grant thornton dealtracker q1...

© 2017 Grant Thornton India LLP. All rights reserved.

DealtrackerProviding M&A and Private Equity Deal insights

Q1 FY 17-18 | Volume 13.03

DisclaimerThis document captures the list of deals announced based on information available in the public domain and based on public announcements. Grant Thornton India LLP does not take any responsibility for the information, any errors or any decision by the reader based on this information. This document should not be relied upon as a substitute for detailed advise and hence, we do not accept responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal values are based on publicly available information and based on appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and results would be different.

Authors:Divyabala N, Monica Kothari



Foreword

Harish HV

PartnerGrant Thornton India LLP

Consolidation amidst increasing competition was the theme in Q1-2017, with such deals together clocking in a significant value of USD 33.7 bn across nearly 300 deals compared to USD 11bn across 400 deals in Q1-2016. This shows a threefold increase over last year accounting for more than 50 per cent of the deal value in 2016 in the first quarter of 2017 only.

One of the landmark deals in the country, the Vodafone-Idea merger which has been estimated to be a USD 27 bn transaction, has created the biggest telecom company in the country (by subscriber base) and the second largest in the world. Big-ticket consolidations were also witnessed in sectors like energy and natural resources, manufacturing, pharma and healthcare. Such transactions allow dynamic sectors and players to take advantage of economic, technological and commercial changes and deliver these benefits to their stakeholders including the customers. We believe such big-ticket consolidations are likely to continue in the coming months providing significant action to dealmakers in the country. We have been forecasting this for long given the significantly large number of companies in each sector in the country.

A striking feature of the M&A deal trends in Q1-2017 was the absence of significant cross-border activity (65 per cent y-o-y decline this quarter). With global uncertainties, Indian companies are hesitant to enter new markets or to expand their global footprint. Additionally, global investors are showing caution in the midst of weak international trade, increased private debt levels and uncertainty on policy direction in major global economies.

PE investments have continued their downward spiral with investment values reducing by 30 per cent y-o-y to USD 2.1 bn across 190 deals. A positive sign is the sustained interest in start-ups with several new entrants receiving funding from angel investors (around 120 start-ups received funds to the tune of USD 428 mn). However, investments are likely to show an upturn during the course of the year with PE players seeking exits from investments through a secondary sale.

The Indian economy, which is estimated to have achieved over 7 per cent growth in FY 2016-17, is expected to grow by 7.4 per cent in the current FY supported by pick up in consumption demand and increasing public investment. However, if not addressed, excess production capacity, stressed banking assets and the risk of higher oil prices may work as growth dampeners. Deal momentum in the country will gain more traction with sustained policy action to boost private investment and banking sector reforms.

Roll out of Goods & Services Tax (GST) in July, changes to corporate laws and the implementation of bankruptcy laws will further spur consolidation and assets takeover. We continue to be bullish on M&A activity.

"The onset of GST in July, changes to corporate laws and the implementation of bankruptcy laws will further spur consolidation and asset takeover"


Prashant Mehra

PartnerGrant Thornton India LLP

The Indian deal activity was dominated by big-ticket mergers and acquisitions in Q1-2017. The quarter witnessed one of the largest deals in the country with Vodafone-Idea’s merger, which is estimated at around USD 27 bn. This deal alone drove a 2.5 fold quarterly increase in overall deal values y-o-y. The quarter recorded USD 33.7 bn across 300 deals, marking a sharp increase in value as compared to USD 10.9 bn in Q1-2016 while volumes declined by 27 per cent.

M&A transactions were alone valued at USD 31.5 bn demonstrating a fourfold growth. Primary drivers for M&A growth was the consolidation drive in the domestic market with deal values growing by 10x on the back of healthy capital markets and easing credit conditions. This enabled companies strike big ticket deals either to slash debt or consolidate market share. The drive in the M&A deal activity is attributable to economic reasoning, with companies aiming to achieve forward and backward integration providing them competitive advantages and opportunities to optimise returns. Cross-border deal activity is yet to pick up pace in 2017 as compared to previous quarters due to looming uncertainties in the global economy.

Private investment activity started on a tepid note in Q1-2017. Private equity deal making remained weak with venture capital firms turning cautious on backing start-ups in the first three months, recording over USD 2.1 bn which is 30 per cent fall compared to Q1-2016. Overall PE figures show private investments had a poor start in Q1-2017. Interestingly, in an environment with reducing investments from larger VC and PE players, we witnessed an increasing number of smaller angel and seed-stage investors backing start-ups, as compared to levels seen in the previous quarter. In contrast, companies looking at larger investments may struggle to find investors in the coming quarters.

M&A activity in 2017 is expected to stay positive owing to the sustained interest in the Indian economy. Consolidation and expansion will be the major theme dominating the momentum behind the deal activity, especially in healthcare, telecom, e-commerce and infrastructure sectors. In financial services sector, the possibility of new business models emerging post-demonetisation, continued fund raising by NBFCs and consolidation push by micro finance firms will play a big role.

"Primary driver for M&A growth was consolidation in the domestic market with deal values growing by 10x on the back of healthy capital markets and easing credit conditions"

Foreword


Deal snapshot – March 2017

1.11.3

0.6

1.9

0.6 0.50.8

1.1

0.6

2.0

0.9

2.5

0.7 0.6

0.9

0

20

40

60

80

100

120

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

M&

A S

naps

hot

PE

Sna

psho

t

0.8

1.85.2

3.71.8 2.4

4.1 2.5

5.6

17.4

2.1 1.12.4

1.4

27.8

0

20

40

60

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 Values US$ bn 2017 Values US$ bn 2016 Volume 2017 Volume


Deal summary Volume Value (US$ mn)

2015 2016 2017 2015 2016 2017

Domestic 65 66 54 1,497 2,464 2,558

Cross-border 64 51 46 5,297 4,860 1,717

Merger & Internal Restructuring

2 7 5 11 563 27,265

Total M&A 131 124 105 6,805 7,886 31,540

Private Equity 220 284 192 2,594 3,024 2,116

Grand Total 351 408 297 9,399 10,910 33,656

Cross border includes

Inbound 29 19 24 4,728 2,460 1,137

Outbound 35 32 22 569 2,400 580

↑ 300%

↓30%

↑ 208%

↓ 15%

↓ 32%

↓ 27%

Consolidation in telecom sector drove the deal acti vity

• Overall deal activity in Q1-2017 witnessed an unprecedented three-fold y-o-y increase in terms of value, driven solely by the Vodafone-Idea mega merger, which contributed more than 80 per cent of the total values. Without this mega deal, estimated to be a USD 27 billion transaction, the deal activity would have recorded 39 per cent decline in values.

• Apart from consolidation in the telecom sector, big-ticket M&A deals materialised in sectors like pharma and energy as well. Overall, transaction values were driven by more than 14 big ticket deals (over USD 100 million) which contributed to over 96 per cent of the M&A values.

