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Blockchain Investment And M&A Trend Analysis

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After powering the meteoric rise of the cryptocurrencies, blockchain is set to drive disruption across industries globally. There has been a significant growth in the adoption of blockchain in digital enterprises and digital-intensive organizations. By offering disruptive solutions, startups have begun to lead the integration of blockchain into real business applications.

This report focuses on an M&A and investment analysis of blockchain startups to understand blockchain adoption across various industries.

For the full report, contact info@netscribes.com

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Blockchain Investment And M&A Trend Analysis

  1. 1. Proprietary and Confidential, Copyright © 2019, Netscribes, Inc. All Rights Reserved The content of this document is confidential and meant for the review of the recipient. Disclaimer: The names or logos of other companies and products mentioned herein are the trademarks of their respective owners BLOCKCHAIN Investment and M&A Trend Analysis August 2019 SAMPLE REPORT
  2. 2. Table of Contents Chapter 6: Blockchain Startups : M&A Analysis • Global M&A Scenario (BC Startups) • Deals in the Cryptocurrency Segment • Deals in Other Industry Segments • Deals By Type Chapter 4: Automotive : Investment Scenario • Key Findings • Overview • Global Scenario • Regional Analysis • Investment Scenario: Overview • Investment Scenario: Application Segments • Blockchain Adoption • Leading Startups Chapter 1: Blockchain Startups : Investment Scenario • Key Findings • Ecosystem • Global Scenario Chapter 5: Industry 4.0 : Investment Scenario • Key Findings • Overview • Global Startups Scenario • Regional Analysis • Investment Scenario: Overview • Investment Scenario: Application Segments • Blockchain Adoption • Leading Startups Chapter 2: Healthcare : Investment Scenario • Key Findings • Overview • Global Startups Scenario • Regional Analysis • Investment Scenario: Overview • Investment Scenario: Application Segments • Blockchain Adoption • Leading Startups Chapter 3: Agri-food : Investment Scenario • Key Findings • Overview • Global Startups Scenario • Regional Analysis • Investment Scenario: Overview • Investment Scenario: Application Segments • Blockchain Adoption • Leading Startups SAMPLE REPORT
  3. 3. Methodology & Assumptions Shortlisting of Startups 7,000+ Founded Post-2014 Disclosed Fund Raising Activity Emergent Verticals Healthcare, Automotive, Agri-Food & Industry 4.0 This report focuses on the funding raised by blockchain-enabled startups globally. Netscribes followed a structured research and analysis approach for this deep-dive study. An outline of the shortlisting methodology and the comprehensive approach followed in assessing startups and deriving the ‘Startup Funding Investment’ insights is outlined below: ▪ A set of over 7,000 companies focused on blockchain were identified through secondary research by leveraging organic as well as inorganic data sources ▪ In a subsequent step, the startups were further retained (more than 1,500) as per the following criteria: ❑ Those founded post-2014 ❑ Those with disclosed fundraising activity ▪ As we wanted to keep the focus of this study on the key industry verticals including Healthcare, Automotive, Agri-Food and Industry 4.0, the startups shortlisted from the previous step were retained to better assess the impact of investments on these verticals with a significant impact on the block chain value chain while also involve major industry stakeholders. Horizontal blockchain applications such as supply chain, cryptocurrency, etc. have not been focused in the current study. For deriving the ‘M&A Investment Insights’, no time-based or industry vertical shortlisting criteria has been used to identify deals. Note: Graphs have been plotted based on disclosed funding data (as per availability) to identify the investment and M&A trends incorporated in this report. However, undisclosed funding events have been considered for the calculation of deal counts in graphs (for the graphs providing insights based on the number of deals involving startups) although funding amounts corresponding to them could not be considered for analysis. SAMPLE REPORT
  4. 4. Blockchain Today A pivotal force behind the meteoric rise (although on a downward trajectory at present) of cryptocurrencies, blockchain technology is now driving disruption in other industries. There has been an uptick in the adoption of blockchain in digital enterprises and digital-first organizations, a number that is witnessing a significant growth with each passing day. At the other end, startups have begun leading the integration of blockchain in real business applications through unique disruptive solutions. SAMPLE REPORT
