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Venture Capital: Secondary Exits Trending! Engaging convo with Anand Lunia Ashish Fafadia Pankaj Naik on exit options for VC and themes emerging on my show Big Deal on CNBC-TV18. #venturecapital #startups #digital #acquisitions #fundraise #exit #merger #ipo #listing #cnbctv18

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We are delighted to announce the close of Kedaara IV at USD 1.738bn, our fourth fund. We had a one and only close, and we completed the entire fund-raise in 4 months. This is an important milestone in Kedaara Capital's 12 year journey and comes at a time when the PE industry is fending off fierce headwinds and a challenging fund-raising environment. This is all thanks to our incredible family at Kedaara, where we have brought together a team with extremely sharp minds, diverse areas of expertise and a real passion to create a unique firm. It is made possible by the terrific entrepreneurs and owners of quality companies who give us the opportuity to partner with them. On top of that, we have an absolute solid set of thoughful Limited Partners/Investors who have backed us from our start in 2011, and continue to do so today, despite various challenges in the macro and the micro which crop up occasionally. And of course, a final thanks to our friends at Clayton Dubilier & Rice, who we partnered with early on in our journey... For us, with all humility, this is just the beginning... At the end its never about size, its about performance. Its about giving back many times more than what we take - to our investors, to our portfolio companies, and to our team - As India sets itself for even bigger strides in the coming decade, we hope that we, as Kedaara Capital, can play our small role in accerating that, even as we provide disproportionately high (relative to the risk taken) returns to our Limited Partners... As always, we welcome your thoughts.... https://lnkd.in/dWYePTKg

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An interesting piece in FT, on rising investment by PEs/VCs in healthcare in India. According to this report, based on Bain & Co reporting, such funds are attracted to Indian hospital chains and medical firms, lured by rising spending on healthcare in India, even by the poor households, with the sector providing a rare bright spot amid a downturn in overall deal activity. Earlier, SWFs from Singapore, Blackstone and GIC have invested in Manipal hospitals, and many others are thronging in. These include besides Bain Capital, Blackstone Group and KKR etc. Considering even average persons go to private hospitals despite higher costs due to lack of trust and overcrowding in govt ones, the market is huge, and these funds are focusing on India due to China's slowdown and find it a lucrative sector. #FT #MinistryofHealth #BainCapital #Blackstone #KKR #temasek #GIC #SWF #Manipal #Fortis #Apollo #Max #KIC

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MSCI crossed the 20 years in India milestone and Baer Pettit our President and COO, joined us for the celebrations across our offices in India. Baer Pettit spoke with ram sahgal, Sr Asst Editor at Livemint Some of key insights from his interview 🌏 India is ranked as the sixth largest by weight in the MSCI ACWI IMI (all-country world investable market index) and the second largest in the MSCI EM IMI (emerging market investable market index), rising from the 13th and 4th positions each in 2020. 🌏 The #MSCI India IMI Index, which covers approximately 99% of the free float-adjusted market capitalization of the Indian equity universe, is a component of these broader indexes and represents the Indian equity opportunity set. 🌏 MSCI private-capital data indicates that Indian private markets have also seen substantial growth over the past decade, paralleling the expansion observed in its public markets 🌏 Private investment in #energy #transition projects, particularly in India, remains relatively modest which may have opportunities in the upcoming years 🌏 Broader trend suggests that India is poised to become an increasingly important part of foreign investors' portfolios. 🌏 #Privateassets are becoming a larger share of #institutional portfolios which leads to the need for greater transparency and tools to help investors track their investments, support their strategic decisions, but also for more specialized tools in areas like pricing, liquidity, attribution, and risk. #MSCI #Index #Analystics #PrivateCapital #ESG #Investment #passiveinvesting #ETFs #India