• In contrast, absence of big ticket investments in Q1-2017 in PE space drove investment values to the lowest in the last 11 quarters. This quarter recorded only four investments valued at and above US$ 100 mn, as compared to seven deals in Q1-2016.

• As compared to the previous quarter, overall deal value for this quarter increased by 30 per cent and volumes declined by 14 per cent.

• The Indian IPO market has bounced back from its lowest levels in Q1 2014 to a robust four-fold y-o-y increase in public issues this quarter, raising over US$ 535 mn. QIPs also increased to USD 559 mn from USD 23 mn recorded in Q1-2016.

Deal summary Volume Value (US$ mn)

2015 2016 2017 2015 2016 2017

Domestic 24 20 15 520 806 354

Cross-border 18 23 11 160 3,963 463

Merger & Internal Restructuring

1 3 2 10 464 27,005

Total M&A 43 46 28 690 5,232 27,822

Private Equity 76 90 69 709 641 880

Grand Total 119 136 97 1,399 5,873 28,702

Cross border includes

Inbound 7 10 6 109 2,195 336

Outbound 11 13 5 51 1,769 127

↑432%

↑ 37%

↑ 320%

↓ 39%

↓23%

↓ 29%

Q1’

201

7M

arch

201

7

Big-ticket M&A driving values

• While volumes declined, overall deal activity in March 2017 remained steady with a strong four-fold y-o-y increase sustained by the Vodafone-Idea merger. Cross-border transactions continued to be sluggish with uncertainty in the global markets impacting investor sentiment.

• M&A market activity in 2017 has been driven solely by the big-ticket deals like merger of Vodafone-Idea amongst three other big-ticket transactions (above US$ 100 mn). M&A volumes on the other hand continued to slip for the third consecutive quarter.

• Ending two months of decline, PE investment values showed signs of recovery this month with a modest 37 percent y-o-y growth driven by momentum in e-commerce and start-ups sectors (contributed to 47 per cent of total deal values); while PE volumes declined by 23 per cent yoy.

• As compared to February 2017, the overall deal activity witnessed a 15-fold increase m-o-m in terms of values (due to Vodafone-idea mega merger) and a 28 per cent increase in volumes.

Deal round-up – Q1-2017


Top M&A Deals of the Quarter

Acquirer Target Sector US$ mn

Deal Type % Stake Domestic/ Cross-border

Oil and Natural Gas Corporation Ltd

Gujarat State Petroleum Corporation Ltd’s - Krishna- Godavari basin

Energy & Natural Resources 1,195.26

Majority Stake 80% Domestic

PropTiger Realty Pvt Ltd Housing.com - Locon Solutions Private Limited

Start-up250.00

Merger N.A. Merger & Internal restructuring

Bharti Airtel Ltd Tikona Digital Networks Pvt. Ltd’s 4G business

Telecom244.00

Acquisition 100% Domestic

Havells India Ltd Lloyd Electrical and Engineering Ltd-Consumer durables business unit under the brand Lloyd

Manufacturing235.29


Bharti Airtel Ltd Telenor (India) Communications Pvt Ltd Telecom235.29


JERA Co. Inc ReNew Power Ventures Pvt. Ltd Energy & Natural Resources 200.00

Minority Stake 10% Inbound

Alibaba.com Singapore E-Commerce Pvt

One97 Communications Ltd- Paytm E-commerce177.00

Increasing stake to 62%

22% Inbound

Piramal Enterprises Ltd-Critical Care

Mallinckrodt LLC-portfolio of anti-spasticity and pain management drugs

Pharma, Healthcare & Biotech 171.00

Acquisition 100% Outbound

Aurobindo Pharma Ltd-Agile Pharma BV

Generis Farmaceutica SA Pharma, Healthcare & Biotech 142.50

Acquisition 100% Outbound

Abertis Infraestructuras SA GMR Jadcherla Expressways Private Limited (74%) and Trichy Tollway Private Limited (100%)

Infrastructure Management 133.09

Acquisition 100% Inbound

M&A round-up Q1-2017


Key sectors

Notable sectors Volume US$ mn

Start-up23

363

IT & ITES21

459

Manufacturing11

453

Pharma, Healthcare & Biotech10

382

Retail & Consumer7

108

Telecom3

27,479

• Consolidation in the telecom sector due to increasing competition drove

deal activity in Q1-2017, with the sector contributing over 87 per cent of

total deal value. The quarter witnessed three mega consolidations led by

Vodafone India's merger with Idea Cellular in an estimated USD 27 billon

deal, thereby creating the country’s largest telecom company. This was

followed by Bharti Airtel’s acquisition of Tikona Digital Networks Pvt Ltd’s

4G business for USD 244 million and that of Telenor (India)

Communications Pvt Ltd for USD 235 million.

• Start-ups continued to drive M&A deal volumes contributing to 22 per cent

of total deal volumes with discovery platforms in particular buzzing with

M&A activity.

• Players in the IT & ITES sector were active with around 21 deals

aggregating to USD 459 mn values with cross-border deals dominating

over 65 per cent of transactions.

• The quarter also witnessed some big ticket deals in sectors such as energy

& natural resources, manufacturing, e-commerce, pharma and IT & ITES.

Top sectors based on deal value (US$ mn)

Top sectors based on deal volume

M&A sector spotlight Q1-2017

Notable sector trends

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Start-up IT & ITES

Manufacturing Pharma, Healthcare & Biotech

Retail & Consumer

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Telecom Energy & Natural Resources

IT & ITES Manufacturing

Pharma, Healthcare & Biotech


PE Round-up Q1-2017

Top PE Deals of the Quarter

Investor Investee Sector % Stake US$ mn

Warburg Pincus PVR Ltd Media & Entertainment 14% 120.40

Caladium Investment Pvt Ltd CanFin Homes Ltd Banking & Financial Services

13% 113.12

True North Home First Finance Company India Pvt Ltd Banking & Financial Services

N.A. 100.00

Carlyle Asia Partners and Tiger Global Management Delhivery - SSN Logistics Pvt. Ltd E-commerce N.A. 100.00

TA Associates, True North, Tata Opportunities Fund, LeapFrog Investments, SIDBI, Kotak Mahindra Old Mutual Life Insurance Ltd and Edelweiss Tokio Life Insurance

Fincare Business Services Pvt Ltd Banking & Financial Services

N.A. 74.63

Sands Capital, International Finance Corp, Accel Partners, Flipkart Ltd and angel investor

Zinka Logistics solutions Pvt Ltd –Blackbuck Start up N.A. 70.00

Piramal Fund Management Vatika Group Real Estate N.A. 62.50

FTV Capital and Zodius Capital MarketsandMarkets Research Pvt. Ltd IT & ITES N.A. 56.00

