Factor affecting Private Equity In India

A
PROJECT REPORT ON
“FACTORS AFFECTING PRIVATE EQUITY IN
INDIA”
Master of Business Administration
Financial Services
Semester-III
Centre for Management Studies
Ganpat University
Submitted By:
Hadia Lakdawala (15124321010)
Twinkle Shah (15124321033)
Vinay Singh Tomar (15124321036)
Submitted To:
Prof. Mittal Dattani

Preface
This research report has been prepared in partial fulfillment of the requirement for the
subject: Indian Financial System during the period of August 2016 to November 2016. As per
MBA circular and in order to gain practical knowledge in the field of the Indian financial
system, we are required to prepare a research report on the topic provided by our faculty
member – “factors affecting private equity in India”.
The basic objective of the research is to find out how the how the factors are affecting the
private equity decision and how the different companies take it into consideration. In this
project we have prepared a model and evaluated it on 165 companies and we have prepared
the process how to invest in private equity.
During the whole project we came to know the various ways of private equity the techniques
used by fund managers for the purpose of private equity.

Acknowledgement
We would like to express my special thanks to our project guide Prof. Mittal Dattani at
Center for Management Studies, Ganpat University for giving us right direction where ever
we needed it.
We really thankful to all the people who are connected directly or indirectly to this project.
Lastly, we would acknowledge the institute for giving this opportunity to present a project on
Indian Financial System. As it has aided a lot of value added information to our existing
knowledge. We would also like to thanks our parents, relatives and friends for giving us the
support were ever we needed it.

Index
Sr.No Chapter Page no
1 Introduction
2 Literature review
3 Research Methodology
4 Analysis
a. Model determining the factors for private
equity for fund managers and individual
investor
b. Process for Investing in private equity
c. Detailed company Analysis
5 Findings and Suggestions
6 Conclusion
7 Bibliography

Introduction
Private equity is capital that is not noted on a public exchange. Private equity is composed of
funds and investors that directly invest in private companies, or that engage in buyouts of
public companies, resulting in the delisting of public equity. Institutional and retail investors
provide the capital for private equity, and the capital can be utilized to fund new technology,
make acquisitions, expand working capital, and to bolster and solidify a balance sheet.
Private equity comes primarily from institutional investors and accredited investors, who can
dedicate substantial sums of money for extended time periods. In most cases, considerably
long holding periods are often required for private equity investments, in order to ensure a
turnaround for distressed companies or to enable liquidity events such as an initial public
offering (IPO) or a sale to a public company.

Type of private equity funds
a. Leveraged Buyout: The PE funds provide capital for purchasing the company or the
controlling stake in it using debt and equity capital. As the term leverage implies it
involves using more of debt than equity. The buyout can be Management Buy In
(MBI) or Management Buy Out (MBO).
b. Angle Investing: It refers to investment in small closely held companies by wealthy
individuals, in which they generally have some operational experience. They may
have substantial ownership stakes and may be active in advising the company, but
they generally are not as active as professional managers in monitoring the company
and rarely exercise control.
c. Venture Capital: It refers to long term equity investment in novel technology based
projects which display potential for significant growth and financial returns. It
provides seed, start up and first stage financing to these industrial enterprises.
d. Growth Capital: Growth capital is a very flexible type of financing. The money
borrowed under a growth capital line of credit can be used for any corporate purposes.
There are no requirements to provide invoices or other backup material when
borrowing under this type of facility, so administration is simplified as well. Growth
capital can be a beneficial way to extend a company's runway between rounds of
financing. The extra time can be used to complete additional milestones that will raise
the company's valuation, or as insurance to ensure that all intended milestones are
successfully accomplished.
e. Mezzanine Capital: It refers to investment in those companies that have already
proven their viability but still have to raise money from the public market. It is
associated with the middle layer of financing in leveraged buy-outs.
f. Private equity funds are the pools of capital invested by private equity firms. They are
generally organized as limited partnerships which are controlled by the private equity
firm that acts as the general partner. The limited partnership is often called
'Management Company'. The fund obtains capital commitments from certain qualified
investors such as pension funds, financial institutions and wealthy individuals to
invest a specified amount. These investors become passive limited partners in the
fund partnership and when the general partner identifies an appropriate investment
opportunity, it is entitled to call for drawdown i.e. the required equity capital each
limited partner contribute to fund on pro rata portion of its commitment.

History of private equity
Venture capitalists often relate the story of Christopher Columbus. In the fifteenth century, he
sought to travel westwards instead of eastwards from Europe and so planned to reach India.
His far-fetched idea did not find favor with the King of Portugal, who refused to finance him.
Finally, Queen Isabella of Spain decided to fund him and the voyages of Christopher
Columbus are now empanelled in history.
The modern venture capital industry began taking shape in the post – World War II years It
started with the establishment of American Research and Development Corporation,
formed in 1946, whose biggest success was Digital Equipment. The founder of ARD was
General Georges Dariot, a French-born military man who is considered "the father of venture
capital.” But it was in 1980 venture capital industry began its greatest period of growth with
an investment of USD 600 millions. With the name including investment in Federal Express,
Apple Inc and Genentech Inc.
Venture Capital in India
Traditionally, the role of venture capital was an extension of the developmental financial
institutions like IDBI, ICICI, SIDBI and State Finance Corporations (SFCs). The first origins
of modern Venture Capital in India can be traced to the setting up of a Technology
Development Fund (TDF) in the year 1987-88. The industry’s growth in India can be
considered in two phases. The first phase was spurred on soon after the liberalization process
began in 1991. According to former finance minister and harbinger of economic reform in the
country, Manmohan Singh, the government had recognized the need for venture capital as
early as 1988. That was the year in which the Technical Development and Information
Corporation of India (TDICI, now ICICI ventures) was set up, soon followed by Gujarat
Venture Finance Limited (GVFL).
In 1996, the Securities and Exchange Board of India (SEBI) came out with guidelines for
venture capital funds has to adhere to, in order to carry out activities in India. This was the
beginning of the second phase in the growth of venture capital in India. There are a number
of funds, which are currently operational in India and involved in funding start-up ventures.
The Indian Venture Capital Association (IVCA), is the nodal center for all venture activity in

the country. The association was set up in 1992 and over the last few years, has built up an
impressive database.
Market Structure and Activities of Private Equity
Types of private equity activities in terms of the stages of corporate development, where PE
financing is called for.
1. Seed Financing: Providing small sums of capital necessary to develop a business idea.
2. Start-up financing: Providing capital required for product development and initial
marketing activities.
3. First-stage: Financing the commercialization and production of products.
4. Second-stage: Providing working capital funding and required financing for young
firms during growth period.
5. Third-stage: Financing the expansion of growth companies.
6. Bridge financing: Last financing round prior to an initial public offering of a
company.
7. PIPE deals: A private investment in public equity, often called a PIPE deal, involves
the selling of publicly traded common shares or some form of preferred stock or
convertible security to private investors.
8. Leveraged Buyout (LBO): It entails the purchase of a company by a small group of
investors, especially buyout specialists, largely financed by debt.
9. Management Buyout (MBO): It is a subset of LBO whereby incumbent management
is3 included in the buying group and key executives perform an important role in the
LBO transactions.
Participant in private equity market
i) Companies: it includes those companies which cannot raised money through
capital market or has chosen to raise money through private equity.
ii) Intermediaries: they include private equity firm themselves which normally
organized them as limited partnership firm. Around 80% of private equity
investment is one through this mode.

iii) Investors: It includes pension funds, insurance companies, bank holding
companies, endowment fund, wealth families and individual who contribute to
private equity firm capital.
Regulation of private equity in India
Though there is no formal legislation to regulate the activities of private equity in inida. Yet
it is regulated by indirect legislation and norms. The inflow o foreign equity capital under
private equity withers through FII or FDI is restricted to imposed investment limits on
different sectors.
Apart from this the foreign investment under private equity is regulated by following to
Acts
A) SEBI regulation Act 1996: It lays down the guideline for venture capital a subpart of
private equity. It contains norms for registration, obligation, responsibilities, investment
condition and restriction, investigation and cancellation for venture capital funds.
B) Foreign venture Capital funds regulation 2000: SEBI sets up Foreign Venture Capital
Investors (FVCI) Regulations in 2000 to enable foreign funds to register with SEBI and
avail of some benefits which are otherwise not available under FDI route. Some of these
benefits include no lock up of shares held by registered investors and exemption from
applicability of valuation norms, thereby enabling investors to buy and sell shares in Indian
unlisted companies at prices they deem appropriate, upon mutual agreement between
buyers/sellers. However, they cannot invest more than 33.3 per cent of the investible funds
in shares of listed companies or debt instruments
Key Players
 Qatar Foundation
 ICICI Ventures
 Barings Pvt. Equity
 HDFC-Temasek
 Infrastructure Leasing &Financial Services
 Henderson Global
 Sabre Capital
 Séquoia Capital

 Trident Capital
 Trinity Ventures
Common Type of Risk while investing in Private Equity
 Funding risk:
The unpredictable timing of cash flows poses funding risks to investors.
Commitments are contractually binding and defaulting on payments results in the loss
of private equity partnership interests. This risk is also commonly referred to as
default risk.
 Liquidity risk: The illiquidity of private equity partnership interests exposes investors
to asset liquidity risk associated with selling in the secondary market at a discount on
the reported NAV.
 Market risk: The fluctuation of the market has an impact on the value of the
investments held in the portfolio.
 Capital risk: The realization value of private equity investments can be affected by
numerous factors, including (but not limited to) the quality of the fund manager,
equity market exposure, interest rates and foreign exchange
Factors influencing the investment in private equity
 Profile of the Respondents' Firms
 Size of the Firm in which investment is to be made.
 Growth Potential of the Product in the Market
 Expected Returns against investment
 Valuation of Firm
 Management
 Past Success
 Expertise in their field
 Assurance
 Regulatory Framework

Chapter 3
Research Methodology

Objective of Study
Primary Objectives:
 This research focused on number of factors that highlights the factors which the private
equity investor keeps in mind while taking decision about investing in any of the venture.
Secondary Objectives
 To analyze the factors which affect the perception of investor
 To investigate the factors that influences the private equity investor’s decision while
investing the funds.

Research Design
A research design is a framework or plan for a study, used as a guide in collecting and
analyzing data. It is the blue print that is followed in completing the study. Research design is
the conceptual structure within which the research would be conducted. In this project I have
conducted descriptive research design. This design intended to provide accurate data
description and relationship between factors which influences the private equity investor’s
perception while investing the funds in any venture.

Research Design
Exploratory
Research
Secondary
Data

1. Exploratory Design
One of the research designs, which provide insight information regarding the problem
and also provide understanding of the problem faced by the researchers. In the
exploratory research design, there are two types of methods to collect the insight
information about the problem.
 Primary Data
The primary data for the research is collected through structured questionnaire.
 Secondary Data
The secondary data for the research is collected through published data and research
Papers by various authors and information published on the internet.

