Why do uncertain times need a certainty of purpose? - EY

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Why do uncertain times need a certainty of purpose? - EY
Why do uncertain times
   need a certainty of
   purpose?
   Navigate the transformative age with
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   consultants.

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

The better the question. The better the answer.
The better the world works.
Why do uncertain times need a certainty of purpose? - EY
Our thoughts

“
Headline numbers for PE/VC investments in 2020 till date have been far better than anticipated,
primarily because of the large investments in the group entities of Reliance Group (Jio Platforms
and Reliance Retail) that happened in 2Q20 and 3Q20. PE/VC investments in 2020 till date (ex-
Jio Platform and Reliance Retail deals) closed at US$17.2 billion, 53% lower than the same period
last year, the lowest in the past four years. Ex-Reliance Group investments, we expect Indian
PE/VC investments to close the year at around ~US$24-28 billion, broadly in line with our
earlier estimate of ~US$26 billion.

Sectors focused on essential goods and services like pharma, telecom, digital technology, edtech,
etc. have received a major chunk of PE/VC investments while some of last year’s favourites like
infrastructure, real estate and financial services have witnessed significant decline in investment
flow. All deal segments recorded decline in PE/VC investments with buyouts being the most
affected. At US$2.9 billion buyouts declined by 79% in terms of value and 54% in terms of volume
in Jan-Sept 2020, which is also the lowest value of buyouts in the last three years for the period
under consideration.

With valuations impacted significantly, PE/VC backed exits too have slowed considerably,
declining by 54% on a y-o-y basis to US$3.6 billion in the Jan-Sept period. Exits are expected to
remain muted for a considerable time in the absence of secondary and strategic deals as funds
hold on to investments till valuations recover to reasonable levels. Fundraising activity also saw
a 45% decline between Jan-Sept 2020 as LPs remained focused on managing their larger public
market portfolios and restricted their new commitments to tried and tested funds only.

With the global and domestic economy still reeling under the effects of the COVID-19 induced
slowdown and India witnessing one of the worst GDP contractions in history combined with
other head winds like trade wars, border skirmishes, possibility of second wave of infections and
the impending US elections, the improvement in PE/VC investment activity is expected to remain
circumspect over the medium term. While PE/VC investment activity has picked up from the lows
of 2Q2020, it is still significantly lower than 2019 levels.

LP: Limited partner

Page 2        16 October 2020      EY analysis of VCCEdge data
Why do uncertain times need a certainty of purpose? - EY
Could eliminating
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   create more jobs?
   Discover powerful new ways for private
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   value.
   Year-to-date trend analysis: Jan-Sept
   2020

The better the question. The better the answer.
The better the world works.
Why do uncertain times need a certainty of purpose? - EY
Key trends: Year-to-date

Investments

►   On a year-to-date basis, PE/VC investments in 2020 between Jan-Sept declined by 21% in terms of value compared to same
    period last year (US$28.9 billion in 2020 vs. US$36.4 billion in 2019). Headline PE/VC investment performance in 2020 was
    propped up by PE investments of US$11.7 billion in Jio Platforms and Reliance Retail which accounted for 40% of all PE/VC
    investments in 2020. If we exclude these one-off PE investments in the Reliance Group entities, PE/VC investments in 2020
    would be significantly lower at US$17.2 billion, a 53% decline compared to same period last year. In terms of volume, number
    of deals in 2020 for the Jan-Sept period declined by 10% compared to same period last year (686 deals in 2020 vs. 764 deals
    in 2019).

►   One of the biggest reasons for the decline in PE/VC investments in 2020 (year-to-date) is the underperformance of the
    infrastructure and real estate sectors which attracted the highest PE/VC investment in 2019, at US$16.1 billion in the period
    Jan-Sept (US$20 billion for the full year), accounting for 44% of all PE/VC investments in 2019 (Jan-Sept). In 2020, these
    sectors have received only US$2.9 billion in investments till date, accounting for just 10% of total PE/VC investments. As a
    result, there has been a sharp decline in buyout activity as well, which has recorded a decline of 79% in terms of value and 54%
    in terms of volume. Infrastructure and real estate sectors accounted for 73% of all buyouts by value in 2019 in the Jan-Sept
    period.

►   In terms of deal type, all deal types except credit have recorded significant drop in investments. As stated above, buyouts were
    the most affected by the slowdown in PE/VC deal activity. 2020 (Jan-Sept) recorded 22 buyouts worth US$2.9 billion
    compared to 48 buyouts worth US$13.8 billion during the same period in 2019. For the period under consideration, value of
    buyouts in 2020 are the lowest in the last three years. Growth deals were the highest with US$17.4 billion invested across 136
    deals (US$10.2 billion across 171 deals during Jan-Sept 2019). The significant increase in value of growth deals is primarily on
    account of the US$11.7 billion invested in entities of the Reliance Group; else, even growth deals have declined by 44%. Start-
    up investments too declined by 44% to US$3.5 billion across 417 deals (US$6.1 billion across 448 deals during Jan-Sept
    2019). Private investment in public equity (PIPE) deals declined by 30% to US$2.7 billion across 47 deals (US$3.8 billion
    across 41 deals during Jan-Sept 2019). Credit investments were at par with US$2.4 billion invested across 64 deals (US$2.4
    billion across 56 deals during Jan-Sept 2019).

Page 4     16 October 2020    EY analysis of VCCEdge data
Why do uncertain times need a certainty of purpose? - EY
Key trends: Year-to-date

Investments (cont’d)

►   Despite the mega PE investments in the Reliance Group entities, YTD 2020 recorded a significant decline in both value and
    number of large deals (value greater than US$100 million). Between Jan-Sept, 2020 recorded 53 large deals aggregating to
    US$21.4 billion compared to 84 large deals aggregating to US$27 billion during the same period in 2019. Moreover, 13 out of
    the 53 large deals in 2020 were on account of investments in Jio Platforms and Reliance Retail (worth US$11.7 billion). In
    addition to the RIL Group PE investments, the other large deals in 2020 (year-to-date) include Thoma Bravo’s US$729 million
    buyout of Majesco Limited’s US business, Goldman Sachs and Varde Partners’ buyout of RattanIndia Power Limited’s debt for
    US$566 million and Baring PE Asia’s buyback of shares of Hexaware Limited worth US$565 million in its move to delist the
    company.

►   From a sector point of view, in 2020 (Jan-Sept), almost all sectors recorded sharp decline in value invested. Telecom, retail,
    education and pharma were the only sectors to record increase in value invested. Moreover, these sectors also recorded their
    highest ever value of investments in 2020. Telecom was the top sector with US$10 billion invested across 13 deals (10 times
    increase y-o-y) mainly attributable to investments in Jio Platforms, followed by financial services with US$4.1 billion invested
    across 114 deals (32% decline y-o-y), technology with US$2.3 billion invested across 106 deals (30% decline y-o-y),
    pharmaceuticals with US$1.9 billion invested across 27 deals (five times increase y-o-y), education with US$1.9 billion invested
    across 52 deals (2.4 times increase y-o-y) and retail and consumer sector with US$1.9 billion invested across 30 deals (2.8
    times increase y-o-y), on the back of large investments in Reliance Retail. Infrastructure sector that received the highest value
    of investments in 2019 received US$2.2 billion across 22 deals in Jan-Sept 2020 (80% decline y-o-y).

Page 5     16 October 2020    EY analysis of VCCEdge data
Why do uncertain times need a certainty of purpose? - EY
Key trends: Year-to-date

Exits

►   For the period Jan-Sept, exits declined by 54% in terms of value in 2020 (US$3.6 billion vs. US$7.8 billion in 2019) and is the
    lowest value in six years for the period under consideration. In terms of volume, exits declined by 13% compared to 2019 (100
    deals in 2020 vs. 115 deals in 2019). The decline was mainly due to fewer large deals.

►   Exits via open market were the highest at US$1.9 billion (49 deals) in 2020 during the period Jan-Sept, 20% decline compared
    to same period in 2019. Exits via initial public offerings (IPOs) were second in line with US$1.1 billion recorded across four IPOs
    (US$247 million across seven IPOs during Jan-Sept 2019), which includes the US$1 billion SBI Cards partial exit by Carlyle.
    Exits via strategic sale recorded US$425 million (32 deals) in Jan-Sept 2020, 71% decline compared to same period in 2019.
    Exits via secondary sale (sale to other PE funds) recorded US$79 million (10 deals) in Jan-Sept 2020, their lowest value in over
    five years.

►   From a sector perspective, financial services recorded the highest value of exits during Jan-Sept 2020 (US$2 billion across 28
    deals) accounting for 57% of all exits by value.