REA Group and SoftBank Proptiger Realty Pvt Ltd & Locon Solutions Private Limited - Housing.com

Start up N.A. 55.00

Tencent Holdings Pvt Ltd, Sequoia Capital, Matrix Partners, Google Capital, Sofina, RSI Fund, Thrive Capital, ru-Net and Altimeter Capital

Practo Technologies Pvt Ltd E-commerce N.A. 55.00


PE sector spotlight Q1-2017

Key sectors

Notable sectors Volume US$ mn

Start-up118

428

IT & ITES17

89

E-commerce12

562

Banking & Financial Services9

387

Pharma, Healthcare & Biotech7

119

Real Estate7

187

Media & Entertainment4

133

• The PE/VC activity was led by the e-commerce sector, contributing 27 per

cent of investment values with four companies raising over USD 50 mn

each

• Start-ups attracted 61 per cent of investment volumes with discovery

platform, enterprise application and infrastructure segment attracting over

30 per cent of start-up investment. A large chunk of funding raised in the

start-up space was meant for acquisitions, investment in technology and

organic expansion.

• Banking and financial services garnered big ticket investments primarily in

the core banking segment with investments of USD 213 mn across two

transactions in the quarter.

• Other key sectors which witnessed big ticket investments (over USD 100

mn each) this quarter are Media & Entertainment and Banking & Financial

Services.

Top sectors based on deal value (US$ mn)

Top sectors based on deal volume

Notable sector trends

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Start-up IT & ITES

E-commerce Banking & Financial Services


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

E-commerce Start-up

Banking & Financial Services Real Estate

Media & Entertainment

Sector: Telecom Sector: Media & Entertainment

Acquirer Target

Vodafone Group Plc owns and operates networks in 26 countries and has partner networks in over 50 additional countries. Its Vodafone Global Enterprise division provides telecommunications and IT services to corporate clients in 150 countries.

Idea Cellular Ltd is a pan-India integrated GSM operator offering 2G, 3G and 4G services, and has its own NLD and ILD operations, and ISP license. Idea’s pan-India network covers over 400,000 towns and villages across the country.

Rationale

The merged entity will create India’s largest mobile telephony company with more than 395 million subscribers, 35 per cent of the market share, and 41 per cent of revenue shares (customer market). This move to consolidate comes in the wake of increased competition in India's telecom space. As part the deal, Vodafone will own 45.1 per cent of the combined company and Idea will hold 26 per cent. The rest will be held by the public shareholders.

According to reports, the deal will see the promoters of Idea gradually raise their stake in the combined entity while Vodafone Group will reduce its own with the long-term objective of both achieving equal stakes over a period of time. Initially, the AB Group (Idea's promoters) will acquire 4.9 per cent from Vodafone at USD 578.2 mn (INR 3,874 crore) taking its stake to 26 per cent. Vodafone will hold 45.1 per cent. Further, the company will have the right to buy another 9.5 per cent (at INR 130 a share or the prevailing market price, depending on the time of purchase) in the combined entity over four years from Vodafone.

Investor Investee

Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than USD 40 bn in private equity assets under management. The firm's active portfolio of more than 130 companies is diversified by stage, sector and geography.

PVR Ltd is one of largest and the most premium film and retail entertainment company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in India. It currently operates a cinema network of562 screens in 122 properties across 48 cities pan India.

Comments

This is Warburg Pincus' first investment in the India’s media & entertainment sector. Multiples Alternate Asset Management (Multiples) and promoters have divested 14 per cent stake in PVR to Warburg Pincus. Post the transaction, Multiples will retain 14 per cent stake in the Company (after divesting 9 per cent stake) and promoters will remain the company’s largest shareholders with 20 per cent stake (after divesting 5 per cent stake).

Vodafone India merges with Idea Cellular in a deal estimated at USD 27 billion

Warburg Pincus picks up 14% stake in PVR for USD 120 mn

Deal of the quarter - PEDeal of the quarter - M&A

©2017 Grant Thornton India LLP. All rights reserved.

Deal ListDomestic

Inbound

Outbound

Mergers and Internal restructuring

Private Equity

IPO's & QIP's


Acquirer Target Sector US$ mn Deal Type % Stake

ABC Aviation and Training Services Pvt ltd- FLYeasy

Air Pegasus Pvt LtdAerospace & Defense

12.70 Controlling Stake

74%

Sona Group Mahindra Sona Limited Automotive 17.65 Strategic Stake

38%

IDFC Financial Holding Co. LtdIDFC Asset Management Co. Ltd and IDFC AMC Trustee Co. Ltd

Banking & Financial Services

36.45 Strategic Stake

25%

Anand Rathi Financial Services LtdReligare Enterprises Ltd- Wealth Management arm

Banking & Financial Services

N.A. Acquisition 100%

IndusInd Bank IL&FS Securities Services Ltd Banking & Financial Services


Jasper Infotech Pvt Ltd-Snapdeal.com

Accelyst Solutions Pvt Ltd-Freecharge.in

E-commerce 57.35 Minority Stake N.A.

Oil and Natural Gas Corporation LtdGujarat State Petroleum Corporation Ltd’s - Krishna- Godavari basin

Energy & Natural Resources

1,195.26 Majority Stake 80%

Tata Steel Ltd Brahmani River Pellets LtdEnergy & Natural Resources

132.35 Acquisition 100%

Leap Green Energy Pvt. LtdInox Renewables Ltd- wind power farms

Energy & Natural Resources


Tata Steel Ltd Creative Port Development Pvt LtdInfrastructure Management

N.A. Controlling Stake

51%

M&A Deals – Domestic



Infibeam Incorporation Ltd Avenues India Pvt Ltd- CCAvenue IT & ITES 22.06 Minority Stake 8%

ICICI Prudential Life Insurance and ICICI Lombard General

FINO PayTech Ltd IT & ITES 21.91 Minority Stake 10%

Team Lease Services Pvt LtdKeystone Business Solutions Private Limited

IT & ITES 1.20 Acquisition 100%

Quess Corp LtdHeptagon Technologies Private Limited

IT & ITES 0.81 Strategic Stake

26%

MSD Telematics Pvt Ltd Heuristics Info Systems Pvt. Ltd IT & ITES N.A. Acquisition 100%

Sminq India Solutions Pvt. Ltd CodePandora IT & ITES N.A. Acquisition 100%

Infibeam Incorporation Ltd- NSI Infinium Global Pvt Ltd

DRC Systems Pvt Ltd IT & ITES N.A. Acquisition 100%

Havells India LtdLloyd Electrical and Engineering Ltd-Consumer durables business unit under the brand Lloyd

Manufacturing 235.29 Acquisition 100%

JSW Cement Limited Shiva Cement Ltd Manufacturing 14.30 Strategic Stake

36%

JSW Cement Limited Shiva Cement Ltd Manufacturing 5.77 Minority Stake 12%




Zee Entertainment Enterprises Ltd Margo Networks Pvt. LtdMedia & Entertainment

11.50 Majority Stake 80%

Cadila Healthcare Ltd-Zydus Cadila

MSD Pharmaceuticals India Pvt. Ltd-The brands—Deca-Durabolin, Durabolin, Sustanon, Multiload, Sicastat and Axeten



Metropolis Healthcare Ltd Sanjeevani Pathology laboratoryPharma, Healthcare & Biotech


McNally Bharat Engineering Co Ltd Vedica Sanjeevani Projects Pvt. Ltd Real Estate 40.44 Controlling stake

60%

Coldwell Banker India Pvt Ltd Favista Real Estate Pvt Ltd Real Estate N.A. Acquisition 100%

OmniActive Health Technologies Limited

Indfrag Ltd Retail & Consumer N.A. Majority Stake 85%

Curefit Healthcare Pvt Ltd The Tribe Fitness Club Retail & Consumer N.A. Majority Stake N.A.