This analysis is been divided in three parts which are as follows:
1. Model for determining the factors of individual investor and fund managers
2. Process of Private equity for the Purpose of Investment
3. Detail Company Analysis
Chapter 4(a)
Model for individual investor and fund managers

Model 1: Factors considered by individual before investing in money
RETURNS AND RISK
ENTRY AND EXIT NORMS
PAST EXPERIENCE
FACTORS
CONSIDERED BY
INDIVIDUAL
INVESTOR FOR
INVESTING
MONEY
LEGAL FRAMEWORK
MANAGEMENTOF THE
COMPANY
FINACIAL CONDITION OF THE
COMPANY
ECONOMIC FACTORS
GROWTHRATE
NATURE OF INVESTMENT
OTHER FACTORS

This model depecits some factors which are necessary for any individual investor to see what
factors are important for the individual investor to take care while investing in any Private
Equity funds. They are mainly as followsReturnsand risk, entry and exit barriers, growth rate
, past experiance, legal framework,management of the company, nature of the investment,
finacial condition of the company, Economic factors and other factors.
Risk and retruns: The risk and return are the two important factors for considering any
investment opportunities . We always say that higher the risk is higher the return but it is
depends on the capacity of the investor . How much risk a person can take . That is why the
most important factor for any investment is the Risk and return which is being considered by
any investor before investing in any of the investment.
Entry and Exit barriers: The individual thinking capacitydepends upon the fact that how
much is to enter the market and what is the exit secenarioof the same . because if the market
is easy to enter that will lead to more investment while the exit barriers are hard than the
investor would take some time before investing in the same.
Past experiance: The past experiance in investment prevails a very important decision
making tool for investing because what the investor has faced while investing in the other
type of fund leaves an impact on the mind of investor. If the impact is good than the investor
will invest more and if the impact is bad than this will create a barrier in the mind of investor.
Legal Framework: A legal frame work is nothing but the legal procedure for getting the
investment. If the legal procedure is easy enough than the investor will invest and the
procedure of legal framework is hard than it will create a doubt in the mind of investor
therefore they will not invest in the same. Thus legal framework is very important for the
purpose of making the decision.
Management of the company: The way the company is managing their affairs how they are
treating their employees, how the dividends are paid helps the investor to take decision
regarding whether to invest in the particular company or not. Managemnet of the company
helps the investor to grab the insight of the company and to know that their money is invested
is at the right place.
Finacial condition of the company: The fincial position of any company gives the idea to
the investor that how the company is currently working and good is its position, one can get
the insight of it by using ratio analysis, comparative analysis, cash flow analysisetc. This will
giveus an idea that how the performance is and whether to invest in it or not.

Economic Factors: The Economic factors are divided into 2 parts that is micro and macro
economic factors they are mostly Economic factors which are GDP of the country, labour
laws of the country/ industry, etc
Nature of investment: The nature of investment like whether it is a long term or short term
is also helping in decide whether to invest in certain company or not . because it depends on
the investor what they want and how they want to invest.
Growth rate : The important factor for any investment is the growth opportunities of that
firm thus the investor would think in mind that how the growth is going to prevail in the
market for the following investment and in future what are its prospects and thus growth of
any investment helps the investor to decide whether the investment is worth while for
investment or not.
Other Factors: Their are some factors which plays an important part in letting decide the
investor whether to invest or not like perception of the investor, behaviour of the investor,
investor’s knowlegde about the market etc
These are the factor which affects the individualinvestor decision for investing.

Model 2 : Factors affecting invesment decision of fund managers
The above model shows that the factors affect the fund manager and how they help in
making the decision of the fund manager the difference between the fund manager and the
individual investor is that the fund manager is having a finacial literacy about the same.
Therefore the factors that affect the decision about the investment behaviour is somewhat
different which . Some of these factors are as follows like heuristic behaviour, prospect
Heuristic behaviour
Prospect theory
Risk and return
Finacing cost
Situation of capital
market
Herding effect
Corporate governance
Finacial analysis of any
company
Factors
affecting the
decison of
fund
managers for
investment

theory, herding behaviour, corporate governance, situation of the capital market, finacing
cost, risk and return and finacial analysis of any company.
Heuristic behaviour: the heuristic behaviour is the pschycological behaviour which is
being discussed by many of the authors in their many reserach papers . because mainly
of these factors one would be able to make a proper decision . mainly heuristics
contains the following thinglike as follows Agency ,Overconfidence ,Anchoring
Gambler’s fallacy ,Availability of bias.
Prospect theory: Prospect theory is a behavioral economictheory that describes the
way people choose between probabilistic alternatives that involve risk, where the
probabilities of outcomes are known. the prospect heory helps the person to know how
to evaluate between risk and get the return. Mainly these thing were taken into account
for prospect theory Loss aversion, Regret aversion, Mental accounting.
Herding behaviour: herd behaviour is the way that which is the tendency for
individuals to mimic the actions (rational or irrational) of a larger group. Individually,
however, most people would not necessarily make the same choice.Mainly the
folowing things are included in herding behaviour: Other investors’ decisions on
selling and purchasing equity Selecting equity by other investors for exchange Volume
of the selected equity by investors for exchange Dering speed.
Corporate governance: Corporate governance is the system of rules, practices and
processes by which a company is directed and controlled. Corporate
governanceessentially involves balancing the interests of a company's many
stakeholders, such as shareholders, management, customers, suppliers, financiers,
government and the community.with the help of corporate governance one can easily
see that how the way one can handle the things up whether to invest it or not.
Situation of the capital market: the capital market is the place were the listing of the
stocks takes place and than one can buy and purchase the stocks in that market once
they are listed in the stock exhange. Here their some times it happens that their are
bullish and bearish terend in the market and thus this impacts the decision making of
the fund managers.

Finacing cost: Every thing that we tend to purchase has some cost which may be
directly related to it or indirectly related to it . thus if the finacing cost of the
investment is too high than the investment won’t take place .
Risk and return: for any investor this would be the most important factor to be
considered while doing so because they need something in return for their investment
therefore risk and return are the important factors for the purpose of investment.
Finacial analysis of any company: the finacial analysis of any company would tell us
that these thing would help us to kow the position of te company whether they are
using the investment for the proper purpose or not . these all these could be told by the
various things like comparative analysis of the finacial statements, finacial tools like
ratio analysis, cash flow statement etc.
These are some factors which affect fund manager investing decision.

(B) Process of Private Equity For Investment.
Process of Investment in Private Equity
Signing a
Non-
Disclosure
Agreement
(NDA)
Initial due
diligence &
Management
Presentation
Deal Alert (first
review with
Investment
Committee)
Non-Binding
Letter of Intent
(LOI) or First
Round Bid
Further due
diligence with
management
Building an
Internal
Operating
Model
Preliminary
Investment
Memorandum
Final Due Diligence
and process up to
submit a binding
bid
Update and
Final
Investment
Committee
Approval
Final
Binding Bid
and Signing

The process of private equity has 10 main steps in it and below here it is being explained in
detail:
Step 1.Signing a Non-Disclosure Agreement (NDA): In a public auction, investment
bankers will often send out teasers, which are 1-2 page summaries about the company up for
sale. If the investment team finds the teaser interesting, they will negotiate and sign an NDA
to receive the company’s CIM prepared by the investment bankers. In a proprietary-sourced
opportunity, investment teams will often sign an NDA directly with the target company in
order to receive some confidential information regarding the company from management.
Step 2.Initial due diligence & Management Presentation: At this stage, the investment
teams will perform some initial due diligence to better understand the company. This
generally includes research on the industry, talking to advisors about the specific company
and the industry, and a building and enhancing a preliminary financial/LBO model using the
management’s projections to understand the potential returns of making the investment. At
the same time, the investment team may start reaching out to investment banks to hear their
thoughts on the company and understand how much debt financing (and what type) would be
available for an acquisition of this company. In a public auction, investment bankers will also
offer a select group of potential buyers an opportunity to meet with the management team
(referred to as a “Management Presentation”). The management team will present an
overview of the company while the deal team is allowed to ask them questions about their
business. In order to prepare for the management presentation, the investment team will
create an initial due diligence question list.
Step 3.Deal Alert (first review with Investment Committee): After reviewing the
management’s presentation and having initial discussions, the investment team will prepare a
brief (2-3 page) investment proposal and present it to the PE firm’s Investment Committee.
The first Investment Committee meeting can have a variety of different purposes, depending
on the PE firm. The meeting can be a deal update where no approval is needed, or it can be
the beginning of a formal approval process, whereby a deal team will be given permission to
submit a First Round Bid (discussed below) and/or a budget to spend a specified amount of
money (referred to as “cost cover”) on consultants or other deal-related expenses. If
approved, the investment would proceed into further diligence and discussions with the target
company and its investment bankers.

Step 4.Non-Binding Letter of Intent (LOI) or First Round Bid: At this point, the
investment team may present the target company with a non-binding LOI for the transaction
on certain criteria that have been shared with the investment team. The offer will detail a
proposed purchase price (often a valuation range is given, rather than a specified amount), a
proposed capital structure post-acquisition, key assumptions made, key due diligence areas,
approximate timing needed to submit a binding offer, the PE firm’s relevant expertise and
experience, and the necessary authorizations & approvals required by the PE firm’s
Investment Committee in order to complete the transaction. At this point, the target company
and its investment banking advisors will generally choose a few bidders to move on to the
next round in the auction process. The seller will base its decision on key considerations,
including total purchase price, credibility of the offer, the submitting firm’s experience and
value creation strategy, and the submitting firm’s compatibility with the current management
team.
Step 5.Further due diligence with management: The target company will begin providing
more detailed confidential information in what is typically referred to as a virtual dataroom to
the bidders that proceed beyond the first round. Some example dataroom files are the
corporation’s organization and legal entities, board minutes and reports, detailed operations
records, owned and leased property agreements, intellectual property documentation,
employee lists and employment agreements, detailed segment financial information, and
historical audited financials. At this point, private equity firms will begin reviewing all of the
relevant dataroom files and start to get more specific, detailed questions to the management
team. Follow-up due diligence calls will be held (through the supervision of the investment
bankers) with specific members of the executive and non-executive management team. Also,
based on the dataroom files, the deal team will start brainstorming the critical issues that they
will often hire third-party consultants to help investigate.
Step 6.Building an Internal Operating Model: After having detailed conversations with the
management team on all of the main drivers behind the business, the investment team will
start building a detailed operating model for the business based on reasonable forecast
assumptions. An operating model is a very detailed revenue and cost breakdown that is based
on specific drivers and assumptions (e.g. price, volume, raw material costs, number of
branches, number of customers, renewal rates, fixed vs. variable cost structure, etc.). All of