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I'm incredibly excited to welcome Neeraj, Priya, and the Venture Highway team to General Catalyst. This is our way of saying we are doubling down on India and committed to the success of founders there at the earliest stages. I had the great fortune of starting my venture capital career in 2012 as a global investor. Back then, India barely had 100MM internet users. Today, there are over 800MM of them, second only to China globally. Something pretty magical happens when you get this kind of critical mass: unique pockets of consumer behavior emerge, these behaviors and cultural nuances get incorporated into products built by great founders, and sometimes these local phenomena become inspiration for further global technology adoption everywhere. When I started in this business, the whole world wanted to learn from the best consumer companies in Silicon Valley. A few years later, as China became the largest internet market, everyone wanted to know what was going on in that ecosystem. I'm a big believer that in the coming years India's 800MM+ (and growing) internet users will provide a lot of inspiration for some of the great products and technology businesses that are yet to come. In fact, this is already happenning. With the Venture Highway team, General Catalyst and I are excited to continue to back the best founders globally, and we believe India will be a significant part of that story.

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Early-stage at our core - a growing family: VHxLFxGC I am thrilled to welcome Venture Highway to our General Catalyst family, bolstering our team with one of India’s most well-known early-stage firms to Venture Beyond. In Venture Highway, we found a mission-aligned partner to intensify our work and amplify the ambitions of India's founders. Only a few months ago, we at La Famiglia took the same step because I fundamentally believe that an entrepreneurial journey is defined by a vision that may just be a faint idea at the outset and that one gets to will into being. My idea was, and is, to turbocharge our thesis of creating meaningful change and strengthening European resilience. As we think about European resilience, the collaboration between Europe and India will be critical, especially in areas like manufacturing and supply chain. Thinking about Europe‘s core industries such as Automotive, Defense, and Energy, a strong alliance between the world’s largest global democracies will be key to ensuring long-term success.  The merger with Venture Highway is an important milestone in our global ambitions. I am particularly thrilled to now officially be partnering with Neeraj and Priya as mission-aligned entrepreneurial investors in that journey. "Combining our US seed team with Venture Highway in India and La Famiglia in Europe, we are committing deeply to becoming great at supporting the world's best founders at the earliest stages." GC’s CEO, Hemant Taneja. We’re energized to be on this journey to drive enduring transformation together.

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What a week:   - India, the world’s largest democracy, concluded its general elections with some peaceful, yet thrilling ‘drama’ before giving a 3rd term to the incumbent Prime Minister - Its capital markets felt the most of this ‘drama’ starting Monday up 3.4% on exit poll data - an All Time High (ATH) - Only to close down 5.7% on Tuesday, as actual results were announced - While theories and speculation ran rampant, National Stock Exchange (NSE) data confirms that India retail stood resolute on its belief in the nation and infused Rs. 21,179 Cr into equities on Tuesday - while the market fell as much as 8% intraday #Wow - We then had 3 consecutive (+)ve market closing days (up 3.2%, 0.9% & 2.2% respectively) as the NDA Alliance took shape to finally end the week forming a new ATH, beating Monday. #IfThatAintDrama   Lots of lessons for the week but my top picks: 1. EVM works / Democracy works 2. Drama and uncertainty is real. Stay informed before taking positions 3. No one knows anything about anything, beyond a point ~ Samir Arora, Helios Capital 4. Early signs that maybe one should ‘Not Bet Against India’ too quickly   Speaking of which …   The Indian cricket team also defended a modest 119 to defeat Pakistan in a T20 World Cup match - that spectacularly seemed to carry the personality of the week (read drama) late into last night.    This follows one Saurabh Netravalkar, an engineer from Mumbai bowl a brilliant super-over powering cricketing minnows USA to beat Pakistan earlier in the week in the same tournament.    As I said … ‘what a week’   Re-read point 4 above   #JaiHind