Talwalkars Better Value Fitness Ltd Force Fitness India Pvt Ltd Retail & Consumer N.A. Controlling stake

50%

Marico Ltd Zed Lifestyle Pvt Ltd- Beardo Retail & Consumer N.A. Strategic Stake 45%

Good Health Essentials Private Limited- MyGreens

Food Ideas Pvt. Ltd- JusDivine Retail & Consumer N.A. Acquisition N.A.




ABM Knowledgeware Ltd InstaSafe Technologies Pvt Ltd Start-up 2.20 Minority Stake N.A.

Star India Pvt. Ltd Zapr Media Labs Start-up N.A. Minority Stake N.A.

Think & Learn Pvt Ltd- Byju'sSPAN Thoughtworks Private Limited-Vidyartha

Start-up N.A. Acquisition 100%

Freshboxx Ventures UrMajesty Start-up N.A. Acquisition 100%

Freshdesk Technologies Pipemonk Start-up N.A. Acquisition 100%

MJVS Fashion Services Pvt. Ltd-Coutloot

Stororo Services Pvt. Ltd- Once Again Store


Little Internet Pvt Ltd -LittleSoulmo Solutions Pvt. Ltd-stylofie.com


Le Travenues Technology Pvt Ltd-iXiGO.com

Reach App Pte Ltd Start-up N.A. Acqui-Hire N.A.

SD Group Metano Technologies Pvt Ltd- Fitnapp Start-up N.A. Minority Stake N.A.

Big Tree Entertainment Pvt Ltd -BookMyShow

MastiTickets Start-up N.A. Acqui-Hire N.A.




Urbanity Multisol Pvt. Ltd- mydidi.in Timemytask Services Pvt Ltd Start-up N.A. Acquisition 100%

Price Ponder Private Limited -OneLoyalCard

Jetstartus Technology Pvt Ltd-Pocketin

Start-up N.A. Acqui-Hired N.A.

GaragePreneurs Internet Pvt Ltd-SlicePay

Trustio Technologies Pvt Ltd Start-up N.A. Acquisition 100%

Big Tree Entertainment Pvt Ltd -BookMyShow

Dyulok Technologies Pvt Ltd-Townscript.com

Start-up N.A. Majority Stake 75%

Manna Healthcare Pvt Ltd-ObiNo Fitard Technology Private Limited Start-up N.A. Acquisition 100%

Rays Culinary Delights Pvt. Ltd-Sattviko

StylSpot Start-up N.A. Acquisition 100%

Bharti Airtel Ltd Seynse Technologies Pvt Ltd Start-up N.A. Strategic Stake

N.A.

ItzCash Card Ltd Finly.oi Start-up N.A. Minority Stake N.A.

Curefit Healthcare Pvt Ltd Kristys Kitchen Start-up N.A. Acquisition 100%

PML Solutions Pvt Ltd- Pick My Laundry

Ganymede Technologies Pvt Ltd-OneClickWash





AppWorks BigDrop Pvt Ltd Start-up N.A. Acquisition 100%

Bharti Airtel LtdTikona Digital Networks Pvt. Ltd’s 4G business

Telecom 244.00 Acquisition 100%

Bharti Airtel LtdTelenor (India) Communications Pvt Ltd

Telecom 235.29 Acquisition 100%

Stellar Value Chain Solutions Pvt. Ltd Kelvin Cold Chain Logistics Pvt. Ltd Transport & Logistics N.A. Majority Stake N.A.



M&A Deals – Inbound


JTEKT Corporation Sona Koyo Steering Systems Ltd Automotive 62.00 Strategic Stake

25%

Peugeot SAHindistan Motors Ltd- Ambassador brand

Automotive 12.00 Acquisition 100%

Foreign undisclosed investor Indian Energy ExchangeBanking & Financial Services

15.15 Minority Stake 4%

Fairfax Financial Holdings Ltd Catholic Syrian Bank LtdBanking & Financial Services

N.A. Controlling Stake

51%


One97 Communications Ltd- Paytm E-commerce 177.00 Increasing stake to 62%

22%


One97 Communications Ltd- Paytm E-commerce 41.00 Minority Stake 1%

JERA Co. Inc ReNew Power Ventures Pvt. LtdEnergy & Natural Resources


Louvre Hotels Group Sarovar Hotels Pvt. Ltd Hospitality & Leisure N.A. Majority Stake 75%

Abertis Infraestructuras SAGMR Jadcherla Expressways Private Limited (74%) and Trichy Tollway Private Limited (100%)

Infrastructure Management


NTT Communications Corporation Netmagic Solutions Pvt Ltd IT & ITES 79.68 Increasing stake to 100%

18%



Nuance Communications Inc mCarbon Tech Innovations Pvt. Ltd IT & ITES 36.00 Acquisition 100%

Ingenico Group TechProcess Payment Services Ltd IT & ITES N.A. Acquisition 100%

Bertelsmann SE & Co. KGaA- Arvato CRM Solutions

Ramyam Intelligence Lab Pvt. Ltd IT & ITES N.A. Acquisition 100%

TenderHut SAQburst Technologies Pvt Ltd- QburstPoland

IT & ITES N.A. Acquisition 100%

OMA Emirates MobiSwipe Technologies Pvt Ltd IT & ITES N.A. Acquisition 100%

Liberty House Group Tata Steel Ltd- UK specialty steels business

Manufacturing 123.24 Acquisition 100%

Toppan Printing Co. Ltd Max Speciality Films Limited Manufacturing 30.00 Strategic Stake

49%

New York Life Insurance Company Max Ventures & Industries Ltd Manufacturing 17.70 Minority Stake 23%

Pacman-CCL Super Label Mfg Co Manufacturing 3.75 Controlling Stake

70%

Nippon Paper Industries Co. LtdBK Modi group's Plus Paper Foodpac Pvt. Ltd

Manufacturing N.A. Acquisition 100%




Lubrizol Corp Lubrizol India Pvt Ltd Manufacturing N.A. Strategic Stake

24%

Ascendis Health Ltd

Cipla Ltd- Cipla Agrimed Proprietary Ltd and Cipla Vet Proprietary Ltd, South Africa (Animal health business in SA)



PerkinElmer, Inc Tulip Diagnostics Private LtdPharma, Healthcare & Biotech


Lyft Inc FinitePaths Inc Start-up N.A. Acquisition 100%



M&A Deals – Outbound


Mahindra & Mahindra ltdHisarlar Makina Sanayi ve Ticaret Anonim Şirketi

Agriculture & Forestry 19.00 Majority Stake 75%

Tata Motors Ltd- Jaguar Land Rover Cloudcar Inc Automotive N.A. Minority Stake N.A.