  5. 5. Study Highlights Over the years, the investment in blockchain-focused startups has both picked up as well as significantly morphed. Newly proposed or created regulations, accommodative policies, and growth in all-round technology adoption are some key factors driving such a transition. The growing adoption of blockchain across various industry verticals and horizontals is helping drive innovative solutions that are addressing industry challenges with increased vigor. However, for the successful adoption of blockchain, it has become evident that significant benefits for industry stakeholders are essential and the technology should create an impact along the entire industry vertical and across their value chains. Recent investment trends highlight the strategic thinking of global investors to rally around cryptocurrency, financial services, and supply chain management verticals in order to monetize on factors such as ease of technology adoption, increased interest in cryptocurrency, etc. However, in this report, NS has focused on industry verticals - Healthcare, Automotive, Agri-Food and Industry 4.0, which have a significant impact on a larger set of industry stakeholders and are expected to ensure maximization of stakeholder returns. Looking at the statistics and the current state of ICOs launched during 2017 and 2018, it is evident that these investments have neither benefitted the investors nor the other participants. This failure can be attributed to the inability of investors to understand the technology, or the under-performance of tokens, or both. Over the last year or so, the ICO hype has in fact slowed down dramatically, while equity funding in blockchain companies has taken the front seat. Additionally, there is an increasing need for tangible components including consulting, business guidelines, scalability, connection to the industry influencers, and proof of concept, besides funding for startups to ensure success. Moreover, startups too are looking for long-term investment relationships that can be fulfilled only through equity funding. SAMPLE REPORT
  6. 6. Study Highlights Healthcare Industry Agri-Food Industry Automotive Industry Industry 4.0 ~USD 300 Million Total funds invested in startups ▪ New York accounts for the highest number of blockchain- startups ▪ Both ICO and Non-ICO funding routes are equally popular ▪ Data Interoperability and Data Monetization are the segments witnessing highest blockchain adoption ▪ Digital Asset Holding is the leading fund raiser and has secured USD 107.2 Million USD XX Million Total funds invested in startups ▪ XX city aspires to be the leading startup hub for Agri-Food ▪ XX are the most popular funding route ▪ XX and XX are the leading blockchain adopting application segments ▪ XX is the leading fund raiser and has secured USD XX Million USD XX Million Total funds invested in startups ▪ XX is the leading city in the space with a high number of automotive blockchain startups ▪ XX has emerged as the more popular funding route ▪ XX and XX are expected to witness the highest blockchain adoption ▪ XX is the leading fund raiser and has secured USD XX Million USD XX Million Total funds invested in startups ▪ XX is clearly leading the journey of Industry 4.0 ▪ XX funding routes popular ▪ XX has emerged as the hot favorite among global investors and is also expected to witness the highest blockchain adoption ▪ XX is the leading fund raiser and has secured USD XX Million The US dominates in terms of the sheer number of startups established across all industries, majorly driven by the US government’s key initiatives to promote blockchain technology and increase adoption across all industry verticals and horizontals. SAMPLE REPORT
  7. 7. Blockchain Startups Investment Scenario SAMPLE REPORT
  8. 8. Ecosystem Startup Ecosystem Industry Verticals Impacted • Banking and Financial Services • Technology, Media, and Telecom • Public Sectors • Insurance • Real Estate • Transport and Logistics • Utilities • Retail • Manufacturing • Mining • Arts and Recreation • Healthcare • Automotive • Agriculture • Industry 4.0 Technology Backbone • dApps • Smart Contracts • Protocols and Platforms • Private Blockchain Infrastructure Providers Strategy • Standalone • Joining Consortiums • Partnerships with enterprises Investment Options • Initial Coin Offerings (ICOs) • Equity Funding/Venture Capital • Multimodal Funding (ICO+VC) Projects Stages • Testing Phase • Pilot Phase • Commercialized Blockchain Startups SAMPLE REPORT
  9. 9. 9 9 STARTUPS: INVESTMENT AND M&A TREND ANALYSIS Global Scenario 7,000+ Blockchain Startups Globally ~1,500 Blockchain Startups have Disclosed Investments US XX% Hub of blockchain startups in Americas United Kingdom XX% Hub of blockchain startups in Europe Blockchain Startup Penetration XX XX% Hub of blockchain startups in Asia LowHigh SAMPLE REPORT
  10. 10. 28-08-2019 10 Blockchain: Healthcare Investment Scenario SAMPLE REPORT
