Data & Intelligence

India Data Insight (Q1 2017)

Fundraising for India in Q1 2017 declined by 61% year-on-year, as this quarter’s roster was largely dominated by smaller
venture capital (VC) funds—representing nine out of the 11 funds reaching a close in Q1. The flurry of VC funds has yet
to translate into more VC deals: after a steady decline starting in mid-2015, VC investment activity has yet to pick up,
equaling Q4 2016’s deal count at 56 deals. In combination with this slowdown, startups such as e-commerce platform
FlipKart raising capital at lower valuations provide evidence that the start-up bubble may have finally burst. Conversely,
total capital invested increased by 15% year-on-year, of which 50% was through PIPE deals such as KKR’s US$654 million
investment in Bharti Infratel. PIPE investments are likely a comforting option as they provide flexibility for exits in terms
of timing and pricing, which are particularly relevant amid continued liquidity struggles in India. While LPs cited historical
performance and weak exit environment as deterrents to investing in India, the country ranks as the most attractive
emerging market for GP investments according to EMPEA’s 2017 Global Limited Partners Survey.

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