Tech Mahindra Ltd CJS Solutions Group LLC IT & ITES 110.00 Acquisition 100%

WNS (Holdings) Limited Denali Sourcing Services IT & ITES 40.00 Acquisition 100%

Wipro Ltd InfoSERVER SA IT & ITES 8.70 Acquisition 100%

Wixty Technologies Pvt Ltd Kingr IT & ITES 0.15 Acquisition 100%

DoubleYou Technologies Pvt Ltd-Woo

Dus Inc IT & ITES N.A. Acquisition 100%

Jain Irrigation Systems Ltd Observant Pty Ltd IT & ITES N.A. Acquisition 100%

Minions Ventures Pvt. Ltd- KredX Hummingbill Inc IT & ITES N.A. Acquisition 100%

e-Zest Solutions Ltd SmarterMe Inc IT & ITES N.A. Acquisition 100%

Cyient Ltd Certon Software Inc Manufacturing 7.50 Acquisition 100%



Asian Paints Ltd -Berger International Pvt. Ltd

Causeway Paints Lanka (Pvt.) Ltd Manufacturing N.A. Acquisition 100%

Piramal Enterprises Ltd- Critical CareMallinckrodt LLC-portfolio of anti-spasticity and pain management drugs



Aurobindo Pharma Ltd- Agile Pharma BV

Generis Farmaceutica SAPharma, Healthcare & Biotech


Sun Pharmaceutical Industries Ltd scPharmaceuticals Inc.Pharma, Healthcare & Biotech


Sun Pharmaceutical Industries Ltd-Taro Pharmaceuticals Inc

Thallion Pharmaceuticals IncPharma, Healthcare & Biotech


Cadila Healthcare Ltd-Zydus Cadila Sentynl Therapeutics IncPharma, Healthcare & Biotech


Aurobindo Pharma Ltd TL Biopharmaceutical AG- four biosimilar products



Golflan Technologies Pvt Ltd-GolfLAN

StayPrime Global LLCProfessional / Business Services


Golflan Technologies Pvt Ltd-GolfLAN

GolfGreedyProfessional / Business Services


Varun Beverages Ltd Varun Beverages (Zambia) Ltd Retail & Consumer N.A. Increasing stake to 90%

30%

Godrej Consumer Products Ltd Weave Senegal Ltd Retail & Consumer N.A. Increasing stake to 100%

49%

M&A Deals – Outbound


M&A Deals – Mergers & Internal restructuring


Link Legal India Law Services DH Law AssociatesProfessional / Business Services

N.A. Merger N.A.

Accord Group India Stanton Chase IndiaProfessional / Business Services

N.A. Merger N.A.

Phoenix LegalASC Legal, Solicitors and Advocates (India)

Professional / Business Services

N.A. Merger N.A.

PropTiger Realty Pvt LtdHousing.com - Locon Solutions Private Limited

Start up 250.00 Merger N.A.

Vodafone India Limited Idea Cellular Ltd Telecom N.A. Merger N.A.



Accel India, IDG Ventures and AavishkaarVenture Management

ULink BioEnergy Pvt. Ltd- AgroStar Agriculture & Forestry N.A. 10.00

Caladium Investment Pvt Ltd CanFin Homes Ltd Banking & Financial Services 13% 113.12

True NorthHome First Finance Company India Pvt Ltd

Banking & Financial Services N.A. 100.00

TA Associates, True North, Tata Opportunities Fund, LeapFrog Investments, SIDBI, Kotak Mahindra Old Mutual Life Insurance Ltd and Edelweiss Tokio Life Insurance

Fincare Business Services Pvt Ltd Banking & Financial Services N.A. 74.63

New York Life Investment Management LLC and Jacob Ballas Capital India Pvt. Ltd

Centrum Direct Ltd Banking & Financial Services 30% 50.00

Creation Investments. Muthoot Microfin Ltd Banking & Financial Services 11% 19.12

Asian Development Bank Satin Creditcare Network Limited Banking & Financial Services N.A. 10.00

WestBridge CapitalExperian Credit Information Company of India Private Ltd

Banking & Financial Services N.A. 9.41

Paragon Partners InCred Finance Banking & Financial Services N.A. 3.73

Fairfax India Holdings Corp. and Fairfax Financial Holdings Ltd

IIFL Holdings Ltd Banking & Financial Services 5% N.A.

Private Equity



Carlyle Asia Partners and Tiger Global Management

Delhivery - SSN Logistics Pvt. Ltd E-commerce N.A. 100.00

Tencent Holdings Pvt Ltd, Sequoia Capital, Matrix Partners, Google Capital, Sofina, RSI Fund, Thrive Capital, ru-Net and Altimeter Capital

Practo Technologies Pvt Ltd E-commerce N.A. 55.00

Temasek and US based family office MXC solutions Pvt. Ltd -CarTrade.com E-commerce N.A. 55.00

SAIF partners One97 Communications Ltd- Patym E-commerce 5% 23.00

Sequoia Capital and Fosun Kinzon Capital Pte Ltd

Le Travenues Technology Pvt Ltd-iXiGO.com

E-commerce N.A. 15.00

Unilazer VenturesLenskart Solutions Private limited-Lenskart.com


Angel Investors Laundry Project India Pvt Ltd- Wassup E-commerce N.A. 3.20

Angel investorsPrecious Pet Services Pvt. Ltd- Heads Up For Tails


SIDBI Venture Capital PICKmE eSolutions India Pvt Ltd E-commerce N.A. 1.79

DSG Consumer Partners Insignia Art Collect Private Limited E-commerce N.A. 0.52

Private Equity



SoftBank and existing investorsOlacabs.com -ANI Technologies Pvt Ltd

E-commerce N.A. N.A.

Angel investorsWishberry -Random Motion Advertising Pvt Ltd

E-commerce N.A. N.A.

Gaja Capital Kangaroo Kids Education Ltd Education N.A. 20.00

Alphabet Inc., CapitalG and Sequoia India Cuelearn Pvt Ltd- Cuemath Education N.A. 15.00

The India Educational Investment Fund Chippersage Education Pvt. Ltd. Education N.A. N.A.