  11. 11. The core technology of Blockchain has greater potential than the mere transformational traits it displayed in impacting the digital currency segment (Bitcoin, Ethereum, etc.). Blockchain-driven digital transformation and technological advancements across the healthcare sector, including identity management and secure data analytics for providers, patients, practitioners and even pharmaceutical firms are just a few notable trends. The healthcare industry, however, comes with its own set of challenges – lack of interoperability and limited linkage between healthcare storage systems – related to the management of medical data. These challenges could impede the growth of blockchain in this segment. Blockchain however, is increasingly emerging as the solution for interoperability and security issues that plague traditional healthcare systems. Findings Key SAMPLE REPORT
  12. 12. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 12 Post 2014, Investment in Healthcare-focused BC startups has been growing at an accelerated pace and has been centred around medical data management. ~USD 300 Million Total funds invested in healthcare BC startups XX XX Post 2014 Pre 2014 Healthcare BC Startups Established Globally US 50%+ of the total number of BC startups established globally New York XX% of the total number of BC startups globally San Francisco XX% of the total number of BC startups globally Key Healthcare BC Startup Hub The US dominates BC startup investments globally in the healthcare space ~XX% ICO Funding of total funds invested in healthcare BC startups ~XX% Non-ICO Funding of total fund invested in healthcare BC startups Data Monetization Application attracted the Most ICO Investments XX Applications account for the Most Non-ICO Investments What is BC being Adopted in the Healthcare Industry for? High BC Adoption Medium BC Adoption Low BC Adoption • Data Interoperability • Data Monetization • XX • XX • XX • XX Leading Startups Digital Asset Holdings XX XX USD 107.2 Million Total Funds Raised USD XX Million Total Funds Raised USD XX Million Total Funds Raised SAMPLE REPORT
  13. 13. 13 13 STARTUPS: INVESTMENT AND M&A TREND ANALYSIS Global Startups: Healthcare Blockchain XX% Pre 2014 Post 2014 120+ LowHigh Blockchain Startup Penetration Healthcare Blockchain Startups Established Globally US 50%+ Key Hubs Located at: New York & San Francisco Switzerland & Russia XX Key Hubs Located at: XX South Korea & XX XX Key Hubs Located at: XX and XX Post 2014, the healthcare industry has witnessed a significant increase in blockchain startups established to offer specific solutions for the industry. SAMPLE REPORT
  14. 14. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 14 Startups: Regional Analysis North America Europe Asia & Oceania US 50%+ Key Global Blockchain Startup Hub of the Healthcare Industry New York & San Francisco Key Market Hubs ▪ The US has the highest health spending per capita globally with USD XX per person ▪ Most of the active startups are focusing on Electronic Health Records Management and Supply Chain Transparency ▪ Attracts the maximum BC related initiatives through investments, and startups accelerating blockchain adoption ▪ The key driver for blockchain in healthcare for this market are regulations such as XX. ▪ Notable Events: New York Blockchain Week, San Francisco Blockchain Week, XX, XX Switzerland & Russia XX% Key Global Blockchain Startup Hub of the Healthcare Industry XX Key Market Hubs ▪ XX is the second largest health spenders with ~USD XX per person ▪ Higher BC related initiatives due to the use of blockchain by government authorities in XX ▪ Ongoing BC Projects: Solutions in XX, XX, and XX ▪ Notable Events: XX South Korea & Australia XX% Key Global Blockchain Startup Hub of the Healthcare Industry XX Key Market Hubs ▪ Healthcare spending in XX: More than USD XX per person ▪ XX Government’s received USD XX to explore blockchain for government agencies ▪ XX: More crypto-friendly environment, significant initiatives taken to nurture blockchain projects and startups ▪ Notable Events: XX, XX, and XX The US is distinctly ahead of other countries and has emerged as the most favorite destination for healthcare blockchain startups. SAMPLE REPORT
  15. 15. 15 Startups: Investment Scenario XX% Pre 2014 Post 2014 120+ Healthcare Blockchain Startups Established Globally Post 2014, around XX healthcare industry focused blockchain startups have successfully raised funds, through a total of XX deals. Total Investments in Healthcare Startups (Number of Deals) Total No. of Deals Total Investments in Healthcare Startups (Value- USD Million) 2014 2015 2016 2017 2018 YTD 2019 ICO Non-ICO XX XX XX XX XX Total Fund Raised ▪ Non-ICO route is the most popular route to invest in healthcare blockchain startups and accounted for more than XX% of the total funding raised. ▪ XX, founded in 2009 and based out of XX, US, has raised a total of over USD XX Million in over XX non-ICO based rounds. This makes it the highest fund raiser in the healthcare sector focused blockchain applications firm. ▪ However, 2018 was exceptional and witnessed a significant growth in ICO funding amounting to nearly USD XX Million. Most notably, XX accounted for more than XX% of sectoral blockchain startup ICO funding raised in 2018. 2014 2015 2016 2017 2018 YTD 2019 ICO Non-ICO XX XX XX XX XX XX XX Traditionally, Non-ICO is the most preferred route to raise funds. 2018, however, saw a significant boost in the ICO investment route. SAMPLE REPORT
