysis of VCCEdge data
How soon after investment should you begin planning the exit? EY helps clients begin with the end in mind to help them improve returns Monthly trend analysis: March 2021 The better the question. The better the answer. The better the world works.
Key trends
Investments
► PE/VC investments in March 2021 were more than four times the value in March 2020 and more than twice
compared to February 2021 (US$4.6 billion in March 2021 vs. US$885 million in March 2020 and US$2.1
billion in February 2021). The growth was mainly on account of large investments which were absent last
year in wake of sharp decline in investment sentiment as the COVID-19 pandemic grew severe.
► From the point of view of deal type, growth deals recorded the highest value of investments in March 2021
at US$2.8 billion across 29 deals, compared to just US$211 million across 13 deals in March 2020. Buyouts
which were the most affected last year were the second highest at US$741 million across seven deals
followed by start-up investments at US$475 million across 51 deals.
► March 2021 recorded 13 large deals (deals of value greater than US$100 million) aggregating US$3.1
billion compared to just one large deals worth US$112 million in March 2020.
► From a sector point of view, financials services was the top sector in March 2021 with US$1.1 billion in
PE/VC investments followed by real estate sector with investments worth US$902 million and e-commerce
with investments worth US$750 million.
Page 19 15 April 2021 EY analysis of VCCEdge dataKey trends
Exits
► March 2021 recorded 27 exits worth US$2 billion, over 80% higher than the value of exits in March 2020
(US$1.1 billion) and 7% higher compared to February 2021 (US$1.9 billion). Strategic exits in March 2021
were highest at US$823 million across four deals.
► The largest exit in 1Q21 saw Warburg Pincus sell 31.5% stake in Gangavaram Port Limited for US$761
million to Adani Ports and Special Economic Zone Limited.
Fundraise
► March 2021 recorded total fundraises of US$479 million compared to US$85 million raised in March 2020.
Page 20 15 April 2021 EY analysis of VCCEdge dataPE/VC monthly headline trends: investments
Total PE/VC investments
US$m #
120
8,000 92
6,873 98
83 83 81 87 100
76 77
6,000 71 5,439 77
72 80
60 81 7,545 3,864
4,000 4,289 60
7,108
2,210 40
4,649 4,917 4,566
2,000 4,070 3,303 1,282
2,100 20
885 1,138 1,776 1,022 1,614
- 349 0
Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Value (US$m) # of deals Investment in Jio Platforms Investment in Reliance Retail
US$m PE/VC investments: split across asset classes
US$m
8,000
7,000 379 685
936
6,000 2,094
5
5,000 2,398 109
298 226
4,000 - 902
3,000 6,428 1,175
5,434 270 4,766 73
2,000 3,757 62 4,064 3,774 177 451 3,555
3 8 208 2,684
1,000 1,877 90 1,575
875 930 1,347
-
Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
PE/VC investments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m)
Page 21 15 April 2021 EY analysis of VCCEdge dataPE/VC monthly headline trends: exits
Total PE/VC exits
US$m #
3,000 27 30
20 25
19
2,000 15 20
14 13
11 12 15
9 10 9 9
1,000 5 1,869 1,996 10
1,105 974 1,034 313 5
117 657 134 67 556
- 286 288
0
Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Value (US$m) # of exits
US$m PE/VC exits: Split across asset classes
US$m
3,000
2,000 28
766
89 62
1,000 1,841
- 524
- 1,168
1,016 302 129 1,034
117 - 134 2 65 556 159
286 355 - 450 313
-
Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Other sectors (US$m) Real estate (US$m) Infrastructure (US$m)
Page 22 15 April 2021 EY analysis of VCCEdge dataPE/VC monthly headline trends: fundraise
Fundraise
US$m #
3,500 10
8
2,800 8
6 6
2,100 6
4 4 4 4
1,400 3 3 4
2 2195 2 2,374
700 1,476 1 2
- 854
85 50 121 480 93 20 380 479
- 0
-
Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Total funds raised (US$m) Total # of funds raised