Angel investorsElpis Technology Solutions Private Limited- myCBSEguide.com

Education N.A. N.A.

Kaizen Management Advisors Pvt Ltd INSOFE Education Pvt. Ltd Education N.A. N.A.

Pasari Family Group McNally Bharat Engineering Co Ltd Infrastructure Management 30% 40.44

Tricolor Clean Capital Supremus Group- Janajal Infrastructure Management N.A. 5.00

Angel investors EcoCentric Management Pvt Ltd Infrastructure Management N.A. N.A.

Private Equity



FTV Capital and Zodius Capital MarketsandMarkets Research Pvt. Ltd IT & ITES N.A. 56.00

Vertex Ventures, Lumis Partners and The HiveFlutura Business Solutions Pvt Ltd-Flutura Decision Sciences & Analytics

IT & ITES N.A. 7.50

RB Investments and Kaleden Holdings SMSdaak India Ltd- InstantPay IT & ITES N.A. 5.00

IvyCap Ventures RML AgTech Pvt. Ltd IT & ITES N.A. 4.00

Mayfield India Securens Systems Private Limited IT & ITES N.A. 2.20

Social Capital, Vy Capital and angel investors Hypertrack Inc IT & ITES N.A. 1.50

Parampara Capital Data Resolve Technologies Pvt. Ltd IT & ITES N.A. 1.00

Ideaspring Capital Karomi Technology Private Limited IT & ITES N.A. 0.52

SRI Capital. Imaginate Software Labs Pvt Ltd IT & ITES N.A. 0.50

Angel investorsRoid Technologies Private Limited -AppBrowzer

IT & ITES N.A. 0.50

Private Equity



Ojas Ventures and angel investors Mobisy Technologies Pvt. Ltd IT & ITES N.A. 0.38

Angel Investors Realtime TaxSutra Services Pvt Ltd IT & ITES N.A. 0.37

Angel investors Xlsys Technologies Pvt Ltd- QwiKSpec IT & ITES N.A. 0.30

Village CapitalGumption Labs Software Solutions Pvt Ltd

IT & ITES N.A. 0.05

SB Ventures Pristech Technologies Pvt Ltd-PParkE IT & ITES N.A. N.A.

Dream Incubator, Kalaari Capital and Ascent Capital

99Games Online Pvt Ltd IT & ITES N.A. N.A.

Angel investors Smartron India Pvt Ltd IT & ITES N.A. N.A.

Warburg Pincus PVR Ltd Media & Entertainment 14% 120.40

GREE Ventures, IDG Ventures and Kalaari Capital

Luxeva India Pvt Ltd-POPxo Media & Entertainment N.A. 2.70

AION Capital Partners Ltd Planetcast Media Services Ltd Media & Entertainment N.A. N.A.

Private Equity



Puthen & Cole and angel investor Kochi Post Media LLP- The Kochi Post Media & Entertainment N.A. N.A.

Everstone Group OmniActive Health Technologies LtdPharma, Healthcare & Biotech

N.A. 35.00

TA Associates Shilpa Medicare LtdPharma, Healthcare & Biotech

4% 25.74

Morgan Stanley Private Equity Asia ZCL Chemicals LtdPharma, Healthcare & Biotech

N.A. 25.00

Manipal Education and Medical Group and CDC Group Plc

iGenetic Diagnostics Pvt LtdPharma, Healthcare & Biotech

N.A. 20.00

TA Associates Ideal Cures Pvt. LtdPharma, Healthcare & Biotech

N.A. N.A.

Marico Innovation Foundation and Villgro Yostra Labs Pvt LtdPharma, Healthcare & Biotech

N.A. N.A.

DanGold Investment CorpDoux Dentistry Private Limited-MobiDent


N.A. N.A.

Motilal Oswal Private Equity Investment Advisors Private Limited,

Updater Services Pvt LtdProfessional / Business Services

N.A. 15.00

The India Educational Investment Fund Select Jobs Pvt LtdProfessional / Business Services

N.A. N.A.

Private Equity



Piramal Fund Management Vatika Group Real Estate N.A. 62.50

Altico Capital Phoenix Group Real Estate N.A. 44.78

Aevitas Property Partners DASNAC Holdings Pvt Ltd Real Estate N.A. 30.00

Pragnya Group L&T South City Projects Limited Real Estate 51% 28.70

Angel investors Square Yards Consulting Pvt Ltd Real Estate N.A. 10.00

Nisus Finance Services Co Midcity Heights Pvt Ltd Real Estate N.A. 3.68

Canada Pension Plan Investment BoardPhoenix Mills’- Island Star Mall Developers

Real Estate 49% N.A.

Paragon Partners Cravatex Ltd Retail & Consumer N.A. 11.19

Neev Fund, Eight Roads Ventures, Aavishkaar India

Milk Mantra Dairy Pvt Ltd Retail & Consumer N.A. 10.00

Angel investorsControl Alt Foods Pvt. Ltd- The Green Snack Co

Retail & Consumer N.A. 0.50

Private Equity



Peepul Capital Unibic Biscuits India Pvt. Ltd Retail & Consumer N.A. N.A.

Sands Capital, International Finance Corp, Accel Partners, Flipkart Ltd and angel investor

Zinka Logistics solutions Pvt Ltd -Blackbuck

Start-up N.A. 70.00

REA Group and SoftBankProptiger Realty Pvt Ltd & LoconSolutions Private Limited -Housing.com

Start-up N.A. 55.00

Sequoia Capital, Steadview Capital, SAIF Partners and Kalaari Capital

Urban Ladder Home Decor Solutions Pvt Ltd

Start-up N.A. 15.20

SoftBank Ventures Korea, IMM Investment Corp, Mega Investment, Korea Development Bank and Capston Partners

Balance Hero Co Ltd- True Balance Start-up N.A. 15.00

Eight Roads Ventures Shadowfax Technologies Pvt Ltd Start-up N.A. 10.00

Iron Pillar Capital and IIFL, Blume Ventures & Omidyar Network.