  16. 16. 16 Startups: Investment Scenario Billing and Claims Management Data Monetisation XX XX XX XX Others* XX% XX% XX% XX% XX% XX% XX% Total Funding: ~USD 300 Million Healthcare Application Wise Post 2014 • In the healthcare industry, Billing and Claims Management, Data Monetization, and XX are the most popular blockchain application segments for investors across the globe. These segments cumulatively account for about XX% of the total funding received by Healthcare industry. • Global investors are majorly investing in health data management application through the ICO route as these services are based on XX, while health XX related services are gaining highest investment through the non-ICO routes. • With respect to ICO funding, Germany, XX, and XX are the most preferred destination for the investors, while, for VC funding, XX is the hottest destination for investors. XX XX XX XX XX XX XX XX XX Data Monetization Top ICO Funded App (USD Million) XX XX XX XX XX XX XX XX XX Billing and Claims Management Top VC Funded App (USD Million) Although Billing & Claims Management accounts for the major portion of the investments, Data Management and Data Interoperability are considered as the most popular applications in the healthcare industry. *Others include Insurance, clinical trial records, and other multiple segments SAMPLE REPORT
  17. 17. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 17 Leading Startups Startup Digital Asset Holdings Project Shivom XX Medicalchain XX Iryo Network XX Practice Interactive DBA as Intiva Health XX SAFE Segment Billing & Claim Management Data Monetization Data Interoperability Data Interoperability XX Data Monetization XX Data Storage XX Data Storage Business Overview The company develops products based on distributed ledger technology (DLT) for regulated financial institutions The company combines emerging technologies such as Blockchain, AI etc. to secure and personalize medical data XX Offers decentralized platform to exchange health data seamlessly XX The company offers innovative solutions for healthcare users to exchange, secure and standardize medical data XX With Hashgraph Distributed Ledger Technology (DLT), the company offers a healthcare platform to secure, store and standardize medical data XX The company’s innovative blockchain-based platform helps patients to verify personal STD information Location New York, US Munich, Germany XX London, UK XX Kranj, Slovenia XX Austin, US XX Santa Monica, US Funding Details (USD Mn) 107.2 (Non-ICO) 35(ICO) XX 24(ICO) XX 15.8(ICO) XX 9.1(Non-ICO) xx 5.3(Non-ICO) Digital Asset Holdings is a hot favourite among global investors. The company has already raised USD 107.2 Million through the Non-ICO route. SAMPLE REPORT
  18. 18. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 18 Blockchain Adoption Number of Startups Attracting Investors' Attention ICO Funding Non-ICO Funding Impact on Stakeholders XX Data Monetization XX2 Billing and Claims Management XX3 Adoption RateAdoption of Blockchain Technology in the Healthcare Industry Data Monetization applications is expected to witness the highest adoption in the coming years, as global investors are showing heightened interest in these areas. LowHigh XX XXXX LowHigh Data Monetization LowHigh XX XXXX LowHigh Billing & Claims Management LowHigh XX XXXX SAMPLE REPORT
  19. 19. M&A Analysis Blockchain Startups SAMPLE REPORT
  20. 20. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 20 Global M&A Scenario (BC Startups) Global M&A Deals (BC Startups) 2018 XX%+ 2019 YTD XX% 2017 XX% 2016 XX% 2015 XX% 2014 XX% XX Deals 2014-2019YTD 40%+ Cryptocurrency ~20% Finance & Banking XX% Software XX% Media & Entertainment XX% Healthcare XX% Gaming XX% Agri-Food XX% Others* Global BC Startups M&A Deals by Industry • ‘Others’ Segment include Automotive, Sports, Real Estate, Legal, Art-Auction, Education, etc. ▪ Over the years, M&A activity in the global blockchain startups have picked up remarkably being primarily driven by significant developments in the cryptocurrency space. Post 2014, cryptocurrency players have begun considering acquisitions as one the elementary routes to accelerate growth plans in light of the increased awareness/adoption of cryptocurrency and blockchain technology globally. ▪ 2018 was a record-breaking year in the crypto space both in terms of the number and size of the M&A deals as some enterprises and investment firms showed urgency as well as displayed an interest in securing their place in the blockchain space. SAMPLE REPORT