these breakdowns combine into one model to describe the expected financial performance of
the company in great detail. This gives the PE investors more detail on the drivers of
potential return for the acquisition.
Step 7.Preliminary Investment Memorandum: Once the team has completed a more
detailed investment model, and a comprehensive investment thesis (reason for investing) and
strategy (plan to carry out the investment thesis), a Preliminary Investment
Memorandum (PIM, typically 30-40 pages) is compiled to summarize the investment
opportunity to the Investment Committee. Sections in the PIM typically include:
 Executive Summary: Details of the proposed transaction, background, and overall deal team
recommendation and investment thesis.
 Company Overview: History, description, products & applications, customers, suppliers,
competitors, organizational structure, management team biographies, etc.
 Market and Industry Overview: Key market growth rates, trends, etc.
 Financial Overview: Historical and projected income statement, balance sheet, and cash flow
statement analysis.
 Risks and Key Areas of Due Diligence: Potential risks to the industry/business and key areas
of completed and ongoing due diligence.
 Valuation Overview: Comparable company analysis, precedent M&A transactions analysis,
DCF analysis, LBO analysis, etc.
 Exit: Initial thoughts on investment exit options and anticipated timing of exit.
 Recommendations and Proposed Project Plan: The deal team will recommend proceeding
with their proposed project plan based on a specific valuation range and budget approved by
the Investment Committee. The project plan will include the hiring of third-party consultants
to perform commercial, financial, and legal due diligence, and the team will hold further
discussions with potential debt and mezzanine financing providers. Deal teams will typically
perform only initial legal due diligence at this stage, since it is the most costly, and will
typically hold off on it as long as possible (usually until the final stages of the bidding
process).
Step 8 .Final Due Diligence and process up to submit a binding bid: Provided that the
PIM has been accepted by the PE firm’s Investment Committee, the investment deal team

and its consultants will perform any and all final and confirmatory due diligence in order to
provide a Final Binding Bid for the target company (discussed later). At this stage, the deal
team is now working exclusively on this investment opportunity (other potential investments
that the PE professionals on the deal team were working on will be put aside or farmed out to
other PE professionals at the firm) and is having daily interactions with the seller’s
investment bankers and management team. The bidder will send specific requests to the
company based on all key outstanding issues. These could include site visit requests, calls
with specific salespeople/non-executive management, or calls with customers and suppliers.
In addition, the deal team will be managing its consultants on other due diligence work
streams, including portions of the commercial, financial, and legal due diligence process
(detailed in “Areas of Due Diligence”). For example, management consultants (McKinsey,
Bain, BCG, etc.) are typically hired to perform commercial due diligence on the addressable
market, trends, and customer relationships. Accountants (KPMG, PricewaterhouseCoopers,
Ernst & Young, Deloitte, etc.), specifically within the Transaction Services group of the
accounting firm, are hired to perform confirmatory financial due diligence to ensure that all
the financial information provided is accurate. M&A lawyers (Wachtell Lipton Rosen &
Katz, Skadden, Sullivan & Cromwell, Simpson Thacher, etc.) are hired to perform legal due
diligence and to handle the initial drafting of acquisition documents. At the same time, the
investment deal team will be negotiating with the financing banks on the debt financing
terms. When negotiating, the deal team’s objective is to obtain the best debt financing
execution (i.e. choosing the right group of banks) at the most favorable debt terms. The deal
team will also assist the financing banks with their own due diligence by fielding their
specific questions and concerns in order to get them more comfortable with underwriting
their debt commitment. The average time for this entire confirmatory due diligence process
(occurring between the First Round Bid and the Final Binding Bid) is approximately 3 to 6
weeks.
Step 9.Update and Final Investment Committee Approval: Depending upon the exact
investment process of the private equity firm, an investment deal team must update the
Investment Committee on key deal issues in a number of potential ways. Once all due
diligence items are completed and the investment team is comfortable moving forward,
a Final Investment Memorandum (FIM) is completed. A FIM is essentially the equivalent
of a PIM (which was completed before the First Round Bid) that also includes further due
diligence from the deal team and third-party consultants, and specifically addresses the key

issues introduced by the Investment Committee from the PIM. At this stage, the deal team
will recommend acquiring the target company at a specific valuation, which the Investment
Committee will either reject or approve. It is very common for private equity firms to proceed
beyond the first round without submitting a final binding bid or being restricted to a
maximum price by the Investment Committee (i.e., they will not able to raise their price or
indicative valuation range, or may even fall short of the range specified in the First Round
Bid).
Step 10.Final Binding Bid and Signing: If it receives approval, the investment deal team
will submit a Final Round Bid (or Final Binding Bid) for the target company. This final bid
is almost always binding (i.e. all due diligence has been completed) and includes a final
purchase price, fully-committed financing documents from investment banks, and marked-
up preliminary merger agreements to be discussed with the seller’s lawyers. The seller and
its investment bankers will spend a few days discussing the various final bids and will
choose a winner. They will then work exclusively (and often exhaustingly!) with that bidder
in order to sign the transaction. Once a winner has been chosen, negotiations between the
lawyers of the seller and the lawyers of the buyer will continue to finalize the Merger
Agreement (also referred to as the Purchase Agreement) and other related transaction
documents. Several key points in the Merger Agreement will be negotiated, and the most
important of those is the Purchase Price Consideration (i.e., the definition of what is to be
subtracted from the Purchase Price to calculate the total amount wired to the Seller’s
stakeholders). Additionally, the Merger Agreement will spell out logistics of the wire
transfers to equity (and other) stakeholders, and how much is to be withheld for post-
transaction adjustments.

Chapter 4(C) Detail Company Analysis
List of All Private Equity and
Venture Capital Company

ICICI Venture
ICICI Venture is a specialist alternative assets manager based in India. The firm is a wholly
owned subsidiary of ICICI Bank, the largest private sector financial services group in India.
ICICI Venture has been at the forefront of driving entrepreneurship in India for over two
decades, both as a partner and capital provider for individuals with a clear common objective,
the passion to pursue business ideas in the quest for creating value for all stakeholders and for
the larger good of the nation. Till date, various funds managed by the firm have invested in
over 500 companies. ICICI Venture continues to remain committed to this mission.
The firm has played a key role in establishing the foundation for several new age businesses
in India, by providing growth capital funding to companies in sectors as diverse as
Information Technology, Life Sciences and Healthcare, Media & Entertainment, Banking &
Financial Services, Infrastructure, Retail, Aviation, Auto Components, Construction services,
Real Estate, Biotechnology, Textiles, Fine Chemicals, Consumer Products, Logistics, etc.
The firm played a pioneering role in the Indian Venture Capital industry during the 1990s but
shifted focus to other alternative asset classes during the past decade in line with the
evolution of Indian industry. Across sectors, the firm has helped in establishing several new
business models to enable productivity improvements, technology up gradation and import
substitution as a means of enhancing the competitive advantage of Indian industry in a
rapidly changing global market environment.
The firm is widely regarded as a prime mover in the Indian alternative assets industry, having
established a successful track record of investing and nurturing companies across economic
cycles and across various classes of alternative assets such as Private Equity, Real Estate and
Mezzanine Finance, with Infrastructure & Special Situations being the latest additions to its
spectrum of activities.
Going forward, the firm continues to explore new avenues within the alternative assets
industry as a means of addressing funding requirements of Indian entrepreneurs and also as a
means of offering a comprehensive alternative asset management platform to long term
investors who are interested in participating in India's economic development.
Investment Area Buyouts, structured transaction, Growth Capital, Roll ups.
Deal Size $10 – 100 Million
Series 1 Funded Companies
Ace Refectories , Action Construction Equipment Limited, Arch Pharma Labs Limited ,
Bharat Biotech International Ltd. , Deccan Aviation Limited, Gateway Distriparks Ltd. I-

Ven Pharma , Infomedia 18, Malladi Drugs and Pharmaceutical ltd., Metropolis Health
Services Ltd., Mezzequity Software Services Limited , NCC Limited
Arch Pharma , Electro (Therm) Limited , Geometric Software Solutions Ltd. Home
Solutions Retails (India) Ltd. Kalptaru Power Transmission ltd. Karvy Stock Broking,
Mahindra Retails, Metalcastello, Parlecem Pharma Pvt Ltd, PVR Limited, PVR Pictures
Limited, Rubamin Limited, Sainik Mining and allied Services Limited, Shriram City Union
Finance Limited, Swiss Biosciences Ltd, Tebma Shipyards, Tops Security Pvt Limited
Adlabs Entertainment Limited, BTI Payments Private Limited, Devyani International, ING
Vysya Bank , KIMS, RJ Corp Limited, Team Lease, Star Health and Allied Insurance
Company Limited, Vijay Nirman Company Limited,
Anthea Aromatics Pvt Ltd.
*They have exited from many companies and currently they are in Series 4.
Key Person Prashant Purker & Sanjeev Sehrawat
Mumbai
ICICI Venture House, Ground Floor, Appasaheb Marathe Marg, Prabhadevi,Mumbai –
400025 India
Tel: (+91 22)66555050 Fax: (+91 22)66555055
Bangalore
10th Floor, Prestige Obelisk, Kasturba Road, Bangalore - 560 001 India
Tel: (+91 80)49197272 Fax: (+91 80)41497027
Website : http://www.iciciventure.com

Ascent Capital
Ascent Capital is a leading India-focused independent private equity firm. We are one of the
most experienced teams on ground with over 150+ years of collective experience in Indian
capital markets. Over the past 15 years we have helped over 55 entrepreneurial teams build
leading businesses across diverse sectors such as Technology, Ecommerce, Healthcare,
Financial Services, Consumer Brands, Infrastructure, etc.
We currently manage US$ 600 million across multiple funds. Our marquee investors, who
include long term institutional investors like pension funds, foundations, endowments. Fund
of funds and large corporations have backed us across economic cycles – a vote of
confidence in our ability to excel in private equity asset class.
Focused on Growth Capital, the typical investment through our fund ranges from US$ 10
million to US$ 30 million. But capital is only a small part of what we bring to the table. Our
passion for our entrepreneurs’ businesses, and ability to add value beyond the clichés is the
foundation of our success.
Investment Area Growth Capital
Deal Size US $10 - 30 million
Portfolio
Bigbasket.com, RBL Bank, Kerala Institute of Medical Sciences, Skanray Technologies,
Vizury, NewGen, iNurture, People Combine, Maiyas.
Key Person Abhishek Loonker , Deepak Gowda , Treasa Mathew,Jayshree
Sundarsanam, Debashish Sadangi, Rohit Vankipuram
ASCENT CAPITAL PVT LTD
Concorde Block , 16th Floor, UB City #24 Vittal Mallya Road Bangalore 5600 001
Contact : +91 80 3055 1230 , +91 80 3055 1231
Fax no: +91 80 3055 1234
Website http://www.ascentcapital.in
Email Address : info@ascentcapital.in

