First AVCJ India Awards see Indian industry’s coming of age
The first AVCJ India Private Equity & Venture Capital Awards held last week paid tribute not just to individual winners, but also to the overall growth and maturation of the Indian private equity industry.
Global LPs have responded to these developments by making India one of their must-invest destinations in Asia Pacific.
The Award winners learned of their success at the Gala Dinner and Awards evening, sponsored by Ernst & Young, featuring ESPN cricket commentator Harsha Bhogle as the host, and Sudhir Kapadia, Head of E&Y India’s private equity tax practice, presenting the Awards.
The Winners
The first Award of the evening, for Indian Venture Capital Deal of the Year, went to the investment team behind Indian search business JustDial – SAIF Partners, Sequoia Capital and Tiger Global. JustDial’s success was significant for its recognition of India’s multi-speed development, with its online, SMS and traditional telephone listing model.
The Indian Private Equity Fundraising of the Year Award went to CX Partners Fund 1, a $515 million fund raised over 1 ½ years by Ajay Relan and his team. Relan, the highly-respected former head of CVC International India, earned his stripes on deals such as iFlex Ltd., one of the late, great dotcom era listing success stories of India, and LPs responded well to his track record, as well as to the fund’s mid-market thesis, common to many firms and new funds now in the market.
Deal of the Year for 2010 was Kohlberg Kravis Roberts, New Silk Route, and Standard Chartered Private Equity’s $200 million investment into Coffee Day Group. The deal showcased the importance of partnering with a first-class promoter; in this instance VG Siddhartha. His remarkable integrated coffee business was significant for its sophisticated and highly professional operation, as well as its strong growth momentum in India and beyond.
The Indian Private Equity Exit of the Year Award went to the listing of local water management firm VA Tech Wabag, backed by ICICI Venture and its hedge fund partners GLG Emerging Markets, Passport India Investments, and Sattva India Opportunities Co. The company’s IPO on the Bombay Stock Exchange saw a nearly 26% hike in its first trading day, valuing the business at some $362 million – quite a result for ICICI Venture from its initial investment of INR50-60 crore ($11.2-13.5 million).
For the first in the history of the AVCJ Awards, the India Awards honored two advisor categories. Indian Legal Advisor of the Year went to Wadia Ghandy & Co., one of the oldest and most-established firms in the market, with a pedigree reaching back to 1883. The Indian Financial Advisor of the Year went to KPMG India, a Big Four stalwart credited with a solid private equity practice under the leadership of Vikram Utamsingh.
The inaugural Indian Private Equity Professional of the Year Award went to ICICI Venture’s Sumit Chandwani, who had already collected the Award for one of the deals that earned him this honor. Sequoia Capital India won Indian Private Equity Firm of the Year, with a team led by Sumir Chadha, previously with WestBridge Capital Partners, and now of course with Sequoia.
The judging process
The AVCJ India Awards showcased an industry community and ecosystem that has come of age, providing a fitting setting for genuinely first-class deals and investment-grade firms. All agreed that the mood at the gala ceremony and the quality of the lineup augur well for many more great years ahead.
A panel of leading investors in India formed one arm of the selection and judging process for the Awards. Nominations were made online at the Awards voting website, by prospective nominees themselves, or on their behalf by third parties. At the end of this period, the AVCJ Editorial board evaluated the entries and submitted a shortlist in each category, determined by simple majority, to the select panel of industry judges. The judges then evaluated these recommendations, and if necessary, were able to ask to see the original submission documents and to propose alternative candidates. AVCJ Editorial then made an adjudication based on the public vote and the judges’ recommendations, to arrive at the shortlist.
The shortlisted candidates were posted online for the entire AVCJ.com user base to vote on, with email alerts and advertisements inviting the Asia Pacific investor and private equity community to vote on the Award nominees. The results of the voting were collated by AVCJ Editorial. At the end of the voting period, the totals were forwarded to the judging panel, who then assessed the results of the voting and made their final recommendations, and the final adjudication was made on these results.
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