  21. 21. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 21 Deals in the Cryptocurrency Segment Global Cryptocurrency M&A Activities US XX% Key Hubs: New York Canada XX Key Hubs: XX ▪ The US has emerged as the most popular destination for cryptocurrency M&A activity. Most notably, companies from XX are the top foreign investors in the US market. ▪ The key factors for the prominence of the North American region in terms of the M&A activity include stable economic forces, accommodative investment policies, strong pool of talent, and high future growth opportunities in the cryptocurrency space. XX Cryptocurrency M&A Deals (2014-2019 YTD) ▪ As the most roll outs of blockchain use cases started with the crypto currency and financial services segments, the highest number of acquisitions have since occurred in this segment ❑ Coinbase - A crypto currency trading platform acquired Neutrino and Paradex, that both provided platforms. While, Neutrino provided an platform for analysis, tracking & investigating of blockchain and other currencies, Paradex provided trading relay platform. ❑ Coinsquare – A cryptocurrency firm based out of Canada, has acquired XX blockchain startups to expand its business in other regions and setup better payment systems for its users. ❑ Coinify – Is a crypto currency trading platform based out of Denmark. The company plans to strengthen its position in the Scandinavian market as all the XX startups acquired by this firm are also based out of XX. ❑ XX – A company that provides XX and XX solutions acquired XX to expands its services in the US. XX% Coinbase XX% Coinsquare XX% Coinify XX% XX XX% XX XX% XX Top Investors SAMPLE REPORT
  22. 22. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 22 Deals By Type Blockchain Startup Penetration High Low Acquisitions in Cryptocurrency based applications dominate this space. Europe accounts for XX% of the acquisitions, XX% of which are further accounted for just by XX alone. Notably, most acquisitions in Europe have happened in the XX space. Asia accounts for XX% of all acquisitions in this space. As blockchain adoption rises, firms are expanding their businesses by acquiring blockchain-based companies that can strengthen their technological foothold in blockchain services and facilitate exploration of new market opportunities. Service Expansion XX Technology Expansion Strategic Investment XX Geographical expansion - New region XX SAMPLE REPORT
  23. 23. Appendix SAMPLE REPORT
  24. 24. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 24 Definitions M&A Definitions for Finance and Banking Bifurcation • Cryptocurrency Trading & Investment – Trading, exchanging, selling, buying cryptocurrencies • Digital Banking – Both, crypto and fiat money exchange • Token Exchange – Security token exchanges • Electronic Payments – Payments using cryptocurrencies, and rewards • Financial Applications – Other financial applications • Software – Finance and banking software providers • Crypto Mining – Mining of cryptocurrencies • Wallet – Crypto storage wallet Purpose of Mergers and Acquisitions • Geographical expansion - Current region – to strengthen the position in its current geography • Geographical expansion - New region – to strengthen position in new geography • Service expansion – to include expand or enhance a single product/service • Business expansion – to start new business segment (products/services) • Technology Expansion – a technology for expansion • IP Expansion – to expand intellectual property • Strategic Investment – investment by financial institutions Investments • ICO – Initial Coin Offerings (ICO) • Non-ICO – Seed, Grant, Corporate, VC and Series (A, B, C, D) • No. of Deals – Number of funding rounds including a round where funding amount is mentioned as undisclosed SAMPLE REPORT
  25. 25. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 25 References • Crunchbase database: https://www.crunchbase.com/ • “Funding Details” https://icodrops.com/ • “Funding Details” https://icobench.com/ • “Funding Details” https://icomarks.com/ • “Funding Details”, “M&A Details” https://www.linkedin.com/feed/ • “Funding Details”, "M&A Details” https://google.com/ • “Funding Details”, "M&A Details” https://cryptoslate.com/ • “Funding Details”, "M&A Details” https://medium.com/ • “Funding Details”, "M&A Details” https://www.zoominfo.com/ • “Funding Details”, "M&A Details” https://cointelegraph.com/ SAMPLE REPORT
  26. 26. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 26 Research Methodology Netscribes follows a structured project management approach to deliver deep-dive research analysis. A comprehensive approach is administered to assess innovative technologies and develop insights related to technology and business. M&A Report FormatInvestmentStartups ▪ Crunchbase is used as a primary source for non-ICO investments and sources such as ICOdrops, ICObench and ICOmarks are used for disclosed ICO funding details. ▪ The graphs were plotted using disclosed funding to identify the investment and M&A trends. However, undisclosed funding has considered as a deal for the graphs providing insights based on the number of deals by startups. ▪ M&A activities for this research report are identified from Crunchbase, company websites and other secondary planforms. ▪ M&A activities are categorized into broad segments such as software, cryptocurrency, finance and banking, software, media and entertainment, healthcare, gaming, agri-food, automotive, etc. Report is prepared at the end of the research and is aligned as per expectations and quality check. An in-house editorial team conducts the final level QC. ▪ The research considered a set of more than XX companies related to the blockchain, which were identified based on a keyword search on Crunchbase website. ▪ ~1,500 out of 7,000 companies were considered are relevant for this investment by applying filters such as founding year and disclosed funding. ▪ The research refers to companies founded in post-2014 as startups as blockchain companies started getting traction in the last 5 years. SAMPLE REPORT