Page 23 15 April 2021 EY analysis of VCCEdge dataPE/VC investments: US$3,555 million over 85 deals (excluding
infrastructure and real estate investments)
Top sectors by value US$m Top sectors by volume
Financial services 1,059 Financial services 22
E-commerce E-commerce 14
750
Technology 11
Education 495
Education 7
Media and entertainment 408
Media and entertainment 6
Pharmaceuticals 248 Pharmaceuticals 5
Others 595 Others 20
Deal value US$m (volume) Deal type US$m (volume)
2349 (24)
2382 (8)
508 (14) 384 (3) 470 (50)
413 (6) 312 (6)
136 (39) 115 (9) 40 (2)
US$100m Credit Buyout PIPE Start-up/ Growth
US$20m US$50m US$100m investment Early stage capital
RCP : Retail and consumer products
Page 24 15 April 2021 EY analysis of VCCEdge dataInfrastructure and real estate investments: US$ 1,012 million
over 13 deal
By value US$m By volume
Real estate 902 Real estate 12
Infrastructure 1
Infrastructure 110
Deal value US$m (volume) Deal type US$m (volume)
717 (5) 419 (5)
357 (4)
220 (2)
186 (3)
93 (3)
6 (1) 11 (1) 11 (1) 6 (1)
US$100m Credit Buyout PIPE Start-up/ Growth
US$20m US$50m US$100m investment Early stage capital
Page 25 15 April 2021 EY analysis of VCCEdge dataTop PE/VC investments
Top PE/VC investments excluding infrastructure and real estate in March 2021
Company PE Investors Sector Stage US$m Stake (%)
Think and Learn Private B Capital, Baron Global Advantage Fund,
Education Growth capital 460 NA
Limited (BYJU’s) Arison Holdings and others
Sporta Technologies Private Steadview Capital, Tiger Global, TPG, Media and
Growth capital 400 NA
Limited (Dream 11) ChrysCapital, Falcon Edge Capital and others entertainment
Altico Capital India Limited Ares Management Financial services Buyout 380 100
BrainBees Solutions Private
ChrysCapital, TPG, PremjiInvest E-commerce Growth capital 313 NA
Limited (FirstCry)
Five Star Business Finance
KKR, Sequoia, Norwest Ventures, TVS Capital Financial services Growth capital 234 NA
Limited
Oyo Hotels (Singapore) Pte Credit
Softbank Ventures E-commerce 200 NA
Limited Investment
Airtel Africa’s mobile money
TPG (Rise Fund) Telecommunications Growth capital 200 NA
biz
Asia Healthcare Holdings, Route One
Stelis Biopharma Private
Investment L.P, Think Investments LP and Pharmaceuticals Growth capital 195 NA
Limited
others
Greycroft Partners, B Capital, Meritech
Icertis Inc. Technology Growth capital 80 NA
Capital, PremjiInvest, PSP Capital and others
PB Fintech Private Limited,
Falcon Edge Financial services Growth capital 75 NA
UAE Biz (PolicyBazaar)
Page 26 15 April 2021 EY analysis of VCCEdge dataTop infrastructure and real estate investments
Top infrastructure and real estate investments in March 2021
Company PE investors Sector Stage US$m Stake (%)
Gardencity Realty, 1.65 M sq
Ascendas Property Fund Real Estate Buyout 197 100
ft at Bengaluru IT park
Phoenix Group’s 2 IT-SEZ
Varde Partners Real Estate Growth capital 158 NA
projects in Hyderabad
Phoenix's IT-SEZ,1.1 M sq ft GIC Real Estate Growth capital 143 NA
Godrej Properties Limited GIC Real Estate PIPE 110 2
Adani Ports and Special
Warburg Pincus Infrastructure PIPE 109 0.5
Economic Zone Limited
Page 27 15 April 2021 EY analysis of VCCEdge dataExits: US$1,996 million across 27 deals in March 2021
Exits in March 2021
Deal value US$m (volume) Deal value US$m (volume)
823 (4)
Financial services 949 (9)
588 (9)
Infrastructure 766 (2)
384 (7)
Media and entertainment 67 (3)
196 (6)
RHC* 62 (2)
5 (1)
Others 152 (11) IPO Buyback Strategic Secondary Open
market
* Real Estate, hospitality and construction
Page 28 15 April 2021 EY analysis of VCCEdge dataTop exits
Top exits in March 2021
Company Sector Sellers Buyer Exit type US$m Stake (%)
Adani Ports and Special
Gangavaram Port Limited Infrastructure Warburg Pincus Strategic 761 32
Economic Zone Limited
SBI Cards and Payment
Financial services Carlyle NA Open market 542 4
Services Limited