Fundraise

►   The period Jan-Sept, 2020 saw US$4.4 billion in fundraise; 45% lower compared to same period last year (US$7.9 billion in
    2019). There were only nine fundraises of over US$100 million in 2020 (year-to-date) compared to 19 in the same period last
    year. The largest fundraise in 2020 saw Sequoia raise a US$1.4 billion venture fund for investments in India and Southeast Asia
    followed by Nalanda Capital’s US$748 million fundraise.

Page 6      16 October 2020    EY analysis of VCCEdge data
Why do uncertain times need a certainty of purpose? - EY
PE/VC headline trends: Investments

         US$m
         US$m                                                     Total PE/VC investments                                                                    #
                                                                                                               47,302
                                                                                                                                                             1,200
                                                                                 37,413                          1032
40,000                                                                                                                                                       1,000
                                                                                 767                                                       28,861            800
30,000                                               26,176
                         588
                                                                                                                                                             600
20,000                 16,234                         596                                                      36,385                       686
                                                                                29,152                                                                       400
10,000                                               18,969                                                                                1,776             200
                       11,095                                                                                                              9,915
         -                                                                                                                                                   0
                        2016                         2017                         2018                          2019                   YTD 2020
                    Value (US$m)        # of deals          Investment in Jio Platforms           Investment in Reliance Retail     Investment between Jan-Sept

 US$mUS$m
                                                     PE/VC investments: Split across asset classes

40,000                                                                                                                13,844
                                                                                          4,467
30,000                                                                                    4,627                        6,144                        2,191
                                                                                                                                                     689
                                                        2,996
20,000                                                  4,988
                         2,793                                                         28,318                         27,314                        25,981
10,000                   3,179
                                                       18,192
                        10,263
         -
                         2016                           2017                              2018                         2019                       YTD 2020
                                 PE/VC invetments (other sectors) (US$m)             Real estate (US$m)            Infrastructure (US$m)

Page 7       16 October 2020        EY analysis of VCCEdge data
Why do uncertain times need a certainty of purpose? - EY
PE/VC headline trends: Exits

         US$m
         US$m                                                      Total PE/VC exits                                                          #
                                                   260                     27,048                                                             300
25,000
                         211                                                                                                                  250
20,000                                                                                177           157                                       200
15,000
                                                                          24,628                  11,122                     100              150
10,000                                           13,053                                                                                       100
                        6,683
  5,000                                           9,264                                            7,809                                      50
                        5,200                                                                                               3,590
         -                                                                                                                                    0
                        2016                      2017                     2018                    2019                    YTD 2020

                                                           Value (US$m)      # of exits     Exits between Jan-Sept

 US$mUS$m
                                                       PE/VC exits: Split across asset classes

                                                                                1,088
25,000                                                                                      711

20,000
15,000                                                545
                                                                  806          25,249                      243
10,000                                                                                                               925
                          126
  5,000                            762              11,702                                                 9,953                     91
                         5,795                                                                                                      3,197         302
         -
                         2016                        2017                      2018                        2019                    YTD 2020
                                         Other sectors (US$m)        Real estate (US$m)     Infrastructure (US$m)

Page 8       16 October 2020     EY analysis of VCCEdge data
Why do uncertain times need a certainty of purpose? - EY
PE/VC headline trends: Fundraise

         US$m
         US$m                                                          Fundraise                                                      #
                                                                                                     11,686
12,000                                                                                                                                100
10,000                                                                                                                                90
                                                                          8,092
  8,000                                                                                                                               80
                                                 5,774                                                                                70
  6,000                 4,313                                                        51                                               60
  4,000                                                       44                                              56
                                41                                                                                          4,369     50
  2,000                                                                                                                               40
                       3,337                    4,240                     5,612                      7,878                     32
         -                                                                                                                            30
                        2016                     2017                     2018                       2019                 YTD 2020

                                           Total funds raised (US$m)       Total # of funds raised       Fundraise between Jan-Sept

Page 9       16 October 2020    EY analysis of VCCEdge data
Why do uncertain times need a certainty of purpose? - EY
Year-to-date investments (excluding infrastructure and real
estate)
                             Total investments (US$m)                                                                               # of deals

          2020 (Jan-Sept)                                                            25,981                      2020 (Jan-Sept)                                  645

          2019 (Jan-Sept)                                                   20,251                               2019 (Jan-Sept)                                   669

                             Deal type US$m                                                                                         Deal type #

       Credit investment            1,518                                                                      Credit investment           56
                                    1,716                                                                                                  50

                   Buyout             2,105                                                                                Buyout       12
                                          3,785                                                                                          26

                     PIPE*             2,393                                                                                PIPE*         43
                                          3,532                                                                                           38

    Start-up/Early stage                  3,367                                                              Start-up/Early stage                         403
                                                  5,929                                                                                                     430
                                                                              16,598                           Expansion/Growth                     131
      Expansion/Growth                          5,289                                                                                               125

                             Deal size US$m                                                                                         Deal size #

              >US$100m                                              19,296                                              >US$100m              44
                                                        12,500                                                                                 51

     US$50m-US$100m                  2,695                                                                   US$50m-US$100m                 37
                                     3,076                                                                                                  40

      US$20m-US$50m                 2,114                                                                      US$20m-US$50m                      64
                                    2,393                                                                                                          70

      US$10m-US$20m              820                                                                           US$10m-US$20m                     54
                                 1,100                                                                                                             76
Year-to-date investments: Infrastructure

                             Total investments (US$m)                                                                                 # of deals

          2020 (Jan-Sept)                 2,191                                                                    2020 (Jan-Sept)                                             22

          2019 (Jan-Sept)                                             10,754                                       2019 (Jan-Sept)                                                            37

                             Deal type US$m                                                                                           Deal type #

       Credit investment              847                                                                         Credit investment                            7
                                     541                                                                                                       2

                   Buyout             666                                                                                   Buyout                                 8
                                                                             6,752                                                                                     9

                      PIPE      -                                                                                             PIPE         1
                                    151                                                                                                    1

    Start-up/Early stage        57                                                                             Start-up/Early stage                3
                                66                                                                                                                     4
                                      621                                                                        Expansion/Growth                  3
      Expansion/Growth                                 3,244                                                                                                                        21

                             Deal size US$m                                                                                           Deal size #

              >US$100m                    1,931                                                                         >US$100m                                           8
                                                                    10,042                                                                                                               16

     US$50m-US$100m             65                                                                              US$50m-US$100m             1
                                 464                                                                                                                                   6

      US$20m-US$50m             163                                                                              US$20m-US$50m                             4
                                183                                                                                                                        4

      US$10m-US$20m             15                                                                               US$10m-US$20m             1
                                28                                                                                                                 2
Year-to-date investments: Real estate

                            Total investments (US$m)                                                                                  # of deals

          2020 (Jan-Sept)             689                                                                         2020 (Jan-Sept)                          19

          2019 (Jan-Sept)                                                         5,380                           2019 (Jan-Sept)                                                      58

                            Deal type US$m                                                                                            Deal type #

       Credit investment        76                                                                               Credit investment         1
                                 173                                                                                                                   4

                   Buyout        154                                                                                         Buyout            2
                                                                             3,301                                                                                          13

                     PIPE         275                                                                                          PIPE                3
                                 151                                                                                                           2

    Start-up/Early stage       26                                                                             Start-up/Early stage                                  11
                                137                                                                                                                                          14
                                 158                                                                            Expansion/Growth               2
      Expansion/Growth                                1,618                                                                                                                                 25

                            Deal size US$m                                                                                            Deal size #

              >US$100m          150                                                                                       >US$100m         1
                                                                          4,430                                                                                                             17

     US$50m-US$100m                  513                                                                       US$50m-US$100m                                       7
                                     512                                                                                                                            7

      US$20m-US$50m                                                                                             US$20m-US$50m
                                 274                                                                                                                                    8

      US$10m-US$20m                                                                                             US$10m-US$20m
                                80                                                                                                                              6
Year-to-date investments: Sector-wise

                 Top sectors by value (US$m)                                                          Top sectors by # of deals

                                                                     10,009                                                                  114
                     Telecom                                                                    Financial services
                                  926                                                                                                              142

                                                4,113                                                 Technology                            106
           Financial services                                                                                                                114
                                                        6,080
                                                                                                     E-commerce                        88
                                        2,318                                                                                          88
                 Technology
                                           3,294
                                                                                                        Education               52
                                       1,894                                                                              29
            Pharmaceuticals
                                379
                                                                                             Food and agriculture               49
                                       1,883                                                                                      61
Retail and consumer products
                                 674                                                                                           45
                                                                                         Media and entertainment
                                                                                                                               47
                                     1,871
                   Education                                                                                               37
                                  765                                                                   Healtcare
                                                                                                                           35
                                    1,437
                E-commerce                                                                                                30
                                            3,468                                   Retail and consumer products
                                                                                                                            45
                                        2,191                                                                              29
               Infrastructure                                                   Business and professional services
                                                                     10,754                                               25