Kotak Private Equity
Through Research, Rigour and Relationships
Since 2005, we at Kotak Private Equity have helped discover, grow and create value for mid-
size Indian businesses across growth sectors. As part of the Kotak Mahindra Group, we
combine our strength of understanding the local environment with international best practices
in people, processes and research.
Given the experience and network of relationships built over the past two decades, our
understanding of the Indian entrepreneur's mindset provides us with a significant advantage
in the Indian investment environment. With a founding team that virtually pioneered the
Indian Private Equity Industry, we are disciplined investors focused on long-term value
creation and growth. Kotak Private Equity partners outstanding promoters and leadership
teams to help create scale across industries.
Identifying Opportunities Ahead of the Curve
Through intensive research, we identify macro-economic trends and opportunities early. Our
team has successfully identified sectors and companies much ahead of the curve, helping us
invest conservatively and exit profitably while partnering companies in tapping growth
opportunities and evolving into industry leaders. The team at Kotak Private Equity has often
been amongst the first to invest in India's sunrise sectors such as Life Sciences & Healthcare,
Media & Entertainment, Retail, Quick Service Restaurants, Business Process Outsourcing
and Internet driven businesses.
Participating in India's Entrepreneurial Growth Story
With the backing of the Kotak Mahindra Group, one of India's leading and highly respected
diversified financial services institutions, Kotak Investment Advisors Limited (KIAL), a
wholly owned subsidiary of Kotak Mahindra Bank Limited, focuses on managing the
Alternate Assets business of the Group. While the Kotak Mahindra Group has been
associated with private equity investments since 1997, to bring a sharper focus to the group's
Alternate Assets strategy, Kotak Mahindra Bank initiated its first structured third party
private equity fund in early 2005.
Since then, the Alternate Assets business of the Group has raised in aggregate USD 2.8

billion across different asset classes including Private Equity Funds, Real Estate Funds,
Infrastructure Funds, the Special Situations Credit Fund and Listed Equities, all led by
independent investment team.
Investment Sectors Healthcare & Life sciences (pharmaceuticals and biotechnology),
Consumer businesses (FMCG, retail, media & entertainment),
Light manufacturing , Agri-businesses and food processing,
Information Technology (software products, services and IT-enabled
services),Infrastructure-led services, Financial Services
Deal Size USD 20-40 million
Portfolio
Manipal Hospitals, Bharat Serums & Vaccines, Intas Biopharmaceuticals, Natco
Pharma Limited , Rubicon Research , Indus Biotech, Advanced Enzyme Technologies
Limited, SIRO Clinpharm, VLife , Metahelix, NovaLead Pharma, Bharat Fritz Werner,
Mahindra Aerospace Pvt Ltd, Icomm Tele Ltd, Minda Corporation, Dynaspede
Integrated Systems Ltd, Diamond Power Infrastructure Ltd, NSL Power, Samson
Maritime, BVG India Ltd, Muthoot Finance Ltd, National Stock Exchange of India
Ltd, Multi Commodity Exchange of India Ltd, ING, Prolifics, Palred, Pantaloon Retail
India Ltd (PRIL), Sabare International Ltd, Godrej
Key Person Nitin Deshmukh -nitin.deshmukh@kotak.com
Viral Mehta - viral.mehta@kotak.com
Bhairavi Selarka - Bhairvi.selarka@kotak.com
Kotak Investment Advisors Limited
Kotak Private Equity Group 27 BKC, 7th Floor, Plot No. C-27, "G" Block, Bandra Kurla
Complex, Bandra (E), Mumbai 400051
Tel : +91 22 43360754
Website : http://www.privateequityfund.kotak.com
Email Address : irteam@kotak.com

Investment Process
At Kotak Private Equity, we follow an investment process that has been developed through
years of investment experience. The investment process captures the sensitivities and
challenges of growing businesses in an Indian business environment as well our past
experiences in dealing with Indian entrepreneurs.
We typically follow a four step Investment process that helps us treat capital with an
ownership mindset.
 Deal Sourcing and Evaluation
We leverage our in-house research to source and evaluate opportunities. In doing this, we
use multiple channels of our network of relationships, the Kotak Mahindra Group's
business relationships and industry networks
 Due Diligence and Investment Commitment
We have a disciplined and rigorous due diligence process by which we evaluate deals that
fit into our investment criteria. Ideally, we invest in 2-4 deals in a year, with each deal
requiring between 120-180 days to be completed
 Investment Structure and Co-investing Opportunities
Once the investment selection is complete, our team prepares the investment structure and
identifies co-investment opportunities, if any, This exercise is done in close collaboration
with the company's management team to align interests
 Monitoring and Value Addition
Post transaction, designated members from our team work closely with the company's
management to create shareholder value. As per agreed timelines and performance
goalposts, we work towards a timely and profitable exit.
Since its inception, Kotak Private Equity has been the preferred investment partner with local
management teams on account of its transparent and rigorous investment process and
significant value creation.

JM Financial
JM Financial is one of India’s prominent financial services groups, specialising in providing a
spectrum of businesses to corporations, financial institutions, high net-worth individuals and
retail investors. We are known for our diverse businesses such as Investment Banking,
Equity, Debt, Commodity Sales and Trading, Wealth Management, Portfolio Management
Services, Asset Management, Alternative Asset Management, Financing and Lending and
Distressed Asset Management.
We have pioneered several strategies and transactions for a wide client base spread across
geographies and thus developed rich experience and expertise. Every idea is unique to the
need of the client and supported by superior execution to deliver maximum benefits. In the
course of our journey, we have partnered with several top Indian and International corporate
houses and gained their trust and confidence. Our well established processes ensure total
confidentiality for all our clients, thereby giving them absolute confidence on conflict
management and maintenance of confidentiality.
We are a skilled team of professionals who bring varied talents, knowledge and experience to
the workplace, contributing greatly to the growth of our businesses. Our group is proud to
have won several national and international accolades for our insightful advice and execution
skills. We are driven to give back to society by supporting causes related to education, health
care, skill development, entrepreneurship promotion, disaster relief and animal welfare.
Investment Area Financial Services, Consumer and Retail, manufacturing,
Infrastructure
Deal Size 25 Cr – 150 Cr. INR
Portfolio
Sona Autocomp Holding Ltd. Enrich Hair & Skin Solutions Pvt. Ltd. Spandana Sphoorty
Financial Ltd. UEI Global Education Pvt. Ltd. GMR Airports Ltd. DiagnoSearch Life
Sciences Pvt. Ltd.
Portfolio Exited
Genesis Color Pvt Ltd, LIC Housing Finance Ltd. Samson Maritime Ltd, International
Tractor Ltd, South Indian Bank Ltd, Lumina Datamatics Ltd, Electrosteels Steel Limited
Key Person Mr. Darius Pandole, Mr Nimesh Kampani, Adi Patel, manish Prasad

JM Financial Ltd
7th Floor, Cnergy
Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025
Phone : + 91 22 6630 3030 Fax : +91 22 66303223
Ebene, Republic of Mauritius
JM Financial Overseas Holdings Private Limited ,Suite 2004, Level 2, Alexander House 35
Cybercity, Ebène, Republic of Mauritius
Phone : +230 4645100
Singapore
JM Financial Singapore Pte Ltd , 30 Cecil Street, #21-01/02 Prudential Tower
Singapore- 049712 Phone : +65 64221888
Website : https://www.jmfl.com/what-we-do/alternative-asset-management/private-
equity-fund

Evolvence India
A leading India focused Private Equity platform for providing international investors with
attractive returns within the private markets in India. Sponsored by Evolvence Asset
Management, a strategic partnership between Evolvence Capital and GoldPoint Partners, an
affiliate of New York Life Investment Management.
Investment Area Infrastructure, Construction , Automotive, Financial Services ,
Pharmaceuticals
Deal Size  Investment Size – USD 5-15 mn
Portfolio
RSB, Consolidated Construction Consortium Limited, Lodha Infrastructure
Portfolio Exited
Gland Pharma, Emaar MGF Land Limited, Zylog Systems Limited, Centurion Bank of
Punjab, Eastern Silk Industries ,
Key Person Sagar Agrawal
Evolvence India
Suite 9F Grand Hyatt Plaza, Santacruz - E, Mumbai - 400055, India
Tel: +91 22 6164 5100
Website : http://evolvenceindia.com/index.html
Email Address sagar@evolvence.com

Carlyle Group
The Carlyle Group is a global alternative asset manager with $169 billion of assets under
management in 125 funds and 177 fund of funds vehicles as of September 30, 2016. Carlyle
invests across four segments – Corporate Private Equity, Global Market Strategies, Real
Assets and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North
America and South America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer & retail, energy, financial services,
healthcare, industrial, real estate, technology & business services, telecommunications &
media and transportation. The Carlyle Group employs more than 1,625 people in 35 offices
across six continents.
Investment Area Growth Capital, Buyouts
Deal Size -
Portfolio
Allsec Technologies Limited , Cyient Limited, Dee Development Engineers Limited,
Edelweiss Financial Services Limited , Global Health Private Limited, GOL Offshore
Limited, Metropolis Healthcare Limited , Newgen Knowledge Works Private Limited,
PNB Housing Finance Limited, VBHC Value Homes Private Limited, Visen Industries
Limited
Portfolio Exited
Tirumala Milk Products Private Limited, Repco Home Finance Limited, India Infoline
Ltd., Housing Development Finance Corporation, Elitecore Technologies Ltd, Claris
Lifesciences Limited.
Key Person Neeraj Bharadwaj
Manish Gaur
Address : Not Available
Website : www.carlyle.com

Blackstone
Our investments span a wide range of industries around the world in established and growth-
oriented businesses alike. Playing a vital role in helping companies realize their growth
potential, we uncover value by identifying great companies and enhancing their performance
by providing patient capital and operating support to strong management teams. Our
approach helps our portfolio companies grow core businesses, launch new initiatives, make
transformative acquisitions and upgrade technologies and systems to support their long-term
strategy.
We provide more than just capital. We seek to make the companies we invest in stronger
through a bottoms-up strategy of transformation. Crucially, we bring the expertise of our
Portfolio Operations Group to provide strategic guidance on a variety of operational
improvements, including revenue growth, procurement, leadership development, lean process
and IT optimization, energy sustainability, and employee health care.
Investment Area Growth Equity , Development Projects, Buy and Build Platform,
Traditional Leveraged Buyouts
Deal Size  -
Portfolio
IXOM, First Eagle, Pactera, Scout 24, Vivint., Change healthcare, Mivisa, Service king,
Accuvant, Alta Resources, LLC. Cheniere Energy Partners, L.P. LLOG Exploration, Versace,
Leica, Sonalika Tractor.
Key Person Amit Dixit, tuhin parekh, Siddharth gupta, Amit Dalmia, Vikas kandola
Express Towers, Nariman Point, Mumbai
+91 (0)22 6752 8500, +91 (0)22 6752 8531
Website : www.blackstone.com
Email Address : BlackstoneInvestorRelations@blackstone.com

Warburg Pincus LLC
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The
firm has more than $40 billion in private equity assets under management. The firm’s active
portfolio of more than 120 companies is highly diversified by stage, sector and geography.
Warburg Pincus is an experienced partner to management teams seeking to build durable
companies with sustainable value. Founded in 1966, Warburg Pincus has raised 15 private
equity funds, which have invested more than $55 billion in over 750 companies in more than
40 countries.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong,
London,Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and
Singapore.
Investment Area Traditional Buyouts, early growth stage, venture Capital
Deal Size  USD 50 million - 500 million
Portfolio
ACB (India) Limited, Au Financier, AVTEC, Biba Apparels, Capital First limited, car
Trade, Continental Warehousing Coporation, Diliigent Power Pvt Ltd, Ecpm Express,
Ganagavaram Port, IMC Limited, Kalyan Jewellers, Laurus Labs, Lemon Tree, Piramal
Realty, Quickr.Stellar Value chain Solution.
Key Person Malini Roy
Warburg Pincus Investment India Pvt Ltd
7th Floor, Express Towers, Nariman Point, Mumbai, Maharashtra 400021
022 6650 0000
Website : www.warburgpincus.com