Five Star Business Finance KKR, Sequoia, Norwest
Financial services Morgan Stanley Secondary 234 NA
Limited Ventures, TVS Capital
Nazara Technologies Media and IIFL Asset Management
NA IPO 67 14
Limited entertainment (NFS)
Mapletree Logistics
2 logistics parks, KSH Infra Real estate Morgan Stanley Strategic 62 100
Trust (MLT)
Craftsman Automation Sequoia and Standard
Automotive NA IPO 60 14
Limited Chartered PE
India Shelter Finance
Financial services Sequoia Westbridge Capital Secondary 60 17
Corporation Limited
Page 29 15 April 2021 EY analysis of VCCEdge dataFundraise Top fundraise/announcements in March 2021 Status Fund US$m Strategy Raised Sequoia Capital Seed Fund - II 195.00 Early stage start-ups Raised Trifecta Capital - Second Fund 140.00 Venture Debt – Start-ups Raised Fund1X - Blume and Avendus Capital JV 48.00 Large portfolio companies Announced Actis Energy 5 LP fund 850.00 Solar and wind power parks Announced Edelweiss Pre IPO Fund 700.00 Pre IPO and late stage companies Announced Edelweiss arm - 2 Credit funds 273.50 Distressed assets Announced IIFL AMC Fund 273.50 Late stage and pre-IPO - Tech start-ups Announced FD7 Ventures 250.00 Early-stage start-ups - Cryptocurrency Page 30 15 April 2021 EY analysis of VCCEdge data
About EY Private Equity Services
About EY’s Private Equity Services Practice
EY has been working with the private equity industry for more than 25 years, with approximately
25,000 seasoned professionals worldwide dedicated to the industry and its business issues. EY
serves 74% of the top 300 PE firms included in the Global PEI 300 firms list. Private equity firms,
portfolio companies and investment funds face complex challenges. They are under pressure to
deploy capital amid geopolitical uncertainty, increased competition, higher valuations and rising
stakeholder expectations. Successful deals depend on the ability to move faster, drive rapid and
strategic growth and create greater value throughout the transaction life cycle. EY taps its global
network to help source deal opportunities and combines deep sector insights with the proven,
innovative strategies that have guided the world’s fastest growing companies.
In India, EY is among the leading providers of advisory, tax, transactions and assurance services.
The organization is also the number one professional services brand* in India, which is a
testimony to our relentless commitment to deliver exceptional client service and create a better
working world. EY has offices spread across 11 cities in India. Worldwide, our 270,000 people
across 150+ countries and 700+ cities are united by our shared values and their unwavering
commitment to quality.
► EY’s India Private Equity Services Practice has been among the top advisors for private equity
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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.
► EY’s India Private Equity Services Practice provides value to PE funds and their portfolio
companies through its deep sector and service expertise. EY India is organized around key
industry verticals in a matrix structure that enables us to offer an unparalleled blend of
industry expertise and functional skills. We actively track about 15 sectors with sector leads
driving our penetration in each of those sectors.
Page 32 15 April 2021 EY analysis of VCCEdge dataEY services for Private Equity
We offer an array of services to Private Equity funds and their portfolio/investee companies through our various service lines.
Partners
(Personal tax) Fund assurance and management
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Distressed Tax and Legal Growth
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and bankruptcy advisory) compliance) management)
Page 33 15 April 2021 EY analysis of VCCEdge dataErnst & Young LLP Contacts
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