                                 689                                                             Pharmaceuticals          27
                  Real estate                                                                                         9
                                                    5,380

                                                                                                           Others                           109
                                        2,456                                                                                                            169
                       Others
                                                 4,664

                                                              2020 (Jan-Sept)      2019 (Jan-Sept)

Page 13    16 October 2020      EY analysis of VCCEdge data
Top PE/VC investments

PE/VC investments in Jio Platforms – Jan’20 - Sept’20

PE investors                                                           Stage            US$m    Stake (%)
KKR                                                                    Growth capital   1,512       2.32
Vista Equity Partners                                                  Growth capital   1,510       2.32
Public Investment Fund of Saudi Arabia                                 Growth capital   1,497       2.30
Mubadala Investment Co.                                                Growth capital   1,211       1.85
General Atlantic                                                       Growth capital    878        1.34
Tarrant Capital, TPG Capital Asia, L Catterton Management and Others   Growth capital    849        1.32
Abu Dhabi Investment Council                                           Growth capital    754        1.16
Silver Lake Management                                                 Growth capital    750        1.15
Silver Lake Management                                                 Growth capital    606        0.93
Intel Capital                                                          Growth capital    251        0.39
Qualcomm Ventures                                                      Growth capital     97        0.15

PE/VC investments in Reliance Retail – Jan’20 - Sept’20

PE investors                                                           Stage            US$m    Stake (%)
Silver Lake Management                                                 Growth capital   1,022       1.75
KKR                                                                    Growth capital    754        1.28

Page 14    16 October 2020      EY analysis of VCCEdge data
Top PE/VC investments

Top PE/VC investments excluding infrastructure and real estate - Jan’20 - Sept’20*

 Company                                                 PE investors                              Sector               Stage            US$m   Stake (%)
 Majesco Limited                                         Thoma Bravo LP                            Technology           Buyout            729        100
 Hexaware Technologies Limited                           Baring PE Asia                            Technology           PIPE              565         29
                                                         General Atlantic, Owl Ventures, Tiger
 Think and Learn Private Limited (Byju)                  Global, Silver Lake Management and        Education            Growth capital    500         NA
                                                         others
 J.B.Chemicals and Pharmaceuticals Limited KKR                                                     Pharmaceuticals      Buyout            496         65
 Piramal Pharma                                          Carlyle                                   Pharmaceuticals      Growth capital    490         20
                                                                                                                        Credit
 ECL Finance Limited                                     Farallon Capital and SSG Capital          Financial services                     400         NA
                                                                                                                        investment
                                                                                                                        Credit
 Piramal Enterprises Limited                             Farallon Capital                          Financial services                     346         NA
                                                                                                                        investment
 Edelweiss Global Investment Advisors,
                                                         PAG                                       Financial services   Buyout            300         51
 Edelweiss’ Wealth Management
 Nxtra Data Limited                                      Carlyle                                   Technology           Growth capital    235         25
 Sporta Technologies Private Limited                     Tiger Global Management, TPG,             Media and
                                                                                                                        Growth capital    225         NA
 (Dream11)                                               ChrysCapital and others                   entertainment
 ICICI Bank Limited                                      GIC                                       Financial services   PIPE              225          1
 SeQuent Scientific Limited                              Carlyle                                   Pharmaceuticals      Buyout            210         74
                                                         CDC Group, Gaja capital, Baring PE Asia
 RBL Bank Limited                                                                                  Financial services   PIPE              210         15
                                                         and others
 IndoStar Capital Finance Limited                        Brookfield and Others                     Financial services   PIPE              202         40
 Think and Learn Private Limited (Byju)                  Tiger Global Management                   Education            Growth capital    200         NA
* PE/VC deals excluding investments in Jio Platforms and Reliance Retail

Page 15       16 October 2020             EY analysis of VCCEdge data
Top PE/VC investments

Top infrastructure and real estate investments - Jan’20 - Sept’20

 Company                                                  PE investors                                          Sector           Stage            US$m   Stake (%)
                                                                                                                                 Credit
 RattanIndia Power Limited                                Goldman Sachs, Varde Partners                         Infrastructure                     566         NA
                                                                                                                                 investment
                                                          CPPIB, OMERS Infrastructure
 IndInfravit Trust                                                                                              Infrastructure   Growth capital    246         24
                                                          Management and others
 Shapoorji Pallonji Infrastructure, 5 solar
                                                          KKR                                                   Infrastructure   Buyout            204        100
 assets (317 MW)
 Navayuga Road Projects Private Limited
                                                          Edelweiss Alternative Asset Advisors                  Infrastructure   Growth capital    150         NA
 (Two road assets)
                                                                                                                                 Credit
 ReNew Power Limited                                      Development Finance Corporation                       Infrastructure                     142         NA
                                                                                                                                 investment
 Acme Cleantech , 600MW solar assets                      Actis                                                 Infrastructure   Buyout            127        100
 Vatika Limited                                           Goldman Sachs                                         Real estate      Growth capital     86         NA
 Golden Jubilee Hotels Private Limited                    Blackstone                                            Real estate      Buyout             82        100
 Nine assets, mostly in residential projects              Motilal Oswal Real Estate                             Real estate      Growth capital     73         NA
 Prestige Estates Projects Limited                        GIC                                                   Real estate      PIPE               65         NA

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 16       16 October 2020              EY analysis of VCCEdge data
Year-to-date exits: Analysis

                            Total exits (US$m)                                                                   # of deals

          2020 (Jan-Sept)                         3,590                                      2020 (Jan-Sept)                            100

          2019 (Jan-Sept)                                                    7,809           2019 (Jan-Sept)                                                 115

                            Exit type US$m                                                                       Exit type #

             Open market                                             1,921                       Open market                                                 49
                                                                             2,390                                                                 32

               Secondary        79                                                                 Secondary                      10
                                                                 1,846                                                                        26

                Strategic              425                                                          Strategic                                      32
                                                          1,474                                                                                         42

                 Buyback        64                                                                   Buyback              5
                                                                 1,851                                                        8
                                                   1,101                                                  IPO            4
                     IPO             247                                                                                      7

                            Top sectors US$m                                                                     Top sectors #

      Financial services                                     2,049                                                                     28
                                                     1,527                                  Financial services                14
     Industrial products          315                                                                                     7
                                122                                                                Education
                                                                                                                     2
          Pharmaceuticals         308
                                 235                                                       Industrial products            7
                                  302                                                                                     8
              Real estate            578
                                                                                             Pharmaceuticals              7
               Healthcare       150                                                                                  3
                                             1,007
                                                                                      Media and entertainment             7
              Technology        145                                                                                   4
                                             1,019
                                     320                                                              Others                                  44
                  Others                                                      3,321                                                                          84

Page 17       16 October 2020              EY analysis of VCCEdge data
Top exits

Top exits - Jan’20 - Sept’20
Company                     Sector                     Sellers                   Buyer              Exit type     US$m    Stake (%)
SBI Cards and Payment
                            Financial services         Carlyle                   NA                 IPO           1,000          9
Services Limited
Embassy Office Parks
                            Real estate                Blackstone                NA                 Open market    302           9
REIT
Paysense Services India                                Nexus capital, Naspers
                            Financial services                                   PayU Corporate     Strategic      293          NA
Private Limited                                        and others

Essel Propack Limited       Industrial products        Blackstone                NA                 Open market    253          23

Computer Age
Management Services         Technology                 Warburg Pincus            NA                 IPO            101          13
Private Limited
Manappuram Finance
                            Financial services         Baring PE India           NA                 Open market    101           5
Limited
Metropolis Healthcare
                            Healthcare                 Carlyle                   NA                 Open market    100          13
Limited

Aavas Financiers Limited    Financial services         Kedaara                   NA                 Open market     93           5

                                                                                 Adani Ports and
Dighi Port Limited          Infrastructure             Tara India Fund III LLC   Special Economic   Strategic       89          NA
                                                                                 Zone

Laurus Labs Limited         Pharmaceuticals            Warburg Pincus            NA                 Open market     84          12

Page 18   16 October 2020      EY analysis of VCCEdge data
Fundraise

Top fundraises - Jan’20 - Sept’20
Status                 Fund                                   US$m Strategy

Raised                 Sequoia Capital India Fund (2 Funds)   1,350 Sector agnostic