General Atlantic
Helping growing businesses rise to new heights is our purpose and our passion. Drawing
from over three decades of experience investing in 250 growth companies, we focus
exclusively on partnering with exceptional companies that have proven business models and
strong revenue growth in dynamic industries. Today we have $19.6 billion in assets under
management, as of June 30, 2016.
We know that fast-growing businesses are different. They face a unique set of challenges and
opportunities. Many are at an inflection point in their development, looking for a patient and
strategic partner to help them
transform from an ascending star into an enduring market leader.
Serving as a steady and strategic co-pilot, we help our portfolio companies manage and
accelerate their growth by seizing new opportunities, mitigating risks, and preparing to scale
their business models.
Our firm was founded as a family office for a single entrepreneur who enlisted our team to
help fellow entrepreneurs build great companies and enable others to invest in innovation and
growth. Today, we remain true to our original mission. We are committed to helping high-
quality companies achieve unprecedented, long-term success. And, by doing that, we stay
committed to helping our capital partners — more than half of whom are families — achieve
their investment objectives.
Investment Area Business Services, Health care, Financial Services, IT and Retail &
Consumer.
Deal Size  USD 75 - 400 Million
Portfolio
Zimmermann, IIFL Private Wealth Management, BillDesk, Garena, Citius Tech, House of
Anita Dongre Limited, NSE , MU Sigma.
Key Person Sandeep Naik – MD & Head India-Asia pacific
evel , irla Aurora , Dr. Annie esant Road ,Worli , Mumbai 400 030 India
t: +91 (22) 6656-1400 f: +91 (22) 6656-1435
Website : http://www.generalatlantic.com

3i PLC
At a time when domestic markets are offering businesses fewer opportunities to generate
growth, expanding into new geographies can prove attractive. However, such a move can be
tough and understanding the risks and challenges of operating in international markets with
differing rules and cultures is key to unlocking potential and realising growth.
We have teams in 9 countries across Europe, North America and Asia and our portfolio
companies are present in over 80 countries. This combination of international outlook and
experience, as well as deep local knowledge, gives us the insights and capabilities necessary
to identify and partner with ambitious market-leading businesses looking to grow across
borders.
Investment Area Business Service , Industrial and Consumers
Deal Size  USD 30- 35 Million
Portfolio in India
BVG India Limited
Key Person Alan Giddins, Julia Wilson, Menno Antal, John Farser, Ben Looms
3i ,India Private Limited Level 7 B-Wing The Capital Bandra Kurla Complex Mumbai
400051 INDIA
Tel: +91 (0)22 67128820 Fax: +91 (0)22 67128999
Website : www.3i.com

CHRYSCAPITAL
Established in 1999, ChrysCapital is a leading India focused investment firm with
approximately $3 billion of assets under management across seven funds
Our marquee investors include institutions with a long-term horizon such as sovereign wealth
funds, endowments, pension funds, fund of funds etc.
Investment Area Business Service, Financial Services, Consumers, Healthcare
Service
Investment Strategy Long term Horizon, Sector Focused, Partnership model, Flexible
approach
Deal Size  USD 50 – 60 Million
Current Portfolio
CYIENT, Infogain, KPIT Technologies, LiquidHub, L&T Infotech
Au Financiers, City Union Bank, Federal Bank, Hero Fincorp, Karur Vysya Bank , Magma
Fincorp, NSE, South Indian Bank
Eris Lifesciences, GVK Bioscience, Intas Pharmaceuticals, IPCA Labs, Torrent Pharma
Cavin Kare, Hindustan Media Venture Limited.
Exited Portfolio
HCL , Hexawares technologies, Infosys Technologies, Mphasis, SpectraMind
Axis Bank, Centurion Bank of Punjab, Bajaj Auto Finance, Mahindra Finance, yes Bank,
Shriram City Union Finance, ING
Mankind Zydus
BalKirshna Industries , Hathway, Idea Cellular Limited, Redington , Suzlon , Titagard
Wagons.
Key Person Dr. Daniel Schmidt , Krunal Shroff, Sanjiv Kaul, Gaurav
Ahuja, kabir Thakur, Puneet Chadha, Akshat babbar.
CHRYSCAPITAL Limited
IFS Court, Twenty Eight, Cyber city , Ebene, Mauritius
Tel: +230 467 3000 Fax: +230 467 4000
Suite 504, St. James Court , Port Louis, Mauritius
Tel: +230 211 5410 Fax: +230 208 6413

Nuvo Chryscapital Advisors Pvt. Ltd.
902 Ceejay House Dr Annie Besant Road, Worli, Mumbai, Maharashtra 400018
Tel : 022 4066 8000
Website : http://www.chryscapital.com
Email Id : info@chryscapital.com
ACTIS
Actis is a leading investor in growth markets across Africa, Asia and Latin America. We
deliver consistent, competitive returns, responsibly, through insights gained from trusted
relationships, local knowledge and deep sector expertise. Founded in 2004, we have an
unparalleled heritage in growth markets, set within a culture of active ownership. We
currently manage US$6.3bn in assets, operating through 12 offices globally.
Investment Area Management Buyout, Retail Development, Expansion, Growth Capital
Investment Sector Consumer , Healthcare, Industrial and Financial Services
Portfolio in South Asia
AGS, Endurance, GVK, IDFC, OSTRO Energy, Symbiotec Pharmalab Pvt Ltd.
Investment Deal Size USD 10 – 75 Million exceeds up to 150 million
Key Person J M Trivedi
ACTIS MUMBAI
12th Floor Birla Aurora , Dr. Annie Besant Road ,Worli , Mumbai 400 030 India
Tel : +91 22 6146 7900 Fax +91 22 2423 1549
Website : www.actis.com
Email : Jtrivedi@act.is

IL & FS Investment
Managers Limited
IL&FS Investment Managers Limited (IIML), a subsidiary of Infrastructure Leasing &
Financial Services Limited (IL&FS), is one of the oldest and largest private equity fund
managers in India, with over $ 3.2 bn under management.
Established in 1989, IIML has been an early and in many instances, the first investor across
various sectors such as Telecom, City Gas Distribution, Shipyards, Retail, and Media. Funds
managed by IIML now span General Purpose Private Equity, Real Estate and Infrastructure.
Investors to IIML managed Funds include most of the major Indian Banks & Institutions, and
marquee Global Institutional Investors including major U.S. Pension Funds, Endowments and
Foundations.
IIML is listed on the National Stock Exchange and The Bombay Stock Exchange.
Investment
Sector
Retail Media and Consumer Services , Technology ,Manufacturing
Life Sciences ,Infrastructure related services
Portfolio
Shoppers Stop, Noida Toll Bridge Company Ltd. , Gujarat Pipavav Port Ltd., ibn18
Broadcast Ltd., Indraprastha Gas Limited , Si2 Microsystems Ltd, Godrej Beverage &
Foods Limited, Max Telecom Ventures, UTV Communications, Hotel Leelaventure ,
Spice Jet Limited, Konaseema Gas Power Ltd., Varun Shipping, India games Limited,
Malladi Drugs & Pharmaceuticals, Rewas Port Development Company, Pipavav
Railway Corporation Ltd., Continental Warehousing Corporation (Nheva Seva) Ltd,
Central UP Gas Ltd. , RPG Cellular Investments & Holdings, Gayatri Projects Ltd,
Future Software, Alok Industries Ltd., Arch Pharmalabs Ltd, Bharat Fritz Werner
Ltd., Eastern Silk Industries Ltd., EBS Worldwide, Gokaldas Images Ltd., JBF
Industries Ltd., Manipal Acunova Ltd, Prasad Corporation Ltd., Pratyankara Electronics
Ltd., Tejas Networks Limited, GSS America Infotech Limited , Bharat Serums And
Vaccines Limited
Investment Deal Size US$ 15-30 million
Key Person Mr. Mark Silgardo
Mumbai

IL&FS Investment Managers Limited The IL&FS Financial Centre, 1st Floor, Plot No. C -
22, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 India
Tel : +91 22 2659 3120 Fax : +91 22 2653 3056
Website : http://www.ilfsinvestmentmanagers.com/private_equity.aspx
Email : mark.silgardo@ilfsindia.com
IDFC Private Equity
Established in 2002, IDFC Alternatives’ private equity franchise focuses on investing growth
capital alongside passionate and visionary entrepreneurs that are building India. With 41
investments and 25 liquidity events (till April 2015), the private equity team combines deep
operating and investing experience across market cycles with the proven ability to identify
and scale companies across sectors.
We are typically a significant minority investor, but we also have demonstrated the ability to
incubate and profitably grow companies in control situations. As a trusted partner to our
portfolio companies, we offer a deep engagement model that seeks to institutionalise family-
owned businesses, develop strategies to help these companies achieve transformational
growth and implement the systems for sustained success that facilitate a profitable exit within
a 4-6 year timeframe.
We have built our reputation as a pioneering private equity investor in several businesses
ranging from healthcare to clean energy. Looking ahead, we are increasingly focused on
supporting entrepreneurs to create value in companies that are at the confluence of
infrastructure and consumption sectors.
Investment Sector Healthcare, Consumer, Media and Telecom, Infrastructure and
Industrial, Food Agri, Platforms.
Investment Size USD 30 – 40 Million
Portfolio
 Manipal Intergrated Services , Parag Milk Products
 Medi Assit Healthcare Services Pvt ltd, Manipal Education and Medial Group India
Pvt Ltd
 Staragri Warehousing and Collateral management Limited ,NCDEX ,

 ATC Telecom Infrastructure Limited.
 GMR Energy Limited , Doshion Limited , Emergent Ventures Pvt ltd, GVR Infra
Projects, Moser Bear Solar, Seaways Shipping and Logistic Limited, DARCL
Logistics Limited, Good Earth Maritime Limited
Portfolio Exited
 Manipal Global Education Service Provider Limited , Chalet Hotels, Hotel
LeelaVentures, IRPPL
 HCG, Manipal health Systems Pvt Ltd.
 GMR Infrastructure Limited, Delhi Airport , Deepak Cables, Sembcorp Green Infra.
Ashoka Buildicon , Maharashtra Natural gas Limited, CUGL, Sical Logistics, Gujarat
Pipavav Port Limited, L&T Infrastructure Development Projects, GSPL
Key Person Gaurav Sharma, Mahesh Joshi, Vikas Dagur, Anugrah Agrawal, Apura Patel
Chennai
IDFC Limited KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai
Tel: +91 44 4564 4000 Fax: +91 44 4564 4022
New Delhi
IDFC Foundation The Capital Court, 6th Floor, Olof Palme Marg, Munirka, New Delhi
Tel.:+91 11 4331 1000
Mumbai
IDFC Limited Naman Chambers, C-32, G-Block Bandra-Kurla Complex, Bandra (East)
Tel : 022 – 42222000 Fax - 022- 2654 0354
Bengaluru
No.9/7, 2nd Floor, K.C.N. Bhavan, Yamunabai Road, Madhav Nagar Extn., Off : Race
Course Road, Bengaluru - 560 001
Tel: +91 80 4344 8000 Fax: +91 80 4344 8001
Website : http://www.idfc.com/

