Vintage update: India 2011-2013

Produced by AVCJ in conjunction with sister publication Mergermarket, this installment of Vintage update focuses on four India-based firms that raised funds between 2011 and 2013. Below are select portfolio companies from these funds for which no deal has been publicly disclosed and which could come to market.

Accel Partners

• An early and growth-stage venture capital firm, headquartered in Palo Alto, California, with a permanent presence in India
• Advisory relationships: Goodwin Procter advised Accel on 10 deals, per Mergermarket data
• Accel India III closed on $155 million in November 2011 to invest in early-stage digital, tech, healthcare and education start-ups. LPs included DE Shaw, Apax Partners and Goldman Sachs, per AVCJ.

Aditya Birla Private Equity

• Mumbai-based Aditya Birla Private Equity is a subsidiary of Aditya Birla Group. It currently has INR8.81 billion ($120.5 million) under management across two funds
• Aditya Birla Sunrise Fund closed on INR3 billion in December 2011. It takes minority stakes in early-stage unlisted domestic companies in the lifestyle, life-skills and education, lifecare, and applied technologies spaces, per AVCJ.

BanyanTree Finance Private

• Mumbai-based BanyanTree has raised a total of $275 million across two funds that focus on providing financing to mid-market companies
• BanyanTree Growth Capital II closed on $175 million in January 2013 with a remit to support Indian middle-market companies in the manufacturing sector

Faering Capital

• Faering Capital was founded by Aditya Parekh and Sameer Shroff in 2009 and currently has INR21 billion under management across two funds
• Faering Capital India Evolving Fund closed on INR8.3 billion in February 2011. It made investments of INR350-800 million in small to mid-cap companies operating in the financial services, media, technology, education, and healthcare sectors

Helion Venture Partners

• Founded in 2005, accumulated more than $600 million for investment in early to mid-stage companies in areas such as online services, e-commerce, mobility, outsourcing, and enterprise software
• As of 2020, Helion's three founders were pursuing different paths, with Ashish Gupta joining Prime Venture Partners as a partner emeritus, and Sanjeev Aggarwal and Rahul Chandra having established The Fundamentum Partnership and Unitary Helion Ventures, respectively. The fourth co-founder, Kanwaljit Singh, departed earlier to form Fireside Ventures
• Advisory relationships: Cyril Amarchand Mangaldas, IndusLaw and Tatva Legal advised Helion on three deals each, per Mergermarket data.
• Helion Venture Partners III closed on $255 million in 2012 to invest in early-stage companies in the technology and consumer sectors, per AVCJ

*Data correct as of 4th February 2021

Mergermarket defines vintage as a fund’s first close, its first deal, or the year as assigned by firm

Fund name (vintage)	Current portfolio companies	Acquisition year	Portfolio sale reported
Accel India III (2011)	Coverfox Insurance Broking Mumbai-based online insurance brokerage firm	2015	Paytm, an Indian digital payments company, was in talks to acquire Coverfox in 2019
	Jewels Online Distribution India Bengaluru-based online jewelry retailer	2012	No sale reported
Aditya Birla Private Equity Sunrise Fund (2011)	SMS Paryavaran Delhi-based water and wastewater treatment services company	2011	No sale reported
	Monte Carlo Fashions [NSE: MONTECARLO] Ludhiana, Punjab-based fashion retailer	2014	In December 2014, Mergermarket reported that the company listed on the National Stock Exchange of India
BanyanTree Growth Capital II (2013)	GPT Healthcare Kolkata-based hospital chain operator	2014	In January 2018, Mergermarket reported that GPT Healthcare appointed financial advisory firm Signal Hill for its sale
	Rotomag Motors & Controls Mumbai-based electric motor manufacturer	2015	In January 2018, VCCircle reported that BanyanTree Capital planned to exit Rotomag Motors & Controls
	Safex Chemicals India New Delhi-based agrochemical company	2016	No sale reported
	KanakaDurga Leasing and Finance Vijayawada, Andhra Pradesh-based loan provider	2017	No sale reported
	KLF Nirmal Industries Thrissur, Kerala-based coconut oil manufacturer	2017	No sale reported
	Origami Cellulo Bengaluru-based paper products manufacturer	2017	No sale reported
	Nilon's Enterprises Pune-based ethnic food manufacturer	2014	In September 2020, Mergermarket reported that Nilon’s Enterprises had mandated financial advisors CLSA and Ambit Capital to provide an exit for its sponsor in 12-18 months
Faering Capital India Evolving Fund (2011)	City Union Bank [NSE:CUB] Kumbakonam, Tamil Nadu-based regional bank	2014	In August 2020, City Union Bank’s shareholders approved a fundraising of up to INR6 billion ($80.1 million) via a qualified institutional placement
	FundsIndia/Wealth India Financial Service Mumbai-based online investment platform provider	2015	In June 2020, The Economic Times reported that Geojit Financial Services was in talks to acquire Funds India from its existing private equity owners, including Faering Capital
	Biba Apparels Mumbai-based designer and manufacturer of ethnic wear for women	2013	In November 2019, Mergermarket reported that Biba Apparels was working with Avendus for a fundraise of INR6 billion. Existing shareholder Warburg Pincus was looking to partially exit through this process
	National Stock Exchange of India (NSE) Mumbai-based securities trading exchange	2014	In July 2020, VCCircle reported that US-based TA Associates had purchased 2.3% stake in NSE for $150 million
	Linkstreet Learning Bengaluru-based video-based learning platform provider	2014	In Feb 2019, Mergermarket reported that Linkstreet Learning was looking to raise $5-10 million in 6-12 months via a Series B round
Helion Venture Partners III (2012)	iD Fresh Food (India) Bengaluru-based ready-to-cook packaged food products manufacturer	2014	In July 2019, Mergermarket reported that iD Fresh Food was planning to raise equity capital to introduce new products and for pan-India expansion

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• Topics
• South Asia
• Performance
• Exits
• India
• Aditya Birla Capital Advisors
• Faering Capital
• Banyan Tree Holdings
• Accel Partners
• Helion Ventures