Raised                 Nalanda Capital                         728 Sector agnostic

Raised                 O2 Power (EQT, Temasek JV)              500 Renewable energy

Raised                 CDPQ, Piramal Partners                  300 Credit financing

Raised                 Lightspeed third India-focused fund     275 B2B & B2C early stage - sector agnostic

                                                                     Early/Growth stage -Deep-tech, consumer media,
Raised                 Chiratae Ventures - Fund IV             184
                                                                     software, fintech and health tech

Raised                 Wipro Ventures                          150 Early to mid-stage (Enterprise software)

Raised                 Blume Ventures Fund III                 102 Early stage

Raised                 Inflexor Ventures                       100 Early stage

Page 19   16 October 2020       EY analysis of VCCEdge data
Spotlight

   PE/VC investment trend in start-ups
   (Jan-Sept)

The better the question. The better the answer.
The better the world works.
Spotlight: Key trends year-to-date

►   On a year-to-date basis, PE/VC investments in start-ups between Jan-Sept 2020 declined by 44% in terms of
    value compared to same period last year (US$3.5 billion in 2020 vs. US$6.1 billion in 2019). While the
    number of deals were at par with last year, the deal sizes were significantly lower. Between Jan-Sept 2020
    there were 14 deals of value greater than US$50 million aggregating to US$1.3 billion compared to 25 such
    deals aggregating to US$3.6 billion during the same period last year. The average deal size for start-ups in
    2020 till date was around US$11 million compared to US$18 million in the same period last year.

►   Most major sectors recorded significant decline in start-up investments in 2020. Financial services with
    US$886 million invested across 60 deals was the largest sector for start-up investments in Jan-Sept 2020,
    followed by e-commerce with US$669 million invested across 56 deals and technology with US$545 million
    invested across 89 deals. E-commerce with US$2.5 billion invested across 62 deals was the top sector in
    Jan-Sept 2019. Education sector emerged as a standout sector in Jan-Sept 2020 recording US$461 million
    across 36 deals (nine times increase over Jan-Sept 2019), highest ever value of start-up investments
    received by the sector.

Page 21   16 October 2020   EY analysis of VCCEdge data
Spotlight: Start-up investments (Jan-Sept)

              US$m                                                          Total PE/VC investments                                                          #
                                                                                                                           7,907
  8,000                                                                                                                                                          800
                                                                                            6,480                          608
  6,000                                                                                                                                                          600
                                                                                                                                                     417
                                                            3,505               377
  4,000                     298                                                                                                                                  400
                                                                 311                                                       6,132
  2,000                   2,090                                                             4,642                                                                200
                                                                                                                                                    3,450
                                                           1,907
                          1,598
          -                                                                                                                                                      0
                           2016                             2017                            2018                           2019                   YTD 2020
                                                                        Value           Count              Investment between Jan-Sept

                           Deal size US$m (Jan – Sept)                                                                           Deal size # (Jan – Sept)

              >US$100m                    634                                                                      >US$100m         5
                                                                        2,265                                                       7

US$50m-US$100m                            640                                                           US$50m-US$100m               9
                                                      1,328                                                                           18

 US$20m-US$50m                                   1,096                                                    US$20m-US$50m                  33
                                                962                                                                                     27

 US$10m-US$20m                        390                                                                 US$10m-US$20m                 26
                                            705                                                                                              49
Spotlight: Start-up investments sector-wise (Jan-Sept)

                      Top sectors by value (US$m)                                                             Top sectors by # of deals

                 Financial services                    886                                                                                                  89
                                                                                                                Technology
                                                             1,340                                                                                          87
                                                      669                                                                                         60
                       E-commerce                                                                         Financial services
                                                                           2,512                                                                       76

                                                  545                                                                                            56
                        Technology                                                                             E-commerce
                                                    769                                                                                           62

                                                 461                                                                                        39
                         Education                                                                Media and entertainment
                                          52                                                                                                39

                                             228                                                                                          36
                        Healthcare                                                                               Education
                                             243                                                                                  19

                                            196                                                                                        31
          Media and entertainment                                                                      Food and agriculture
                                            178                                                                                         36

                                            146                                                                                     25
              Food and agriculture                                                                              Healthcare
                                            174                                                                                   17

                                           96                                                                                     20
                          Logistics                                                     Business and professional services
                                                319                                                                               18

                                          57                                                                                     15
                     Infrastructure                                                          Retail and consumer products
                                          66                                                                                           28

                                          44                                       Real estate, hospitality and construction    11
Business and professional services                                                                                               14
                                          82

                                           121                                                                                            35
                              Others                                                                                Others
                                              398                                                                                                52

                                                                 2020 (Jan-Sept)     2019 (Jan-Sept)

Page 23     16 October 2020            EY analysis of VCCEdge data
Spotlight: Top PE/VC investments in start-ups

Top PE/VC investments in start-ups - Jan’20 - Sept’20*

Company                                     PE investors                                             Sector               US$m   Stake (%)
Sorting Hat Technologies Private            Nexus Ventures, Sequoia, General Atlantic, SoftBank,
                                                                                                     Education             260         15
Limited (Unacademy)                         Blume Venture
Bundl Technologies Private Limited          Naspers Ventures, Meituan-Dianping, Wellington
                                                                                                     E-commerce            113         NA
(Swiggy)                                    Management
 Bundl Technologies Private Limited         Tencent, Korea Investment Partners, Samsung
                                                                                                     E-commerce             45         NA
(Swiggy)                                    Ventures and Mirae Asset Capital Markets
Postdot Technologies Private Limited        Nexus Ventures, Charles River Partnership XIV, Insight
                                                                                                     Technology            150         NA
(Postman.com)                               Venture Management
                                            Temasek, Accel Growth Fund IV, Epiq Capital Fund,
CureFit Healthcare Private Limited
                                            Chiratae Ventures Fund III, Ascent Private Equity and    Healthcare            112         NA
(CureFit)
                                            others
Home Interior Designs E-commerce            Venturi Partners, Bessemer Venture, Goldman Sachs,
                                                                                                     E-commerce             90         NA
Private Limited (Livspace)                  TPG Capital and others
Galactus Funware Technology Private         Pegasus Tech Ventures, Go Ventures, MDI Ventures,        Media and
                                                                                                                            90         NA
Limited (Mobile Premier League)             RTP Global Advisors, Sequoia and others                  entertainment
Go Digit General Insurance Limited          TVS Capital, Faering Capital, A91                        Financial services     84         NA
                                            Amplo, Coatue Management, Steadview Capital, Ribbit
Resilient Innovations Private Limited                                                                Financial services     75         NA
                                            Capital, Insight Ventures
                                            Megadelta Capital Advisors LLP, Prime Venture
MWYN Tech Private Limited
                                            Partners, RTP Global Advisors, Sequoia Capital India     Financial services     70         NA
(MoneyTap)
                                            Advisors Private Limited
Vivriti Capital Private Limited
                                            LGT Lightstone Aspada                                    Financial services     50         NA
(Vivriticapital.com)

Page 24    16 October 2020         EY analysis of VCCEdge data
Are you ready to navigate
   from marginal gains to
   total reinvention?
   Navigate the transformative age with
   the better-connected consultants.

   Quarterly trend analysis – 3Q2020

The better the question. The better the answer.
The better the world works.
Key trends: Quarterly

Investments

►   On a quarterly basis, investments in 3Q20 declined by 36% in terms of value compared to 3Q19 and 23% compared
    to 2Q20 (US$10.3 billion in 3Q20 vs. US$16 billion in 3Q19 and US$13.5 billion in 2Q20). In terms of number of
    deals 3Q20 recorded 10% fewer deals compared to 3Q19 and 8% higher deals compared to 2Q20 (239 deals in 3Q20
    vs. 265 deals in 3Q19 and 222 deals in 2Q20).

►   Growth deals were the highest with US$4.4 billion invested across 42 deals (US$3.5 billion across 62 deals in 3Q19),
    followed by buyouts worth US$2 billion across seven deals (US$7.6 billion across 19 deals in 3Q19). Buyouts were
    the most affected from the decline in PE/VC deal activity post the onset of the COVID-19 pandemic, declining by 73%
    in value and 63% in volume. Start-up investments recorded US$1.1 billion in 3Q20, 67% decline y-o-y (US$3.4 billion
    in 3Q19). PIPE investments recorded US$1.7 billion, twice the value recorded in 3Q19 (US$823 million). Credit
    investments recorded US$1.1 billion in 3Q20, 52% higher compared to 3Q19 (US$721 million).