West Bridge Capital
WestBridge Capital leverages both its capital and experience to help companies succeed. A
typical investment ranges from $10 million to $80 million, often resulting in a substantial
minority equity ownership, second only to the founder in many cases.
WestBridge was co-founded by KP Balaraj, Sumir Chadha, SK Jain and Sandeep Singhal.
The same team of four also co-founded Sequoia Capital, India. In the last fifteen years, the
team has led investments in over 80 companies and oversaw a total investment of over $1.6
billion*. The six funds that invested on the advice of the team, have raised over $3.2 billion
in capital. The team is one of the most recognized in the industry, and has a combined 50+
years of experience in investing in Indian companies. Armed with this wealth of experience,
the team is able to assist its portfolio companies – when required - in many areas including
strategy, operations, management recruiting and fundraising.
Investment Sector Ceramic, Healthcare , Consumers , Infra , Media , Retail and Financial
Services
Portfolio
AIA Engineering Ltd., Astral, Applabs, Astra Business Services, Axis Bank, Bajaj Electrical
Indecomm Global Services (India) Private Limited, CCD, Carzonrent, CEAT, Celetronix
USA, Inc., Celon Laboratories Limited, Cera, Cholamandalam Investment and Finance
Company Ltd, Cognizant, Comviva ,DHFL, Dr. Lal PathLabs Limited, Digital Signage
Networks India Pvt. Ltd., eClerx, Edelweiss Capital, Emagia Corporation, Firstsource
Solutions Ltd, Genesis Colors Pvt. Ltd, Ionic Microsystems, GlobalLogic, Greenlam,
Greenply, GVK Biosciences, Havells India Limited,IDEA Cellular Limited, Indecomm , Info
Edge (naukri.Com) , Infotech Enterprises, Interactive Avenues, July Systems, Just Dial, K12
Techno Services, Kajaria Ceramics, KMC Constructions Limited,, MAUJ, Sai Advantium
Pharma Limited, People Interactive (India) Private Limited , Sobha Ltd., MarketRx,
Mindtree, Unicon Financial Intermediaries Pvt., Quick Heal Technologies, Travelguru, Times
Internet, V-Mart Retail Limited, Workadia Inc, TVS Motor Company . and many more.
Investment Deal Size USD 10 – 80 Million
Key Person Amit Ranade, SK Jain, Sandeep Singhal, KP Balaraj, Murli Shenoy
WestBridge Capital Partners, LLC
Ground Floor, Nexteracom Tower III, Cybercity, Ebène, Mauritius
Tel: +230 466 1202/5498 9666 Fax: +230 467 4000

WestBridge Capital India Advisors Private Limited.
'Canberra Block', Level 11 - East Wing, UB City 24, Vittal Mallya Road, Bangalore India.
Tel: +91 80 49070900
Website : www.westbridgecap.com
Email : enquiries@westbridgecap.com

Intel Capital
Intel Capital is an investment firm that is focused on mergers, acquisitions, and equity
investments related to tech startups. The company invests in a broad range of companies that
offers hardware, software, and services targeting the enterprise, mobility, consumer internet,
digital media, and semiconductor manufacturing sectors.
The company focuses on helping entrepreneurs scale from startups to global corporations. It
leverages its technology expertise, brand capital, and access to a global network via its
business development programs helping entrepreneurs achieve success.
Since its inception, Intel Capital has invested more than US$11 billion in over 1,373
companies in 56 countries. In that timeframe, 207 portfolio companies have gone public on
various exchanges around the world and 354 were acquired or participated in a merger. In
2013, Intel Capital invested US$333 million in 146 investments with approximately 49
percent of funds invested outside North America.
Intel Capital was founded in 1991 and is based in Santa Clara, California, United States.
Investment Sector Tech Startups.
Portfolio in India
Bright Lifecare Pvt Ltd, Enstage Inc., Financial Inclusion Network and Operations Pvt Ltd. ,
Happiest Mind technologies Pvt Ltd. , Hungama Digital Media Pvt Ltd. IndiaMart
IndiaMesh Pvt Ltd. ITZ Cash Cards Limited, Jasper Infotech Pvt Limited, Mauj Mobile
Pvt. Ltd. Olive Telecommunication, Perpetuuiti Techsoft Inc, Real Image Media
Technologies Pvt Ltd, Savaari Car Rentals, Tejas Network India Pvt Ltd. Vizury Interactive,
Yatra Online. Saankhya Labs Pvt Ltd.
Investment Deal Size USD 50M - 100M
Key Person Amit Behl.
Address is not available.
Website : www.intelcapital.com
Email Address intelcapital@intel.com

SIDBI
SIDBI Venture Capital Limited (SVCL) is a wholly owned subsidiary of SIDBI, incorporated
in July 1999.
Investment Sector Consumer, retail , Logistics, Textile , Manufacturing etc.
Portfolio
WB Portfolio: Capacloud Trading Solutions Pvt. Ltd.
TEX Portfolio : Malegaon Industrial Services Private Limited , Shree Sauparnika Exports
Private Limited
SF Portfolio : Annapurna Microfinance Private Limited, ESAF Microfinance and
Investments Private Limited, Glocal Healthcare Systems Private Limited, Gramco Infratech
Private Limited, Hello Health Services Private Limited, Kanungo Institute of Diabetes
Specialities Private Limited, Natureland Organic Foods Private Limited, Rite Water Solutions
(India) Private Limited, Sahaj Inclusive Opportunities Pvt Ltd. , Shikhar Dairy Private
Limited, Sonata Finance Private Limited
IOF Portfolio : Autocal Solutions Private Limited, Avni Energy Solutions Private Limited,
Detection Instruments (I,ndia) Private Limited, Just4Kids Services Private Limited,
Maximus, MITCON Consultancy & Engineering Services Ltd, Mynd Solutions Private
Limited, Opal Luxury Time Products Private Limited, Pawar Electro Systems Private
Limited, Perfect Infraengineers, Plazma Technologies Private Limited, Power Research and
Development Consultants Private Limited, Pragmatix Services Pvt. Ltd. Prasad NC Machine
Systems Pvt Ltd. , Printland Digital (India) Private Limited, Sharp Chucks and Machines
Private Limited, Synergistic Financial Networks Private Limited, Thejo Engineering Limited,
Western India Cashew Company Private Limited
SME Growth Portfolio : Basil Communications Private Limited, Multinational Freight
Forwarding & Logistics, Dynaspede Integrated Systems, Powercon, Mudra Lifestyle Limited,
Prateek Apparels Limited, V&S International Private Limited
NFSIT Fund Portfolio : Ecube India Solutions Limited, KMG Infotech Limited,
LatticeBridge Infotech Pvt Ltd.
Investment Deal Size MS Fund: Not More then 25 Cr.
WB Fund : Investment limited to 9 crs.
TEX Fund : Investment limited to 3 Cr.
Samridhi Fund : 5 – 25 Crs

Key Person Not Available
SIDBI Venture Capital Limited
10th Floor, Naman Centre, C-31, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai -
400 051
Tel No. 91 - 22 - 3947 3200 Fax No. 91 - 22 - 3947 3210
Website : www.sidbiventure.co.in
Email Address msfund@sidbiventure.co.in
texfund@sidbiventure.co.in
wbfund@sidbiventure.co.in
samridhi@sidbiventure.co.in
iof@sidbiventure.co.in

Gujarat Venture Finance
Limited
Over the last two decades, GVFL has focused on the role of providing venture capital to
technology oriented start ups. In our endeavor to back the first generation entrepreneurs,
GVFL has gained deep insight into the entire growth cycle of its portfolio companies. Our
Success can be attributed to our passion for detailed assessment of market viability and
management credentials, as well as broad spectrum support to the funded entities ranging
from strategic direction to governance support. Today our professionals can unerringly
identify a growth company and have the capability to nurture it to the market. Our professed
aim remains, to use our knowledge and expertise to guide professionals who are imbued with
entrepreneurial enthusiasm and a vision to build successful businesses.
We seek to develop next generation business leaders who build sustainable organizations,
deliver better results and in process share the rewards. In this phase of its development
GVFL professes to evolve a paradigm where it will use its deep insights to identify growth
companies and take them to greater heights.
Investment Sector Technology, Healthcare, Infrastructure
Portfolio in India
Alfa Corpuscles Pvt. Ltd, Windfarm Project of SITAC RE, Ushdev Power Holdings Private
Ltd. (UPHPL), Hubtown Limited, Ratnakar Estate Developer Private Limited (REDPL),
Sahajanand Laser Technology Limited (SLTL), Sahajanand Laser Technology Limited
(SLTL), Pegasus Semiconductor Limited, Sebacic India Ltd., e-infochips, Fairtech
Engineering Services Pvt Ltd, Century Pharmaceuticals Ltd, Aura Herbal Textiles Ltd., Axio
Biosolutions Pvt Ltd .,RapidRadio Solutions Pvt Ltd, Amrita Therapeutics Limited,
Net4Nuts Limited
Investment Deal Size Not Available .
Key Person Mr. Sanjay Randhar , Mihir Joshi, Arvind Modi,Saumya
Chandra,Sejal Zaveri, Paresh Shah, Darshan parikh.
1st Floor, Premchand House Annexe, B/h Popular House, Ashram Road, Ahmedabad
Phone:+91-79-4021 3900, 2658 9985 Fax: +91-79-2658 5226
Website : www.gvfl.com
Email Address info@gvfl.com

The New Startup and New Idea should have the following component in their Plan.
We look for Businesses with proven track record and significant traction with clients.
Scalability, large addressable market and unique competitive advantage in the proposal guide
our investment philosophy. If you have a compelling story to tell and are looking for funds
and guidance, then we are the people for you.
Promoter: We want to understand the detailed background of the promoters / top
management of the company.
Company:
a. Location details
b. Company structure
c. Contact details of the promoter / key managerial person
Products / Services: We want to know the Unique Selling Proposition of the products /
services
a. Pain Pont it addresses
b. Differentiating factors from the current products / services in the market
c. Company’s technology vis-à-vis current technologies
d. Entry barriers for the new entrants
e. Pipeline of the products / services based on the platform
Market:
a. Size of the addressable market
b. Macroeconomic critical factors of the Industry
c. Microeconomic critical factors of the market
Business Model:
a. Fund requirement and detailed fund utilization plans
b. Financial forecasting plans (include assumptions, historical financials, revenue
drivers, channel economics)
c. Revenue model(s)

Oak Tree Capital
Oaktree Capital Management is a leading global alternative investment management firm
with expertise in credit strategies. The firm was formed in 1995 by a group of individuals
who had been investing together since the mid-1980s in high yield bonds, convertible
securities, distressed debt, real estate, control investments and listed equities
The firm’s competitive advantages include its experienced team of investment professionals,
a global platform and a unifying investment philosophy. This investment philosophy, which
consists of six tenets - risk control, consistency, market inefficiency, specialization, bottom-
up analysis and disavowal of market timing - is complemented by a set of core business
principles that articulate Oaktree’s commitment to excellence in investing, commonality of
interests with clients, a collaborative and cooperative culture, and a disciplined, opportunistic
approach to the expansion of offerings.
Investment Area Growth capital, Buyout, Industry consolidation, Recapitalization of
middle market companies
Investment Size USD 20 - 100 million
Portfolio
ICICI PruLife Insurance ,Array Technologies, EZBOB, ProService Agent Transferowy,
Pulse Electronics, Infraworks, tenKsoloar, Enplug
Key Person Bruce Karsh,
Oak tree Capital (Hong Kong) Limited
Suite 2001, 20/F, Champion Tower 3 Garden Road Central, Hong Kong
p +852 3655-6800 f +852 3655-6900
Oak tree Capital Management Pte. Ltd.
80 Raffles Place #51-03 UOB Plaza 1 Singapore 048624
p +65 6305-6550 f +65 6305-6551
Website : https://www.oaktreecapital.com
Email Address contactus@oaktreecapital.com