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Sharp questions NISHA PODDAR and sensible answers from one of the most under-stated investors (with a stellar track record) Mukul Arora 👏 Elevation Capital have indeed set a high bar for private markets investing in India. No surprise that they are loved by founders, LP's and other stakeholders. At WaterBridge Ventures have had the privilege of working with #ElevationCapital on several company building journeys and it has been a lot of learning and fun. As Mukul said, fundamentally it's about backing high quality founders & companies, looking for the right levers (innovation vs. profitability depending on the stage), and re-tooling, evolving investment strategies as market structures and business models of success change in a fast evolving market like 🇮🇳. He makes it sound so simple. But it is - just the discipline of doing it repeatedly isn’t, that requires a different order of effort and skill. And that also separates the Midas touch investors from the common ones. Icing on the cake that #ElevationCapital folks are also as humble as they come 🎉

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The National Democratic Alliance (NDA) appears set to retain power with a narrower majority after India’s recent election, following a weaker performance by its dominant member, the Bharatiya Janata Party (BJP). The outcome should support broad policy continuity, with the government continuing to prioritise infrastructure capex, improvements to the business environment, and gradual fiscal consolidation. However, coalition politics and a weakened mandate could make it challenging to pass legislation on the more ambitious parts of the government reform agenda. See more on our views on India's election in the commentary below.

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India's venture capital (VC) industry is rethinking its fee structure, moving away from the standard “2 and 20” model, where 2% goes to management fees and 20% is taken from profits. As Indian startups face challenges, some investors (called LPs) are pushing for a fee system that better matches India’s unique market. Many believe fees should align more with the type of investments, risks, and stage of the companies funded. For example, high-cost areas like deeptech and fintech could charge higher fees due to longer timelines. This flexible approach aims to ensure that investors get fair returns and that fund managers are motivated to perform well over the long term. Assetian #venturecapital #VCindustry #investmentfees #startupecosystem #fundmanagement https://lnkd.in/g62B6H2X

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In another encouraging development that #EconomicTimes reported yesterday, #IAMAI has echoed our ( independently expressed) pushback on the ex ante regime for digital markets, proposed in CDCL Report {link to the reportage after the post below} The Digital Competition Bill on its terms will punish India's start- up ecosystem and fintechs as a principal component of it for simply aspiring to grow and achieve scale. {See Clause 3 as exhibit A in this direction}. As a natural corollary, it will also likely visit unintended consequences on consumers; traditional protectorate of classic antitrust law. Historically, technology & innovation are disinflationary. Inhibiting either may arrest downward pressure on prices. Abstracting away, ex -ante regulation as a policy lens stands on untested premises at present. Digital markets are characterized by dynamism that make them more amenable to contextual "rule of reason" analysis. So, the proponents of the regime globally as also in India have a heavy burden of proof that they appear not to have been discharged. It's always tempting to imagine that there's a binary playing out between technology start- ups and incumbents on one hand, and the antitrust regulators on the other; and the latter are engaged in some kind of heroic battle for the little guy ( gal). This dynamic has unfortunately gained currency in Europe. But unlike them, we are a growing economy with enviable entrepreneurial talent, lowest data costs and a median age of 28. We need not follow their black mirror vision. https://lnkd.in/gZUGup6w Black Dot Public Policy Advisors, #antitrust, #Startups, #whitemirror, #blackmirror

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Panel Discussion on #SRO for regulated entities in IMC, Churchgate, Mumbai on 24th April 2024 5 pm. Amongst others, it's impact on #ARC sector will also be discussed. pl join.

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iSAFE Notes In India: Significance And Advantages #iSAFE (India SAFE) is an adaptation of the SAFE (Simple Agreement For Future Equity) document. Commonly used for seed-stage funding, they allow startups to raise funds quickly without valuation complexity. #100X.VC, an early-stage investment firm in India was the first to introduce the iSAFE in India in July 2019. It entails an agreement to acquire equity shares of a startup at a later date. #An iSAFE note is not a debt instrument but a convertible security note beneficial for both startups and investors. #In India, iSAFE note takes a legal form of Compulsorily Convertible Preference Shares (CCPS) which are convertible on the occurrence of specific events. #They are governed by sections 42, 62, and 55 of the Companies Act, 2013 read with Companies (Share Capital and Debentures) Rules, 2014 and Companies (Prospectus and Allotment of Securities) Rules, 2014. #Issuing iSAFE notes does away with the valuation exercise since the valuation is essentially postponed to a later date (when the priced round happens) #An outstanding iSAFE note would be referenced on the startup’s cap table like any other convertible security. GHC Growth Lab #Startups #FundraisingStrategies ##StartupSuccess