►   From a sector perspective, financial services was at the top (US$2.1 billion across 38 deals), highest quarterly value
    of investments in the sector in 2020 followed by retail and consumer sector (US$1.8 billion across 12 deals, on the
    back of large investments in Reliance Retail), technology sector (US$1.8 billion across 44 deals), and education
    sector (US$1.1 billion across 23 deals).

►   3Q20 recorded 23 large deals aggregating to US$7.8 billion (compared to 37 large deals aggregating to US$12.8
    billion in 3Q19), 40% decline y-o-y. The largest deals in 3Q20 include investments in Reliance Retail – Silver Lake’s
    US$1 billion investment for 1.8% stake and KKR’s US$754 million investment for 1.3% stake.

Page 26   16 October 2020   EY analysis of VCCEdge data
Key trends: Quarterly

Exits

►   On a year-on-year (y-o-y) basis, exits declined by 82% in terms of value in 3Q20 (US$728 million vs. US$4 billion in
    3Q19) and 25% compared to 2Q20 (US$927 million). The decline was across deal segments especially strategic and
    secondary exits.

►   Exits via open market were the highest with US$566 million recorded across 20 deals, accounting for 78% of all exits
    in 3Q20 followed by three PE backed IPO worth US$101 million. Exits via strategic sale were at US$26 million (13
    deals) compared to US$174 million in 3Q19 (10 deals). Exits via secondary sale (sale to other PE funds) recorded
    US$34 million (one deal), 97% lower compared to 3Q19 (US$1.2 billion).

►   From a sector perspective, industrial products recorded the highest value of exits in 3Q20 (US$305 million across
    five deals) followed by technology (US$101 million across two deals).

►   The largest exit in 3Q20 saw Blackstone sell 23% stake in Essel Propack Limited for US$253 million.

Fundraise

►   3Q20 saw US$2.8 billion in fundraises, 19% higher compared to 3Q19 (US$2.3 billion). The largest fundraise in
    3Q20 saw Sequoia raise a US$1.4 billion venture fund for investments in India and Southeast Asia.

Page 27   16 October 2020   EY analysis of VCCEdge data
PE/VC quarterly headline trends: Investments

           US$m                                                                      Total PE/VC investments                                                                             #

18,000                                                                                                     265            265        268                                                      300
                                                                                          234                                                                                   239
                                                                                                                                                  225           13,479
15,000                                                                      203                                                                                                               250
                                182            194           188
12,000            164                                                                                                                                                          10,317         200
                                                                                                                                                                 222
  9,000                                                                                                                                                                                       150
                                                                                                                     16,025
  6,000                                      11,146                                      11,110                                     10,918                                                    100
                               8,307                        9,699          8,261                           9,250                                                9,567
  3,000         7,207                                                                                                                                                                         50
                                                                                                                                                  5,065
       -                                                                                                                                                               349 1,776              -
               4Q2017        1Q2018         2Q2018        3Q2018         4Q2018         1Q2019        2Q2019         3Q2019        4Q2019        1Q2020         2Q2020    3Q2020

                                               Value (US$m)             # of deals            Investment in Jio Platforms             Investment in Reliance Retail

           US$m                                                      PE/VC investments split across asset classes
 16,000

                                                                                                                           5,258                                        653    9
 12,000
                                                                                                                                                                                      511
                                               1,695                                        3,507
                                                840            895                                                         2,511        3,090                                                 360
  8,000                                                        862            218
                  523           1,659                                        1,450          1,490            2,657                         765
                 1,440          1,474                                                                        1,378                                                    12,818
                                               8,610                                                                                                    1,028                         9,446
  4,000                                                       7,941                                                        8,256                                320
                                                                             6,593          6,749                                       7,063
                 5,244          5,174                                                                        5,246
                                                                                                                                                        3,717
       -
               4Q2017         1Q2018         2Q2018         3Q2018          4Q2018         1Q2019           2Q2019        3Q2019       4Q2019       1Q2020            2Q2020       3Q2020

                                          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 28       16 October 2020              EY analysis of VCCEdge data
PE/VC quarterly headline trends: Exits

           US$m                                                                       Total PE/VC exits                                                                                     #

  7,000                                                                                                                                                                                         80
                  64
  6,000
                                 52            52                                                                                                                                               60
  5,000
                                                               41                                           42                          42
  4,000                                                                                    36                              37                        37                          37
                                                                             32                                                                                                                 40
  3,000                                                                                                                                                             26
                                             4,755           18,016
  2,000         3,789                                                                                                     3,959                                                                 20
                                                                                                           2,658                       3,313
  1,000                        1,857                                       2,420                                                                    1,895
                                                                                         1,192                                                                     967          728
       -                                                                                                                                                                                        -
               4Q2017        1Q2018         2Q2018        3Q2018         4Q2018         1Q2019        2Q2019          3Q2019          4Q2019       1Q2020         2Q2020       3Q2020

                                                                                   Value (US$m)              # of exits

           US$m                                                           PE/VC exits split across asset classes

  7,000                                                  9
                                                        13
  6,000

  5,000
                  161                           844
  4,000                                                 82                                                                      284
                  236                                                                                                                         7
  3,000                                                                                                       104                            348
                                 234                                          354                                    201                                    89
  2,000                                        3,829                                                                         3,674                           -
                3,392            262                                                                                                      2,958
                                                                                             133
  1,000                                                                      2,066                   92      2,353                                                                      2
                                1,361                                                                                                                     1,807          302
                                                              17,994                          967                                                                        665           725
       -
               4Q2017         1Q2018         2Q2018           3Q2018        4Q2018         1Q2019           2Q2019         3Q2019        4Q2019       1Q2020         2Q2020           3Q2020

                                                       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 29       16 October 2020              EY analysis of VCCEdge data
PE/VC quarterly headline trends: Fundraise

          US$m                                                               Fundraise                                                                  #

 4,000                                              17                                                                                                      20
                                                                                          15                          15
                                                                            14                                                                   14
 3,000                                                                                                                         13                           15
                                      12                                                               12
                 11           11                                   11

 2,000                                                                                                               3,809                                  10
                                                                           2,794                                                        5       2,768
                                                  2,607           2,479                  2,749
 1,000                                                                                               2,335                                                  5
             1,533                   1,701                                                                                    1,430
                         1,304
                                                                                                                                       171
      -                                                                                                                                                     -
            4Q2017      1Q2018     2Q2018        3Q2018          4Q2018   1Q2019      2Q2019        3Q2019       4Q2019      1Q2020   2Q2020   3Q2020

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

Page 30     16 October 2020        EY analysis of VCCEdge data
Investments (excluding infrastructure and real estate)

                              Total investments (US$m)                                                                           # of deals

                   3Q2020                                   9,446                                                    3Q2020                                230

                   3Q2019                              8,256                                                         3Q2019                                 237

                              Deal type US$m                                                                                     Deal type #

          Credit investment              1,005                                                              Credit investment              23
                                       668                                                                                                16

                    Buyout                        1,698                                                                Buyout        4
                                                  1,648                                                                               8

                      PIPE*                    1,468                                                                    PIPE*           15
                                       672                                                                                             11

     Start-up/Early stage                   1,130                                                         Start-up/Early stage                            147
                                                               3,319                                                                                      149
                                                                       4,145                               Expansion/Growth                     41
       Expansion/Growth                             1,950                                                                                            53

                              Deal size US$m                                                                                     Deal size #

               >US$100m                                                        7,116                              >US$100m                    20
                                                                       5,480                                                                   23

      US$50m-US$100m                      1,079                                                           US$50m-US$100m                  14
                                          1,149                                                                                           15

        US$20m-US$50m                643                                                                    US$20m-US$50m                     20
                                      854                                                                                                      23

        US$10m-US$20m              254                                                                      US$10m-US$20m                  17
                                    373                                                                                                      24
Investments: Infrastructure

                              Total investments (US$m)                                                      # of deals

                  3Q2020              511                                                       3Q2020                        4

                  3Q2019                                                   5,258                3Q2019                                    10

                              Deal type US$m                                                                Deal type #

          Credit investment      15                                                    Credit investment             1

                                      270                                                         Buyout                      2
                    Buyout                                                   3,771                                                    3

                       PIPE                                                                         PIPE
                                  151                                                                                1

     Start-up/Early stage                                                            Start-up/Early stage

                                   226                                                Expansion/Growth               1
       Expansion/Growth                                                                                                                        6
                                                   1,336

                              Deal size US$m                                                                Deal size #

               >US$100m               496                                                    >US$100m                             2
                                                                          5,033                                                                    5

      US$50m-US$100m                                                                 US$50m-US$100m
                                  198                                                                                             2

       US$20m-US$50m                                                                   US$20m-US$50m