Ascendas-Singbridge
Ascendas-Singbridge Group is Asia’s leading provider of sustainable urban solutions. With the
combined capabilities of Ascendas and Singbridge, the group is uniquely placed to undertake
urbanisation projects spanning townships, mixed-use developments and business/industrial
parks. Headquartered in Singapore, Ascendas-Singbridge has projects in 29 cities across 10
countries in Asia, including Australia, China, India, Indonesia, Singapore and South Korea.
Ascendas-Singbridge Group has a substantial interest in and also manages three Singapore-
listed funds under its subsidiary Ascendas. Besides these listed funds – Ascendas REIT,
Ascendas India Trust (a-iTrust) and Ascendas Hospitality Trust (A-HTRUST), Ascendas also
manages a series of private real estate funds, which hold commercial and industrial assets
across Asia.
Jointly owned by Temasek and JTC Corporation (JTC) through a 51:49 partnership, Ascendas-
Singbridge Group is the asset and investment holding arm of the integrated urban solutions
platform formed by Temasek and JTC to capitalise on urbanisation trends in the region.
Investment Area Infrastructure Development
Investment Size -
Portfolio
International TechPark Bangalore, One Hub Chennai.
Key Person Mrs. Nina Yang – CEO Sustainable urban Development
Website : www.ascendas-singbridge.com/
Contact Us :

2i Capital (India) Private
Limited
2i Capital PCC is an independently managed private equity fund based in Mauritius. It is
authorised and regulated by the Financial Services Commision in Mauritius (FSC), and the
Securities and Exchange Board of India (SEBI).
2i Capital invests in venture capital and private equity opportunities globally, but has
pioneering investment experience in India as its first Foreign Venture Capital Investor
(FVCI), a licence that was granted by SEBI in early 2000.
2i Capital invests in companies with competitive advantages in local and global markets, and
those that strive to take advantage of the growing domestic trend of consumerism,
consumption, exports and outsourcing, or the need for improved infrastructure, energy,
logistics, and financial enablement.
The “I’s” in 2i Capital stand for “Investment and Intellectual” Capital, and underpin our
investment philosophy of value addition to enhance investment returns. Our methodology of
providing value-added strategic and operating capabilities to companies undergoing change,
as well as comfort in dealing with the complexities of growth and change, differentiates us
from many other private equity firms. Our goal is to help management teams build medium to
long-term value that benefits all stakeholders.
The Fund’s investors include international financial institutions, global corporations,
qualified individuals, and family offices.
Investment Area Growth capital , Niche Exporter of consumer segment
Investment Size Up to 15 Million
Portfolio
Pipavavav Shipyard, Titagarh Wagons, Gayatri Projects , Idea Cellular,XL Telecom and
Energy, Southern Wind Farms ,Indlaw Communication
*Now they have exited from all portfolio No current investment in any company
Key Person Mr. Vivek Sekhar,
Level 12 Nexteracom Tower II Ebene, Mauritius
Tel :+230 468 1923 Tel :+230 465 5526 Fax :+230 468 1886 Fax :+230 468 1937
613 Oxford Towers, 139 Airport Road, Bangalore, Karnataka - 560008 - India.
Phone: +91-80-41151990
Website : www.2icapital.com

Siemens Venture
Capital
Our goal is to identify and finance young companies worldwide during their start-up phase
and to provide established companies with additional capital for their growth plans during the
expansion phase. Through our portfolio companies, we offer our customers new tech-
nological solutions and tap new markets. Our focus is on growth segments in the energy,
industry and healthcare markets.
Our portfolio includes further Private Equity activities: In the context of our Private Equity
Advisory Service, we offer non-U.S. customers such as the Siemens Pension Fund pro-
fissional consulting in Private Equity asset allocation. As of January 2009, Siemens Venture
Capital launched its first fund-of-funds: Siemens Global Innovation Partners I which
was offered also to non-Siemens/non-U.S. investors.
Investment Area Growth Capital , Venture Capital
Investment Sector Energy , Healthcare, Infrastructure , Industry, Fund-to-Fund,
Investment Size Venture Capital : 2 – 5 Million Euros
Growth Capital : 10-30 Million Euro
Portfolio
Materials Solutions Limited, Powerit Solutions,Zolo technologies , Inc. , Bayeco, Black
Duck, Digital Guardian, Electro Cloud, EnOcean GmBh, Flexis AG, Frustum, LogRhythm,
PHM Technologies, thinkstep, Transparent Energy Systems Pvt. Ltd, Adarza Biosystems,
AventuraHQ , Seventh Sense Biosystems, Inc, USARAD Holdings, Inc, ViewRay, Band of
Angels, Draper Atlantic, Masdar Clean Tech Fund, Paladin Capital Group, STAR Ventures,
Venture Strategy, CyberFlow Analytics , Plotty, Augmate,
Key Person Michael Hochholzer
Website : www.siemensventurecapital.com
Email Id michael.hochholzer@siemens.com

Infinity Venture
Affiliate of Advent International), a Boston based, US $ 6 Billion private equity firm that has
made over 500 investments in 35 countries till date and had over 125 highly successful IPO
exits around the world.
Advent International owns part of the GP, participates in investment decision-making and
provides connectivity to portfolio companies for investments.
Executive team of 5 professionals, offices in Mumbai and New York.
Investment Sector Technology and Financial Service.
Investment Size USD 2 Million
Portfolio
Fund 1: Indiabulls Financial Services Private Limited, Indiagames, Brainvisa, Eti,
Cognosys, Epicenter, Avendus, Linc, Adamya, Indiaparenting, E-Mecklai, Qsupport
Technologies Pvt Ltd. Clips India Pvt Ltd. , E2e.
Fund 2: Skyscape Inc. Scope E Knowledge Center , Bay Area Credit Service.
Key Person Nilesh Mehta - Managing Partner.
Infinity India Advisors Pvt.Ltd.
001, Turf Estate Shakti Mills Lane, Off Dr. E Moses Road, Mahalakshmi, Mumbai .
Tel:+91-22-24902201-4 Fax:+91-22-24902205
Website : http://www.infinityventure.com
Email id nilesh@infinityventure.com

Karnataka Information
Technology Venture Capital
Fund
Karnataka Information Technology Venture Capital Fund (KITVEN Fund) is a State &
Central Government financial institutions backed Venture Capital Fund (VCF) operating in
the State of Karnataka since 1999. The Fund received subscription from premier institutions
like Karnataka State Industrial and Infrastructure Development Corporation Limited -
KSIIDC, Karnataka State Financial Corporation - KSFC, Small Industries Development Bank
of India - SIDBI, Karnataka Bio-technology & Information Technology Services (KBITS)
etc. As a partner, KITVEN Fund invested in emerging companies with a long-term
investment approach thereby to build commercial value to our investors/ contributors. We
have focused on investments in seed/ rapid growth opportunities within the State of
Karnataka and assisted in wide spectrum of companies catering to the Information
Technology, Bio-Technology and other high-end products/ solutions in the knowledge based
sector.
In many of our successful investments in the past, KITVEN Fund was the founding/ first
investor and invested when the company was no more than a passionate team. We have
maintained a rigorous investment process and a commitment to work closely with our
portfolio companies. We understand that promising companies need more than capital/
financial backing to succeed. On the road from seed to success we became the founding
team's trusted advisor and professional investor.
Investment Area SME and Startup units in Karnataka State.
Investment Size 200 – 500 Lakh INR up to 900 Lakhs.
Portfolio
KITVEN FUND: RelQ Software (P) Limited, Logix Microsystems Limited , Cerebra
Integrated Technologies Limited, iLantus Technologies (P) Limited, ECAD
Technologies Limited, Internet Componenet Management Group (P) Limited , iTwine
Technologies (P) Limited, Winfoware Technologies Limited, Indegene Lifesystems (P)
Limited InKnowTech (P) Limited, Opus ABS India (P) Limited, Comat Technologies(P)
Limited , 24x7 Learning(P) Limited , Telibrahma Convergent Comm.(P) Limite,
Proteans Software Solutions (P) Limited ,Thrulogic ITECH (India) Pvt. Limited.

KITVEN FUND 2 : Pawaa Sotware (P) Limited, Mitra Biotech (P) Limited, Sloka Telecom
(P) Limited, Vidteq India (P) Limited, Semtronics Mirosystems (P) Limited, Telematics4u
Servics (P) Limited, Channel Mentor IT Solutions (P) Limited, TheramyT Novobiologics (P)
Limited, Avekshaa Technologies (P) Limited
KARSEMVEN FUND: Graphene Semicondcutor Services (P) Limited, Prodigy
Technovations (P) Limited, SenseGiz Technologies (P) Limited, Pinaka Aerospace Solutions
(P) Limited.
*KITVEN FUND 1 is fully invested and divested; KITVEN FUND 2 is fully invested now
KARSEMVEN fund is in investing process.
Key Person A R Jayakumar – CEO
The Chief Executive Officer
Karnataka Asset Management Company Private Limited
403, 4th Floor, HVS Court, 21, Cunningham Road, Bengaluru - 560052 India
Phone: 080-22385480 TeleFax: 080-22386836
Website : http://www.kitven.com
Email id info@kitven.com
Entrepreneurs / companies seeking Venture Capital assistance may please forward their
Executive Summary (not exceeding 4-5 pages) keeping in mind our investment criteria along
with a description of how much money you need and for what purposes. If we are interested,
we will schedule an initial meeting with the prospective investee unit to understand more and
better. The executive summary must contain the following information in brief :-
1. Company Background - Short overview of the company, geographical location,
founders background, funding so far, if any
2. Market Opportunities Needs, Value Proposition, Size & Growth of Market
3. Products/Technology Differentiation, Barrier-to-Entry, Price & Cost
4. Target Market Competition, Entry Strategy, Positioning, Distribution
5. Operating Plan - Historical Results, Extract of Profit/Loss account & Balance Sheet
6. Funding - How much & for what purpose? Financial projections that will take the
company until next round of funding.

