AVCJ

Weekly digest - September 13 2023

Weekly digest - September 13 2023
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13 September 2023
INDIA HEALTHCARE: NEW MOMENTUM, NEW DIRECTION
COVER STORY
PE has become comfortable with niche segments and regional sub-markets in Indian healthcare services. Technology-based business models are next.
TALKING POINTS
AVCJ AWARDS 2023 - NOMINATIONS CLOSE SEPTEMBER 22
Industry participants have until September 22 to put forward the firms, fundraises, investments, and exits they believe worthy of consideration. For more information, go to www.avcjforum.com/awards
PORTFOLIO
GAJA CAPITAL AND INDIA'S EDUCATIONAL INITIATIVES
GAJA CAPITAL AND INDIA'S EDUCATIONAL INITIATIVESEducational Initiatives was not part of India's pandemic-driven ed-tech explosion. The PE-owned company emerged from the chaos having reaffirmed its sustainable, school-facing business model.
FUND FOCUS
500 GLOBAL SCALES UP IN SOUTHEAST ASIA
500 GLOBAL SCALES UP IN SOUTHEAST ASIABy investing early and building a diversified portfolio, 500 Global emerged from the technology valuation corrections somewhat unscathed. This gave the firm impetus when raising its third Southeast Asia fund.
DEAL FOCUS
SHAWKWEI DELIVERS US DEAL FLOW
SHAWKWEI DELIVERS US DEAL FLOWShawKwei & Partners found its niche in Asia-based industrials businesses with relative cost advantages. Thanks to geopolitics and shifting growth patterns, the GP is now targeting assets in North America.
By the Numbers
AVCJ RESEARCH
THE RELIANCE EFFECT
Reliance Industries has an ambitious plan to digitalise India's consumer sector and plenty of PE investors are backing the domestic behemoth to push it through.
Jio Platforms – the holding company for a range of apps, some nascent broadband and cable services, and India's leading mobile carrier – is responsible for the demand side, packaging e-commerce into a broader digital offering. Reliance Retail is tasked with transforming the supply side by helping 20m merchants apply technology solutions to retail processes and supply chain infrastructure.
When these businesses last came to market in 2020, they collected USD 9.9bn and USD 6.4bn, respectively, mostly global GPs and sovereign wealth funds. The two companies accounted for more than one-third of all PE investment in India that year.
The 2020 total of USD 43.4bn was bettered in 2021 and 2022 without any assistance from Reliance Industries. Now, though, the behemoth is back, securing USD 1bn from Qatar Investment Authority (QIA) and USD 250m from KKR. The pre-money valuation of USD 100bn is double what it was in the previous round. It is said to be part of the preparation for a domestic IPO.
Reliance Retail reportedly wants to raise USD 2.5bn in total, a fraction of its last round, but potentially a sizeable chunk of a relatively slow year for private equity investment.
CHART
All of the trends featured here were sourced from AVCJ's proprietary database, AVCJ Research, featuring comprehensive information on private equity deals, fundraises and exits.
The rest of the week
DEALS
FUNDS
OTHER
For your calendar
UPCOMING EVENTS

 

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