       US$10m-US$20m             15                                                    US$10m-US$20m                      1
                                 13                                                                                       1
Investments: Real estate

                              Total investments (US$m)                                                        # of deals

                  3Q2020                   360                                                    3Q2020                        5

                  3Q2019                                                       2,511              3Q2019                                        18

                              Deal type US$m                                                                  Deal type #

          Credit investment      76                                                      Credit investment            1
                                 53                                                                                   1

                    Buyout        72                                                                Buyout            1
                                                                           2,182                                                            8

                       PIPE           210                                                             PIPE                  2

     Start-up/Early stage        2                                                     Start-up/Early stage           1
                                     95                                                                                                 6

       Expansion/Growth                                                                 Expansion/Growth
                                      181                                                                                           3

                              Deal size US$m                                                                  Deal size #

               >US$100m              150                                                       >US$100m               1
                                                                            2,332                                                               9

      US$50m-US$100m               208                                                 US$50m-US$100m                               3
                                 53                                                                                   1

       US$20m-US$50m                                                                     US$20m-US$50m
                                     102                                                                                            3

       US$10m-US$20m                                                                     US$10m-US$20m
                                 13                                                                                   1
3Q2020 investments: Sector-wise

                 Top sectors by value (US$m)                                                   Top sectors by # of deals

                                                    2,095                                                                         44
           Financial services                                                                 Technology
                                                    2,162                                                                          46

                                                   1,812                                                                     38
                                                                                        Financial services
Retail and consumer products                                                                                                            58
                                     399
                                                                                                                             35
                                                1,794                                        E-commerce
                  Technology                                                                                            27
                                               1,656
                                                                                                                       23
                                                                                                Education
                                            1,130                                                               10
                   Education
                                      607
                                                                                                                  17
                                                                                 Media and entertainment
                                       802                                                                      11
            Pharmaceuticals
                                56                                                                               13
                                                                                     Food and agriculture
                                                                                                                      22
                                      669
                 E-commerce
                                                   1,835                                                         12
                                                                        Business and professional services
                                                                                                                9
                                     511
               Infrastructure                                                                                    12
                                                              4,701         Retail and consumer products
                                                                                                                  15
                                     432
    Media and entertainment                                                                                     11
                                31                                                             Healthcare
                                                                                                                12

                                           1,072                                                                            34
                       Others                                                                      Others
                                                              4,578                                                                     55

                                                               3Q2020     3Q2019

Page 34    16 October 2020      EY analysis of VCCEdge data
Top PE/VC investments

PE/VC investments in Jio Platforms – 3Q2020

PE investors                                                 Stage            US$m    Stake (%)
Intel Capital                                                Growth capital    251        0.39
Qualcomm Ventures                                            Growth capital     97        0.15

PE/VC investments in Reliance Retail – 3Q2020

PE investors                                                 Stage            US$m    Stake (%)
Silver Lake Management                                       Growth capital   1,022       1.75
KKR                                                          Growth capital    754        1.28

Page 35    16 October 2020     EY analysis of VCCEdge data
Top PE/VC investments

Top PE/VC investments excluding infrastructure and real estate in 3Q2020*

 Company                                               PE investors                         Sector               Stage               US$m   Stake (%)
 Majesco Limited                                       Thoma Bravo LP                       Technology           Buyout               729        100
 Hexaware Technologies Limited                         Baring PE Asia                       Technology           PIPE                 565         29
                                                       General Atlantic, Tiger Global
 Think and Learn Private Limited (Byju)                Management, Silver Lake              Education            Growth capital       500         NA
                                                       Management and others
 J.B.Chemicals and Pharmaceuticals
                                                       KKR                                  Pharmaceuticals      Buyout               496         65
 Limited
 ECL Finance Limited                                   Farallon Capital and SSG Capital     Financial services   Credit investment    400         NA
 Piramal Enterprises Limited                           Farallon Capital                     Financial services   Credit investment    346         NA
 Edelweiss Global Investment Advisors,
                                                       PAG                                  Financial services   Buyout               300         51
 Edelweiss Wealth Management
 Nxtra Data Limited                                    Carlyle                              Technology           Growth capital       235         25
 Sporta Technologies Private Limited                   Tiger Global Management, TPG,        Media &
                                                                                                                 Growth capital       225         NA
 (Dream11)                                             ChrysCapital and others              Entertainment
 ICICI Bank Limited                                    GIC                                  Financial services   PIPE                 225          1
                                                       CDC Group, Gaja capital, Baring PE
 RBL Bank Limited                                                                           Financial services   PIPE                 210         15
                                                       Asia and others
 RA Chem Pharma Limited                                Advent International                 Pharmaceuticals      Buyout               173         74
 Bandhan Bank Limited                                  GIC                                  Financial services   PIPE                 170          2
                                                       Nexus Ventures, Sequoia Capital,
 Sorting Hat Technologies Private Limited              General Atlantic, SoftBank Vision    Education            Start-up             150         10
                                                       Fund 2, Blume Ventures

* PE/VC deals excluding investments in Jio Platforms and Reliance Retail in 3Q2020

Page 36       16 October 2020            EY analysis of VCCEdge data
Top PE/VC investments

Top infrastructure and real estate investments in 3Q2020

 Company                                                 PE investors                                      Sector           Stage               US$m   Stake (%)
 ACME Solar Holdings Limited, Two Solar
                                                         Actis Long Life Infrastructure Fund               Infrastructure   Buyout               270        100
 Power Projects

 RattanIndia Group, Solar Assets 306 MW                  GIP                                               Infrastructure   Growth capital       226         NA

                                                         GIC, Fullerton Financial Holdings,
 Mindspace Business Parks REIT                                                                             Real Estate      PIPE                 150         NA
                                                         FMR LLC, Capital Group and others

 M3M India Private Limited                               Oaktree Capital                                   Real Estate      Credit investment     76         NA

 Peninsula Land’s residential project in
                                                         Brookfield                                        Real Estate      Buyout                72        >50
 Mumbai's Byculla

 The Phoenix Mills Limited                               GIC                                               Real Estate      PIPE                  60          4

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 37       16 October 2020              EY analysis of VCCEdge data
3Q2020 exits: Analysis

                                Total exits (US$m)                                                                   # of deals

                     3Q2020                  728                                                         3Q2020                                   37

                     3Q2019                                               3,959                          3Q2019                                                            38

                                Exit type US$m                                                                       Exit type #

                Open market                          566                                             Open market                                                      20
                                                           792                                                                                         10
                                       34                                                              Secondary          1
                  Secondary                                           1,218                                                                            10
                                      26                                                                Strategic                                           13
                    Strategic               174                                                                                                        10

                     Buyback       -                                                                     Buyback
                                                                                  1,687                                                       6
                                        101                                                                   IPO                 3
                         IPO            88                                                                                    2

                       Top sectors US$m                                                                              Top sectors #

          Industrial Products             305                                                                                                 6
                                   25                                                                  Education          1
                 Technology          101                                                                                                  5
                                       203                                                     Industrial Products
                                                                                                                          1
Retail and consumer products        88
                                      130                                                            E-commerce                       4
                                    71                                                                                            3
           Financial services                            726
                                                                                                Financial services                3
            Pharmaceuticals            48                                                                                                 5
                                  -
                                                                                          Media and entertainment                 3
                E-commerce            38                                                                                      2
                                                                              1,543
                                       77                                                                 Others                                                 16
                      Others                                              1,332                                                                                                 25

Page 38     16 October 2020                 EY analysis of VCCEdge data
Top exits

Top exits in 3Q2020
Company                     Sector                    Sellers                  Buyer     Exit type     US$m   Stake (%)

Essel Propack Limited       Industrial products Blackstone                     NA        Open market    253         23

Computer Age
Management Services         Technology                Warburg Pincus           NA        IPO            101         13
Private Limited
                            Retail and
Amber Enterprises India                               ADV Opportunities Fund
                            consumer                                           NA        Open market     82         10
Limited                                               I LP
                            products

AU Small Finance Bank
                            Financial services        Warburg Pincus           NA        Open market     69          2
Limited

Shilpa Medicare Limited     Pharmaceuticals           Baring PE India          NA        Open market     42          7

Shriji Polymers India                                 Tata Capital and HBM
                            Industrial products                                Creador   Secondary       34         NA
Limited                                               Healthcare Investments

Page 39   16 October 2020    EY analysis of VCCEdge data
Fundraise

Top fundraise in 3Q2020
Status                Fund                                    US$m Strategy

Raised                Sequoia Capital India Fund (2 Funds)    1,350 Sector agnostic

Raised                Nalanda Capital                          728 Sector agnostic