NowFloats Technologies Pvt. Ltd Start-up N.A. 10.00

RB Investments, SAIF Partners, Bessemer Venture Partners

TravelTriangle.com - Holiday Triangle Travel Private Limited

Start-up N.A. 10.00

Sequoia Capital, Matrix PartnersBelong Technologies India Pvt Ltd-Belong.co

Start-up N.A. 10.00

Sistema Asia Fund, Amereus Group and Helion Venture Partners

Wooplr Technologies Pvt. Ltd Start-up N.A. 8.00

Private Equity



RB Investments and Sequoia Capital Voonik Technologies Pvt. Ltd Start-up N.A. 6.00

Accel Partners, IDG Ventures, EndiyaPartners, Pi Ventures, VH Capital, AxilorVentures and angel investors

SigTuple Technologies Pvt Ltd Start-up N.A. 5.80

Angel investors 10i Commerce Services Pvt. Ltd Start-up N.A. 5.00

Nexus Venture Partners and Innoven Capital Zolostays property solutions Pvt Ltd Start-up N.A. 5.00

Stanford Angels, Nexus Venture Partners and Blume Ventures

Sorting Hat Technologies Private Limited- Unacademy

Start-up N.A. 4.50

Deutsche Telekom Strategic Investments and angel investors

Roambee Services (india) Private Limited

Start-up N.A. 4.10

GMO Venture Partners, Rebright Partners and angel investor

Diptab Ventures Pvt Ltd-Letstransport.in

Start-up N.A. 4.00

IDG Ventures India, Michael & Susan Dell Foundation, Draper Associates and Unitus Seed Fund

Catbus Infolabs Pvt. Ltd- Blowhorn Start-up N.A. 3.65

Kalaari Capital and angel investors Airpay Payment Services Pvt. Ltd Start-up N.A. 3.58

Florintree Advisors and angel investorsPalred Online Technologies Pvt. Ltd-LatestOne

Start-up N.A. 3.28

Private Equity



Shunwei Capital Paix Technology Pvt Ltd-Truebil.com Start-up N.A. 3.00

Lightspeed Venture Partners RedCarpet Tech Pvt Ltd Start-up N.A. 2.50

Angel investors Frame Technologies Pte Ltd Start-up N.A. 2.25

Angel investors Seamovation Labs Pvt. Ltd- enKast Start-up N.A. 2.00

Flipkart WeHive Technologies Pvt Ltd- TinyStep Start-up N.A. 2.00

Brand Capital Airmed Pathlabs Private Limited Start-up N.A. 1.47

IDG Ventures and Endiya Partners Hansel Software Pvt Ltd- Hansel.io Start-up N.A. 1.35

IDG Ventures, Blume Ventures and Saha Fund MPaani Solutions Pvt. Ltd- m.Paani Start-up N.A. 1.35

Angel investors Baadl Technologies Pvt Ltd- Dekkho Start-up N.A. 1.30

Angel investorsDavman Technologies Pvt Ltd- Juno Clinic

Start-up N.A. 1.20

Private Equity



Michael & Susan Dell Foundation and AnkurCapital

SkillVeri Training Solutions Pvt. Ltd Start-up N.A. 1.18

pi Ventures and Blume Ventures Zenatix Solution Pvt Ltd Start-up N.A. 1.18

Indian Angel Network, BEENEXT, The Chennai Angels, and angel investor

Agile Parking Solutions- Get My Parking

Start-up N.A. 1.10

IDG Ventures, Axilor Ventures, Emergent Ventures and Indian Angel Network

PipeCandy Start-up N.A. 1.10

NB VenturesCaeruz Ventures Private Limited -HealthifyMe

Start-up N.A. 1.00

Earlsfield Capital Wandertrails Services Pvt Ltd Start-up N.A. 1.00

Brand Capital OhoShop mCommerce Pvt. Ltd Start-up N.A. 1.00

K2 Capital and angel investorsCarryage Technologies Pvt Ltd-TempoGO

Start-up N.A. 0.83

Menterra Social Impact Fund and Unitus Seed Fund

Curiositi Learning Solutions Pvt Ltd Start-up N.A. 0.80

Angel investors RSJ Lexsys Pvt. Ltd- LexComply Start-up N.A. 0.74

Private Equity



Angel investors Hipcouch Start-up N.A. 0.70

Fireside Ventures, Mumbai Angels, Singapore Angel Network and angel investors

Vahdam Teas Private Limited Start-up N.A. 0.65

Ideaspring Capital Lavelle Networks Pvt Ltd Start-up N.A. 0.60

India Quotient and angel investors DI Infosolutions Pvt Ltd- Ketchupp Start-up N.A. 0.50

Indochine InternationalAgnificent Platform Technologies Pvt.Ltd- Khel Now

Start-up N.A. 0.50

Al Dhaheri familyLove Food Ventures Private Limited-48east

Start-up N.A. 0.50

Angel investors Ashimara Housing Pvt. Ltd- Your-space Start-up N.A. 0.50

Venture CatalystsShopsense Retail Technologies Pvt Ltd- Fynd

Start-up N.A. 0.50

Batlivala & Karani Securities, Venture Works and others

MindCrescent Wellness Ventures Start-up N.A. 0.45

Angel investors First Step Digital Pvt. Ltd- Peebuddy Start-up N.A. 0.44

Private Equity



Blume Ventures and angel investorsServiceMonk Technologies Pvt. Ltd-iService

Start-up N.A. 0.44

Pravega Ventures, BeeNext and angel investors

Fyle Technologies Pvt Ltd Start-up N.A. 0.40

Angel investors Kenrise Media Private Limited- The Ken Start-up N.A. 0.40

Wealthy Ideas Easter Egg Solutions Pvt Ltd Start-up N.A. 0.40

Angel investorsSky Gate Hospitality Pvt Ltd- Biryani By Kilo

Start-up N.A. 0.37

GHV accelerator and angel investorsAdcount Technologies Pvt Ltd-AdUrCup

Start-up N.A. 0.33

The Chennai AngelsNortherly Automotive Solutions Private Limited- GoBumpr

Start-up N.A. 0.30

Brand Capital InvexGO Solutions Pvt. Ltd- DoneThing Start-up N.A. 0.30

Angel investors PageStitch, Inc- Tydy Start-up N.A. 0.28

Chandigarh Angels Network HealthATM India Pvt Ltd- YOLO Health Start-up N.A. 0.24

Private Equity



Angel investors Jogo Technologies Pvt Ltd- Fitso Start-up N.A. 0.20

Angel investors Abrax Retail Pvt. Ltd- SummerLabel Start-up N.A. 0.15

GHV accelerator and Angel Investors Notesgen Technologies Pvt Ltd Start-up N.A. 0.15

Angel investors Ezytruk Solutions Pvt Ltd Start-up N.A. 0.15

Y Combinator Supr Techlabs Pvt. Ltd- Supr Daily Start-up N.A. 0.12

Angel investorsPod Conceptions Services Pvt. Ltd-ShopHop

Start-up N.A. 0.10

Angel investors Medinfi Healthcare Pvt. Limited Start-up N.A. 0.10

Angel investors JewelClick Online Pvt. Ltd- Johari Shop Start-up N.A. 0.09

Jaarvis Accelerator iManageMyHotel Technologies Pvt Ltd Start-up N.A. 0.05

FbStart O Tree Solutions Pvt Ltd- Athletto Start-up N.A. 0.04

Private Equity



National Science and Technology Entrepreneurship Development Board

StatSoft Technologies Pvt Ltd-BookServicing

Start-up N.A. 0.03

Angel investors MyAdvo Techserve Pvt. Ltd Start-up N.A. N.A.