Samara Capital
Samara Capital is an entrepreneurially run India focused private equity firm.
Samara invests in Emerging Indian Companies (EICs) – which it defines as those businesses
that are poised for rapid transformation, have strong entrepreneurial minded management
team and a favorable industry context.
Being an entrepreneurial firm itself, Samara values and understands the importance of
relationship comfort, freedom, trust, nimbleness and flexibility, which is what it seeks from
and gives to its partner entrepreneurs.
Investment
Sector
Consumer Products, Information technology and Outsourcing, Financial
Services, Pharma and Healthcare, Infrastructure.
Investment Area Buyouts, growth equity, Corporate Restructure , Private Transactions.
Investment Size USD 15 -100 Million
Portfolio
Asian Oilfield Services, Guardian Pharmacy , TVC, Sharekhan , Triveni, Thyrocare,
Cogencis, Monte Carlo. Flemigo Duty Free.
Key Person Sumeet Narang -Managing Director.
Samara India Advisors Pvt. Ltd.
131-133, 13th Floor Free Press House 215 Nariman Point Mumbai - 400 021 India
Tel: +91 22 61696600 Fax: +91 22 61696688
Samara India Advisors Pvt. Ltd.
Eros Corporate Tower, 15th Floor Nehru Place New Delhi – 110 019 India
Website : www.samaracapital.com
Email id info@samaracapital.com

TVS Capital Funds Limited
TVS Capital Funds has been empowering next gen entrepreneurs with management
capability and capital to build companies of extraordinary value since 2007.
The fund’s sponsors are TVS Group and Shriram Group who bring with them a proven
business culture, infrastructure and a wide network of relationships across sectors and
geographies.
Led by Gopal Srinivasan of the TVS Group, TCF manages the TVS Shriram Growth Fund
which has over INR 1,100 Cr Assets Under Management across two schemes (1A & 1B).
The funds is registered with SEBI under Venture Capital Fund regulations and has
completely deployed Fund 1A investments and has commenced investments in fund 1B.
Investment Area PIPE, Buyouts, carve-outs, synthetic start-ups, and mezzanine
investments
Investment Size 250 – 750 Million INR (USD 4.4 Million – 12.42 Million )
Portfolio
TSGF FUND 1A : 9.9 MediaWorx Pvt Ltd , Om Pizzas & Eats Private Limited
,Dusters Hospitality Services Pvt. Ltd, Medfort Hospitals Pvt. Ltd, Medplus Health
Services Private Limited, Dunar Foods Limited, Landmark Limited , ReGen
Powertech, TVS Logistics Services Limited,Indian Cookery Private Limited
,Development Credit Bank, RBL Bank, Texmex Cuisine
TSGF Fund 1B: RBL Bank, Texmex Cuisine ,, Wonderla Holidays Limited , City Union
Bank, Karur Vysya Bank,NSE,, Indian Energy Exchange, Prabhat Dairy Limited,FSN
Ecommerce Ventures Pvt. Ltd (Nykaa)
Key Person Prasad Gadkari - MD Private Equity
249 A, Ambujammal Street, Off TTK Road, Alwarpet, (Near Alwarpet Post Office)
Chennai Phone No: +91-44-42954800 Fax No: +91-44-4295488
2nd Floor, Quadrant B Unit 2, IL&FS Financial Centre, Bandra Kurla Complex, Bandra
East, Mumbai Phone No: +91-22-42495800 Fax No: + 91-22-42495888
Website : http://www.tvscapital.in/

Kaizen Management Advisory
Private Limited
Kaizen Private Equity is India’s first private equity fund focused on India’s $86 billion
education sector. Kaizen invests in promising companies with a keen focus on adding
significant value post investment. These companies are leaders in the core, parallel and
ancillary segments of Education. The Kaizen team consists of entrepreneurial professionals
who bring a combination of investment experience, domain knowledge and operations
expertise across sectors including the Education sector. This team has a passion for building
companies that promote modern learning methodologies designed to create tomorrow’s
leaders.
Investment Sector Education
Investment Size USD 5 – 15 Millions
Portfolio
Ace Creative Learning, WizIQ, Altus Leaning Pvt Ltd, Founding Years (Klay),
Impartus innovations, UTS, YKROK, Varthana, K-12, EduPristine
Key Person Sandeep Aneja –Managing Partner
Kaizen Private Equity
202 Suraj Prakash CHS 86 Shankar Ghanekar Marg Prabhadevi Mumbai, 400025 India
Tel: +91-22-6767-5757
Website : http://www.kaizenpe.com/

Ladder Up Finance Limited
LadderUp Finance Limited was established in 1993 as a residuary NBFC, and listed on the
BSE in 1995. The company offered both fund and non-fund based services with a focus on
asset financing.
By 2007, our Advisory Services had become significant enough to warrant a more
concentrated approach. Accordingly, Ladderup Corporate Advisory Private Limited was
formed as a separate group entity offering Investment Banking, Corporate Finance and
Corporate Advisory Services. Ladderup Finance now only engages in fund-based activities.
In the year 2008 Ladderup Wealth Management was formed to provide personalized wealth
management solutions to individuals and corporates.
Investment Area Expansion Capital , Mezzanine Capital , Buyouts / MBOs, PIPE , Pre-
IPO Financing, FCCB.
Investment Size -
Portfolio
SK Finance, AU Financiers, Panama, Deepak fasteners, WAAREE, Parag Milk
Foods, Jumbokings Foods.
Key Person Sunil Goyal, K. Raghuraman, Mangala Prabhu, Ragvendra nath
LadderUp Finance Limited
102-A, 1st Floor, Hallmark Business Plaza, Gurunanak Hospital Road, Bandra (East),
Mumbai , India
Phone : 91-22-4033 6363 Fax: +91-22-4033 6364
Website : www.ladderup.com
Email info@ladderup.com , bd@ladderup.com

Lighthouse Advisors India Pvt.Ltd.
We are investors and entrepreneurs who believe that India is the most dynamic and vibrant
economy in the world today, and will remain so for the coming century, with each new
decade being more exciting than the last. With our roots originally in the United States, in the
mid-2000s we turned our focus and efforts to the burgeoning entrepreneurial spirit here in
India, and Lighthouse was born.
In 2008, we began advising India 2020, Limited ("Fund I"), an India-focused investment
vehicle with a corpus of approximately USD 100 million. In 2014, we began advising a
second investment vehicle, India 2020 Fund II, Limited ("Fund II"), which has a corpus of
approximately USD 135 million. Both funds have raised capital from a diverse set of
distinguished, international investors, who seek to provide long-term, patient capital and
advice to the next generation of entrepreneurs in "New India".
Investment Sector Ceramic, Food & Agriculture
Investment Size USD 5- 20 Million
Portfolio
Bikaji , Capital Trust, CERA, Dhanuka, Indian Herbs, Kama Ayurveda, Suraksha,,
Unibic, Xseeds
Key Person Nitya Khemlani , Piyush Verma, Seam Sovak, tarun Pande.Ajai Atal
Lighthouse Advisors India Pvt.Ltd.
102-B Hallmark Business Plaza, Guru Nanak Hospital Road, Bandra (E), Mumbai – 400 051
Tel : +91 22 4204 1000
Website : http://www.lhfunds.com
Email info@lhfunds.com

Beacon India Private Equity Fund
Beacon's investment approach is centered on partnering with management.
As partners we work with management to build value in areas such as strategy, marketing,
business development, mergers and acquisitions, market entry, recruitment and operations.
We are committed to helping our portfolio companies succeed.
We invest in all growth sectors in India.
This includes infrastructure, consumer services, business services, financial services,
healthcare and manufacturing. We have experience in FMCG, Food & Beverage, Hospitality,
Media, Telecoms, Education, Healthcare, Financial Services, Retail, Travel, Offshore
Services, Specialty Manufacturing and Real Estate Development.
Beacon only seeks to invest in companies where it can add real value.
Depending on the investee company's requirement, Beacon adds value by helping with
governance, board direction, business development, team building, networking and
relationship development, corporate finance, amongst others.
Investment Size USD 5 – 25 Million
Portfolio
Financial Services: RBL Bank, IndoStar Capital Finance , NSE.
Consumers :Impresario ,Saffronart
Infrastructure : NCC Limited , A2Z Group, Bhayana Builders Private Limited,
Others : Vatika Group, Everest Kanto Cylinder
Key Person -
BCP Advisors, Pvt., Ltd.
DLF Corporate Park, Block 1, Unit 203, 2nd Floor, DLF City Phase 3, S-Block,
M.G. Road, Near Guru Dronacharya Metro station, Gurgaon, Haryana 122 002, India
T: +91.124.4683669
Beacon India Pvt. Equity Fund,
C/o Cim Fund Services Ltd., 33 Edith Cavell Street, Port Louis, Mauritius
T: +230.212.9800 F: +230.212.9833
Website : http://www.beaconindia.in/

Subhkam Venture
Subhkam focuses on investments in midsized companies, usually by providing growth
capital, and in exceptional circumstances, also provides initial stage funding. Apart from
providing financial capital, Subhkam proactively supports the investee companies in realizing
their potential through strong and able partnerships.
Subhkam Ventures follows a philosophy of long-term value creation in its approach to
private equity investments. In line with this, each of its investment decisions is preceded by a
rigorous analysis of the prospective investee company's business prospects, strength and
shortcomings. Subhkam adopts a “Partner and uild” strategy with well-defined exit plans to
achieve long term capital appreciation. With the objective of maximizing the value of the
company and helping it realize its full potential, Subhkam also provides assistance and advice
to the portfolio companies.
Investment Area Mid Size Companies - Growth Capital , Initial Stage funding
Investment Sector infrastructure, biotechnology, financial services, aerospace, telecom,
real estate, tourism sectors
Investment Size -
Portfolio
Bharat Biotech International Limited , Iris Business Services Limited , Miel e-Security
Private Limited , Nicheken Technologies Private Limited , PME Power Solutions Limited
Reflex Technologies Private Limited, Stallion Brands India Private Limited
Key Person -
41, "The International", Maharshi Karve Road, New Marine Lines Cross Road No 1,
Opp. St. Xavier’s oys Academy, Church gate, Mumbai .
Tel.: 91-22-61572000 Fax.: 91-22-61572099.
Website : www.subhkam.com
Email id sangam@subhkam.com , info@subhkam.com

Nexus Venture Partners
We partner with exceptional entrepreneurs in the US and India. Our team comprises ex-
entrepreneurs who are strong “bottom-up” thinkers and “sleeves rolled up” operators. With
decades of experience in building and funding globally leading companies, we manage
USD 1.2 billion across funds. Our footprint in world’s two leading markets positions us
uniquely with global insights and ability to serve entrepreneurs.
Investment Area Early Stage of start up
Investment Size USD 0.5 - 10 Million
Portfolio
Consumer: Clover Health, Craftsvilla, Cricket Health, D.Light, EyeQ, Goodbox, Headout,
Indiashelter , ISFC, Lybrate, Mezi, Runnr, Sohpclues, Snapdeal, StayZilla, TalentSprint,
Turtlemint.
Enterprise: Aryaka, Blueshift, Cloud.com , CloudByte , Datagres, Druva, Gitter, H2O,
Headspin, Helpshift, Indix. , Infer, Infinote, Infoworks, Kaltaru, Komli, Minio, POPin,
Postman, Procurify, Pubmatic, Quandl, Rancher, ScaleArc, Sedemac, Uniken, Unmetric,
Vdopia, ZenProspect.
Business Service : Altruist, Biz2Credit, Delhivery, DOZ, Kirusa, Mistral, Prana, Sohan Lal,
Suminter
Exited Portfolio
Consumer : Astrid , LiveProfile, OLX, Map My India, TinyOwl
Enterprise : Arkin Net , Dimdim, Elastic Box, Genwi, Gluster, Targeting Mantra,
Unicommerce, Net Magic.
Business Service : What’s On
Key Person Anup Gupta
Suite 1001, 10th Floor, Tower B, RMZ Millenia, No. 1&2, Murphy Road, Close to Ulsoor
Lake, Bengaluru 560008, India +91 (80) 494-56600
G-2, Sarjan Plaza, 100, Dr. Annie Besant Road, Worli Mumbai 400018, India
+91 (22) 662-60000
Website : https://nexusvp.com
Email id plans@nexusvp.com

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