Raised                Lightspeed (third India-focused fund)    275 B2B & B2C Early stage - Sector agnostic

                                                                     Early stage - Deep-tech, consumer media, software,
Raised                Chiratae Ventures - Fund IV              184
                                                                     fintech and health tech

Raised                Blue Ashva Capital - First Close           60 Sector agnostic - SME

Page 40   16 October 2020       EY analysis of VCCEdge data
Spotlight

   PE/VC investment trend in start-ups
   (3Q2020)

The better the question. The better the answer.
The better the world works.
Spotlight: Start-up investments (3Q2020)

          US$m                                                              Total PE/VC investments                                                                  #

                                                                                                    166                                                                  200
                                                                                                                155      160
 3,000                                                                                                                                                       148
                                                                                                                                             138    131
                                                                                      127                                                                                150
                                                                         115
 2,000           93                           86            93
                                83
                                                                                                               3,414                                                     100

 1,000                                                   2,185           1,838                      1,980
               1,598                         1,754                                                                      1,775                                            50
                                                                                                                                         1,427              1,132
                              703                                                     738                                                           891
      -                                                                                                                                                                  -
             4Q2017        1Q2018          2Q2018        3Q2018      4Q2018         1Q2019      2Q2019        3Q2019   4Q2019         1Q2020       2Q2020   3Q2020

                                                                                 Value (US$m)          # of deals

                          Deal size US$m                                                                                      Deal size #

                                     150                                                                                         1
            >US$100m                                                                                             >US$100m
                                                                                 1,875                                               5

                                       296                                                                                        4
  US$50m-US$100m                                                                                            US$50m-US$100m
                                                   691                                                                                   9

                                       319                                                                                               10
    US$20m-US$50m                                                                                           US$20m-US$50m
                                        401                                                                                              11

                                     144                                                                                                 10
    US$10m-US$20m                                                                                           US$10m-US$20m
                                     171                                                                                                 11

                                      223                                                                                                                                    94
Spotlight: Start-up investments sector-wise (3Q2020)

                     Top sectors by value (US$m)                                                     Top sectors by # of deals

                                                   285                                                                                                    38
                      E-commerce                                                                      Technology
                                                                        1,735                                                                            36

                         Education                 250                                                                                         24
                                           35                                                        E-commerce
                                                                                                                                             21

                 Financial services             197                                                                                         19
                                                          647                                   Financial services
                                                                                                                                                    29

                       Technology              163                                                                                     13
                                                         520                             Media and entertainment
                                                                                                                                  9

          Media and entertainment            148                                                                                       13
                                           27                                                           Education
                                                                                                                              6

              Food and agriculture         49                                                                                         11
                                                                                             Food and agriculture
                                           44                                                                                         11

Business and professional services         12                                                                                         10
                                                                                Business and professional services
                                           25                                                                             5
                                           11                                                                                     8
    Retail and consumer products                                                                       Healthcare
                                           43                                                                             5

                       Automotive         7                                                                               4
                                                                                    Retail and consumer products
                                           59                                                                                     9

                        Healthcare        7                                                           Automotive      2
                                              81                                                                          5

                              Others      4                                                               Others              6
                                                197                                                                                         19

                                                                     3Q2020     3Q2019

Page 43     16 October 2020            EY analysis of VCCEdge data
Spotlight: Top PE/VC investments in start-ups

Top PE/VC investments in start-ups – 3Q2020

Company                                      PE investors                                             Sector               US$m   Stake (%)
Sorting Hat Technologies Private             Nexus Ventures, Sequoia, General Atlantic, SoftBank,
                                                                                                      Education             150         10
Limited (Unacademy)                          Blume Venture
Galactus Funware Technology Private          Pegasus Tech Ventures, Go Ventures, MDI Ventures,        Media and
                                                                                                                             90         NA
Limited (Mobile Premier League)              RTP Global Advisors, Sequoia and others                  entertainment
Home Interior Designs E-commerce             Venturi Partners, Bessemer Venture, Goldman Sachs,
                                                                                                      E-commerce             90         NA
Private Limited (Livspace)                   TPG Capital and others
Acko Technology and Services Private         Intact Ventures Inc., RPS Investment Fund, Munich Re
                                                                                                      Financial services     60         NA
Limited (insurance platform Acko.com)        Ventures and others
ZoloStays Property Solutions Private         Nexus Ventures, Investcorp, Mirae Asset-Naver Asia
                                                                                                      E-commerce             56         NA
Limited (Zolo)                               Growth Fund, Trifecta Capital
Toppr Technologies Private Limited
                                             Kaizen Private Equity, Foundation Holdings               Education              47         NA
(toppr.com)
Mohalla Tech Private Limited (Share
                                             Lightspeed Venture Partners, Saif Partners and others    Technology             40         NA
Chat)
                                             Vulcan Capital, Costanoa Venture, Blue Fog Capital and
SlideRule Labs Inc. (Springboard)                                                                     Education              31         NA
                                             others
A S Justride Tours and Travels Private
                                             Shell, Middle East fund                                  E-commerce             30         NA
Limited ( Drivezy)

Page 44   16 October 2020           EY analysis of VCCEdge data
What will you invest in
   as investing changes?

   Monthly trend analysis:
   September 2020

The better the question. The better the answer.
The better the world works.
Key trends

Investments

►   PE/VC investments in September 2020 were 27% higher compared to September 2019 and 107% higher
    compared to August 2020 (US$4.3 billion in September 2020 vs. US$3.4 billion in September 2019 and
    US$2.1 billion in August 2020). The growth was mainly on account of large investments in Reliance Retail
    (US$1.8 billion), accounting for 42% of all investments in September 2020.

►   From the point of view of deal type, growth deals recorded the highest value of investments at US$2.9 billion
    across 12 deals, on account of the large investments in Reliance Retail. Start-up investments were the
    second highest at US$687 million across 52 deals followed by PIPE investments at US$596 million across
    five deals.

►   September 2020 recorded seven large deals (deals of value greater than US$100 million) aggregating
    US$3.4 billion compared to nine large deals worth US$2.3 billion in September 2019.

►   From a sector point of view, retail and consumer was the top sector in September with US$1.8 billion in
    PE/VC investments on the back of large investments in Reliance Retail.

Page 46   16 October 2020   EY analysis of VCCEdge data
Key trends

Exits

►   September 2020 recorded 13 exits worth US$527 million, 80% lower than the value of exits in September
    2019 (US$2.7 billion) and 7.9 times the value recorded in August 2020 (US$67 million). Open market exits
    in September 2020 were highest at US$391 million across six deals.

►   The largest exit in 3Q20 saw Blackstone sell an 23% stake in Essel Propack Limited for US$253 million.

Fundraise

►   September 2020 recorded total fundraises of US$93 million compared to US$654 million raised in
    September 2019.

Page 47   16 October 2020   EY analysis of VCCEdge data
PE/VC monthly headline trends: Investments

                                                                           Total PE/VC investments
          US$m                                                                                                                                                                #

                                     100                                                                                                                                          120
 8,000           93       89                                                                                                 6,898                                                100
                                                  79           80                                     76                      85            78            84
 6,000                                                                       72          73                      5,444                                                 77         80
                                                                                                                   61                      3,890                   4,333
 4,000                                                                                                                                                                            60
                                     5,288                                                                                   4,917                                                40
 2,000                                                                                                           4,649
             3,408      3,242                                                                                                                                                     20
                                                 2,387       2,468          1,708                                                                        2,094
                                                                                         888        1,138                                                          1,776
      -                                                                                                                                    349                                    0
             Sep-19     Oct-19      Nov-19      Dec-19      Jan-20         Feb-20      Mar-20       Apr-20       May-20     Jun-20      Jul-20       Aug-20        Sep-20

                                  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
                                                                                                                                           3
 6,000
 5,000                                                                                                                        5
                                      1,120                                                                                                         15                       226
 4,000           98                    26
                                                                                                                                                   298
 3,000                                                                                                                            6,450
             1,450       1,415                                                                                       5,439                                       270
                                                    556                        127
 2,000                           114 4,142          625
                                                                    898
                                                                    78                 234                                                       3,577                  62 4,107
                                                                                               3           208
 1,000       1,859       1,714                                     1,492                          8                                                            1,762
                                                   1,207                      1,347           878          930
     -
             Sep-19     Oct-19       Nov-19       Dec-19       Jan-20         Feb-20       Mar-20      Apr-20       May-20        Jun-20         Jul-20        Aug-20       Sep-20
                                 PE/VC investments (other sectors) (US$m)                    Real estate (US$m)           Infrastructure (US$m)