CoCreate Ventures JustBooks Solutions Pvt. Ltd Start-up N.A. N.A.

The Chennai Angels and other angel investors Hourglass Design Pvt Ltd- The Postbox Start-up N.A. N.A.

Angel investors Pandorum Technologies Pvt. Ltd Start-up N.A. N.A.

Angel investorsShopsense Retail Technologies Pvt Ltd- Fynd

Start-up N.A. N.A.

Angel investorsGreyHair Ventures Private Limited-Vow Car Clinic

Start-up N.A. N.A.

Kae Capital.Heuristix Digital Technologies Private Limited - Learntron

Start-up N.A. N.A.

ZDream Ventures Xeler8 Inc Start-up 100% N.A.

Aavya Ventures Drivology Solutions Pvt Ltd- Drivekool Start-up N.A. N.A.

Private Equity



Globevestor and angel investors InstaOffice Business Solutions Pvt. Ltd Start-up N.A. N.A.

Vividhity Ventures and angel investorsNxtify Technologies Pvt Ltd-PaisaWapas

Start-up N.A. N.A.

Axilor, Parampara Early Stage Opportunities Fund and angel investors

SecurAX Tech Solutions(I) Pvt Ltd Start-up N.A. N.A.

Angel investorsLeadCap Knowledge Solutions Pvt Ltd -Leadburg

Start-up N.A. N.A.

Quarizon OurInitiative Media Pvt Ltd- OiMedia Start-up N.A. N.A.

Indian Angel Network and Native Angels Network

Native Special Products Limited Start-up N.A. N.A.

Stellaris Venture Partners, Bessemer Ventures, Jungle Ventures and Axis Capital

AYN Network Pvt Ltd- Wydr Start-up N.A. N.A.

Y Combinator and angel investorsGuerrilla Infra Solutions Pvt.LTD-Innov8

Start-up N.A. N.A.

Rajasthan Venture Capital Fund Direct Create Private Limited Start-up N.A. N.A.

IvyCamp Tyre Express Pvt Ltd Start-up N.A. N.A.

Private Equity



YourNest CRON Systems Pvt Ltd Start-up N.A. N.A.

East Ventures and angel investors Betaout Inc Start-up N.A. N.A.

Angel investors Connaizen Software Pvt. Ltd. Start-up N.A. N.A.

Mumbai Angels and angel investorsTen Strike Consultancy Pvt Ltd-Registermymarraige

Start-up N.A. N.A.

Angel investors Clodura Systems Pvt. Ltd Start-up N.A. N.A.

Angel investorsKromozones Software Private Limited-Mind Your Fleet

Start-up N.A. N.A.

Angel investors Connaizen Software Pvt. Ltd. Start-up N.A. N.A.

Angel investors Zeva Capsol Private Limited- 1Crowd Start-up N.A. N.A.

Angel investorsGuerrilla Infra Solutions Pvt.LTD-Innov8

Start-up N.A. N.A.

Angel investors Workcell Solutions Pvt. Ltd- Reap Start-up N.A. N.A.

Private Equity



Angel investors Adove Medios Pvt. Ltd- Oglas Start-up N.A. N.A.

Angel investors StayAbode Start-up N.A. N.A.

Angel investors Digital Haat Pvt. Ltd- Couponhaat Start-up N.A. N.A.

ZGC Global MyTaxiIndia Pvt. Ltd Start-up N.A. N.A.

Angel investorsVdss Agri Tech Private Limited-Paalak.in

Start-up N.A. N.A.

Langoor and Angel investors Kreate Konnect Start-up N.A. N.A.

Angel investors Nactus India Services Pvt Ltd Start-up N.A. N.A.

Kae Capital Management (P) Ltd, Segnel Ventures Pte Ltd.

Proparents Solutions Pvt. Ltd-Parentune.com

Start-up N.A. N.A.

Asuka, Pravega Ventures and BEENEXT Property Share Online Platform Pvt. Ltd Start-up N.A. N.A.

Angel investors Emojifi Pvt. Ltd Start-up N.A. N.A.

Cyber Carrier and angel investorsDermacy Healthcare Pvt. Ltd-MyDermacy

Start-up N.A. N.A.

Private Equity



Angel investorsShilp Maitri Innovative Solutions LLP-ShilpMIS Technologies Pvt Ltd

Start-up N.A. N.A.

Indian Angel Network Farmart Service Pvt Ltd Start-up N.A. N.A.

Singapore Angel Network Pte. LtSupply Chain Analytics & Technologies Private Limited- iOderfresh

Start-up N.A. N.A.

Angel investors BabyOnBoard Start-up N.A. N.A.

Idein Ventures Oxa Medical Start-up N.A. N.A.

Angel investors India Sports Flashes Pvt. Ltd Start-up N.A. N.A.

3one4Capital, Aarin Capital Partners, Singapore Angel Network, Advantedge Partners and angel investors

Wigzo Technologies Pvt. Ltd Start-up N.A. N.A.

Calcutta Angels Network and Augment Ventures.

SeenIt Online Pvt. Ltd Start-up N.A. N.A.

Fairfax India Holdings Corp Saurashtra Freight Pvt. Ltd Transport & Logistics 51% 30.00

Incofin Investment Management and ResponsAbility Investments AG

Sohan Lal Commodity Management Pvt. Ltd

Transport & Logistics N.A. 20.00

Mayfield, IndiaNivesh Growth Fund, Sixth Sense,TCI Ventures and angel investor

Leap India Pvt Ltd Transport & Logistics N.A. 13.00

Private Equity


Company Name Sector Issue Price Equity Offered Issue si ze INR mn Issue size USD mn

BSE LimitedBanking & Financial Services

806 15,427,197 12,434.32 182.86

Avenue Supermarts Limited-Dmart

Retail & Consumer 299 62,541,806 18,700 279

Music Broadcast Ltd Media & Entertainment 333 14,670,571 4885.3 73

QIP

Investee Sector % Stake US$ mn

Mercator Limited Energy & Natural Resources N.A. 15.0

Sagar Cement Ltd Manufacturing N.A. 25.4

Hindalco Industries Limited Manufacturing N.A. 500.0

United Bank of India Banking & Financial Services N.A. 19.0

IPO


Presence in 12 major cities of India –

Delhi, Ahmedabad, Bengaluru, Chandigarh, Chennai, G urgaon, Hyderabad, Kochi, Kolkata, Mumbai, Noida an d Pune

47,000

More than 47,000 people

US$ 4.8 bn

Total global revenuesof US$ 4.8 bn (2016)

130

Based in over 130 countries

730

Over 730 offices

Grant Thornton in India

Member firm within Grant Thornton International

3000

Over 3,000 people

13

13 offices

Fully integrated

One of the largest fully integrated Assurance,Tax & Advisory firms in India

About Grant Thornton


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