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We at LeapFrog Investments are strong believers in the India story for impact investments. As I mentioned to Jaden, India has a lot of potential. It’s not a five-year story, it’s hopefully a 25-year story.... the reasons being growth, depth of talent, digital public infrastructure, and the depth of capital markets. Thanks to Jaden Paul for the interview in Business Standard. Read it here: https://lnkd.in/gyV-UTAv

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With the Election results to be out on 4th June it is always interesting to draw out an economic agenda to be taken up by the newly elected government. Here is a view in Indian Express. https://lnkd.in/dAt2HX-Y

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A decisive NDA alliance victory in a big state like Maharashtra is sentimentally positive for stock market. However, we need to note that Loksabha elections just got over and the current central government has another full term to complete so once state elections are over, markets' focus will shift back to earnings, budget, US policies and geo-politics.    Sustained inflation print, FPI outflows, strong dollar and tariff threats could sour the market mood.    Adani issues won’t be able to affect general market mood for a sustained period. It will be stock-specific after a point in time. Sentiments can drive up/down only up to a point; beyond that it will be business prospects and fundamentals.   https://lnkd.in/dBXPBDbT   https://lnkd.in/dNc89st7   https://lnkd.in/dQstsCjE   https://lnkd.in/dmYWRY9N   https://lnkd.in/dQT3-KsG   https://lnkd.in/dRScjgN9

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#FinTechTicker Last week's Global FinTech Fest 2024 was abuzz with exciting product launches and underscored key policy priorities of the governemnt/RBI. Here's a recap: **Policy Priorities in the FinTech Sector** ➡ PM Narendra Modi lauded India's FinTech revolution for democratizing financial services, emphasizing the need for enhanced digital literacy to combat cyber threats. ➡ Governor Shaktikanta Das outlined strategic priorities, including financial inclusion, strengthening cybersecurity, developing financial infrastructure, and globalizing UPI and RuPay. ➡ Deputy Governor T Rabi Shankar highlighted the importance of building trust in FinTechs and the role of self-regulatory organizations (SROs) to foster this trust and work with the regulator for the sector's growth. ➡ Executive Director P Vasudevan emphasized compliance by FinTechs to ensure a level playing field with traditional lenders. **Prominent Product Launches** 👇 Consumer-side ▶ UPI Interoperable Cash Deposit at ATMs ▶ NCMC-enabled Smartwatch by Airtel Payments Bank ▶ BharatPe UPI App for consumer payments ▶ Co-branded Credit Card by Flipkart super.money ▶ Biometric authentication for online commerce by Mastercard 👇 Business-side ▶ Enhanced Card Tokenisation by Razorpay and PayU ▶ Soundbox enabled PoS Device by Pine Labs and Visa ▶ Payment Gateway Launched by Zoho for B2B transactions ▶ Short-term credit for MSMEs introduced by CredAble ➡ Expansion of Bharat Bill Payment System (BBPS) services to cater to business enablement platforms, streamlining B2B payments and collections Exciting developments shaping the future of FinTech! 🚀 #GlobalFinTechFest #FinancialInclusion #Cybersecurity #Innovation #NPCI #RBI

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Our Partner, Manshoor Nazki, shared his insights on SEBI's decision to recall its earlier directive on PEs relinquishing special rights ahead of listing. He emphasized that SEBI has reverted to its earlier position, dropping special rights at listing instead of at the filing of the updated draft red herring prospectus, much to the relief of investors.   Read more: https://lnkd.in/deWYnpSs #IndusLaw #SEBI #PrivateEquity #StockMarket #InvestorRelief #ListingRequirements #LegalInsights

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