Page 48     16 October 2020          EY analysis of VCCEdge data
PE/VC monthly headline trends: Exits

                                                                         Total PE/VC exits
          US$m                                                                                                                                                         #
                 18               19
 3,000                                                                                                                                                                     20
                                                                        16
                          14                                                                                                                       15
                                                                                                                                                               13          15
                                                           12                                              11
 2,000                                                                                                                  10
                                               9                                    9                                                 9
                                                                                                                                                                           10
             2,663                                                                              5
 1,000
                                 1,490                                                                                                                                     5
                         960                  864                                 1,105
                                                          461           329                    117         286          564          134           67          527
      -                                                                                                                                                                    0
             Sep-19     Oct-19   Nov-19     Dec-19      Jan-20        Feb-20      Mar-20      Apr-20      May-20       Jun-20       Jul-20     Aug-20      Sep-20

                                                                      Value (US$m)           # of exits

 US$m                                                          PE/VC exits: Split across asset classes
      US$m
 3,000
                 29

 2,000

             2,633                                                                      89
 1,000
                                  1,490         348                                                                                                                    2
                          953                                                        1,016                                    302
                                                516             461       329                       117          286                         134          65          527
      -                                                                                                                       262
             Sep-19     Oct-19    Nov-19      Dec-19       Jan-20        Feb-20      Mar-20      Apr-20      May-20       Jun-20          Jul-20        Aug-20       Sep-20
                                          Other sectors (US$m)            Real estate (US$m)           Infrastructure (US$m)

Page 49     16 October 2020      EY analysis of VCCEdge data
PE/VC monthly headline trends: Fundraise

                                                                           Fundraise
          US$m                                                                                                                                    #
 3,500                                          7                                                                                                     8
                                                                      6                                                  6
 2,800                        5                                                                                                                       6
 2,100           4                                              4                                                                 4        4
                                    3                                              3                             3                                    4
                                              3,233
 1,400                                                                                              2
                                                                                                                       2195
                                                                                                                                                      2
   700
                                                           742                            -
                 654     403       172                               603        85        -         50           121             480      93
      -                                                                                                                                               0
            Sep-19      Oct-19    Nov-19     Dec-19      Jan-20     Feb-20    Mar-20   Apr-20    May-20     Jun-20     Jul-20   Aug-20   Sep-20

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

Page 50     16 October 2020       EY analysis of VCCEdge data
PE/VC investments: US$4,107 million over 76 deals (excluding
infrastructure and real estate investments)
                                Top sectors by value US$m                                               Top sectors by volume

                                          RCP                                     1,802                   Technology                  20

                                 Technology                                                              E-commerce             9
                                                                 663
                                                                                              Media and entertainment       8
                                     Education                   661
                                                                                                                 RCP        7
                Media and entertainment                    401
                                                                                                    Financial services      6
                                E-commerce              286                                               Healthcare        6
                                        Others           294                                                   Others                  21

                          Deal value US$m (volume)                                                       Deal type US$m (volume)
                                                                       3216 (6)                                                             2678 (11)

                                                                                                                  596 (5)       687 (52)
                                       256 (8)         391 (5)
   132 (43)          113 (7)                                                              147 (8)

  US$100m          Credit       Buyout        PIPE      Start-up/       Growth
                    US$20m            US$50m        US$100m                          investment                             Early stage      capital

RCP : Retail and consumer products

Page 51      16 October 2020            EY analysis of VCCEdge data
Infrastructure and real estate investments: US$ 226 million over
one deal
                                   By value US$m                                                           By volume

                            Real estate     NA                                                   Real estate     NA

                        Infrastructure                                    226                  Infrastructure                    1

                     Deal value US$m (volume)                                                   Deal type US$m (volume)
                                                                226 (1)                                                              226 (1)

   NA (NA)      NA (NA)        NA (NA)         NA (NA)                           NA (NA)     NA (NA)     NA (NA)       NA (NA)
  US$100m            Credit    Buyout       PIPE         Start-up/     Growth
               US$20m          US$50m        US$100m                            investment                            Early stage    capital

Page 52   16 October 2020        EY analysis of VCCEdge data
Top PE/VC investments

PE/VC investments in Reliance Retail: September 2020

PE investors                                                 Stage            US$m    Stake (%)

Silver Lake Management                                       Growth capital   1,022       1.75

KKR                                                          Growth capital    754        1.28

Page 53   16 October 2020      EY analysis of VCCEdge data
Top PE/VC investments

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

Company                                         PE Investors                          Sector               Stage            US$m   Stake (%)

Hexaware Technologies Limited                   Baring PE Asia                        Technology           PIPE              565         29

                                                General Atlantic, Tiger Global
Think and Learn Private Limited
                                                Management, Silver Lake               Education            Growth capital    500         NA
(Byju)
                                                Management and others

Sporta Technologies Private Limited             Tiger Global Management, TPG,         Media and
                                                                                                           Growth capital    225         NA
(Dream11)                                       ChrysCapital and others               entertainment

                                                Nexus Ventures, Sequoia Capital,
Sorting Hat Technologies Private
                                                General Atlantic, SoftBank Vision     Education            Start-up          150         10
Limited
                                                Fund 2, Blume Ventures

Zomato Media Private Limited                    Tiger Global Management LLC           E-commerce           Growth capital    100         NA

                                                Venturi Partners, Bessemer Ventures,
Home Interior Designs E-commerce
                                                Goldman Sachs, TPG Capital and       E-commerce            Start-up           90         NA
Private Limited
                                                others
                                                Pegasus Tech Ventures, Go Ventures,
Galactus Funware Technology Private                                                   Media and
                                                MDI Ventures, RTP Global Advisors,                         Start-up           90         NA
Limited                                                                               entertainment
                                                Sequoia Capital and others
                                     Intact Ventures, RPS Investment
Acko Technology and Services Private
                                     Fund, Amazon.com NV Investment                   Financial services   Start-up           60         NA
Limited
                                     Holdings LLC and others

 * PE/VC deals excluding investments in Reliance Retail in September 2020

Page 54      16 October 2020            EY analysis of VCCEdge data
Top infrastructure and real estate investments

Top infrastructure and real estate investments in September 2020

Company                                PE Investors                Sector           Stage            US$m   Stake (%)

RattanIndia Group, Solar Assets 306
                                       GIP                         Infrastructure   Growth capital    226         NA
MW

Page 55   16 October 2020       EY analysis of VCCEdge data
Exits: US$527 million across 13 deals in September 2020

                                                                       Exits in September 2020

                         Deal value US$m (volume)                                                     Deal value US$m (volume)

                                                                                                                                     391 (6)
 Industrial products                                             287 (2)

           Technology                      101 (2)

                    RCP*                 82 (1)
                                                                                           101 (3)
    Pharmaceuticals                 48 (2)
                                                                                                                          34 (1)
                                                                                                     NA (NA)   NA (NA)
                  Others         9 (6)
                                                                                            IPO      Buyback   Strategic Secondary    Open
                                                                                                                                     market

* Retail and consumer products

Page 56       16 October 2020            EY analysis of VCCEdge data
Top exits

Top exits in September 2020
Company                       Sector                    Sellers          Buyer   Exit type     US$m   Stake (%)

Essel Propack Limited         Industrial products       Blackstone       NA      Open market    253         23

Computer Age
Management Services           Technology                Warburg Pincus   NA      IPO            101         13
Private Limited

Amber Enterprises India       Retail and        ADV Opportunities Fund
                                                                         NA      Open market     82         10
Limited                       consumer products I LP

Page 57   16 October 2020      EY analysis of VCCEdge data
Fundraise

Top fundraise/announcements in September 2020
Status                        Fund                        US$m   Strategy

Announced                     Godrej Fund Management      500    Real estate

Announced                     8i Ventures Fund II         50     Consumer and fintech

Raised                        VC firm 3one4 Fund III      40     Early stage - Emerging technologies

Raised                        Inflexor Ventures           31     Early stage - Emerging technologies

Page 58   16 October 2020   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
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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
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►   EY’s India Private Equity Services Practice has been among the top advisors for private equity
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►   EY’s India Private Equity Services Practice provides value to PE funds and their portfolio
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Page 60    16 October 2020      EY analysis of VCCEdge data
EY 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
                                                                                                           (Fund and fund management company audit,
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                                                                          Funds
 Buy and sell side advisory
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 Exit readiness                                                   Portfolio Services                       Transition
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 restructuring, working capital                     mobility, transfer pricing and operating model         strategy, operational improvement, SCM,
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 and bankruptcy advisory)                           compliance)                                            management)

Page 61    16 October 2020         EY analysis of VCCEdge data
Ernst & Young LLP
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