  27. 27. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 27 Appendix About Netscribes Netscribes is a global market intelligence and content services provider that helps corporations achieve strategic objectives through a wide range of offerings. Our solutions rely on a unique combination of qualitative and quantitative primary research, secondary/desk research, social media analytics, and IP research. For more than 15 years, we have helped our clients across a range of industries, including technology, financial services, healthcare, retail, and CPG. Fortune 500 companies, as well as small- to mid-size firms, have benefited from our partnership with relevant market and competitive insights to drive higher growth, faster customer acquisition, and a sustainable edge in their business. SAMPLE REPORT
  28. 28. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 28 Disclaimer This report is prepared by Netscribes (India) Private Limited (“Netscribes”), a market intelligence and content service provider The content of this report is developed in accordance with Netscribes’s professional standards. Accordingly, the information provided herein has been obtained from sources which are reasonably believed to be reliable. All information provided in this report is on an “as-is" and an "as-available” basis, and no representations are made about the completeness, veracity, reliability, accuracy, or suitability of its content for any purpose whatsoever. All statements of opinion and all projections, forecasts, or statements relating to expectations regarding future events represent Netscribes’s own assessment and interpretation of information available to it. All liabilities, however arising, in each of the foregoing respects are expressly disclaimed. This report is intended for general information purposes only. This report does not constitute an offer to sell or issue securities, an invitation to purchase or subscribe for securities, or a recommendation to purchase, hold, sell, or abstain from purchasing, any securities. This report is not intended to be used as a basis for making an investment in securities. This report does not form a fiduciary relationship or constitute investment advice. Nothing in this report constitutes legal advice. The information and opinions contained in this report are provided as of the date of the report and are subject to change. Reports may or may not be revised in the future. Any liability to revise any out-of-date report, or to inform recipients about an updated version of such report, is expressly disclaimed. A bonafide recipient is hereby granted a worldwide, royalty-free, enterprise-wide limited license to use the content of this report, subject to the condition that any citation from this report is properly referenced and credited to Netscribes. Nothing herein conveys to the recipients, by implication or by way of estoppel, any intellectual property rights in the report (other than the foregoing limited license) or impairs Netscribes’ intellectual property rights, including but not limited to any rights available to Netscribes under any law or contract. To the maximum extent permitted by law, all liability in respect of this report and any related material is expressly disclaimed. Netscribes does not assume any liability or duty of care for any consequences of any person acting, or refraining to act, by placing reliance on the basis of information contained in this report. All disputes and claims arising in relation to this report will be submitted to arbitration, which shall be held in Mumbai, India under the Indian Arbitration and Conciliation Act. The exclusive jurisdiction of the courts in Mumbai, India applies to all disputes concerning this report and the interpretation of these terms, and the same shall be governed by and construed in accordance with Indian law without reference to the principles of conflict of laws. SAMPLE REPORT
  29. 29. STARTUPS: INVESTMENT AND M&A TREND ANALYSIS 29 Office Locations & Geographical Coverage Office locations Geographical Coverage Mumbai Office No. 504, 5th Floor, Lodha Supremus, Lower Parel, Mumbai 400013, Maharashtra, India Phone: +91‐22‐4098-7600 USA 41 East, 11th Street, New York NY10003, USA Phone: +1-917-885-5983 Kolkata 3rd Floor, Saberwal House 55B Mirza Ghalib Street, Kolkata - 700 016 West Bengal, India Phone: +91-33-4027-6200 Gurgaon Sector 44, Plot No 130, 2nd Floor Gurgaon - 122 003 Haryana, India Phone: +91-124-491-4800 Singapore Netscribes Global PTE. Ltd. 10 Dover Rise, #20-11, Heritage View, Singapore (138680) Get in touch with us: New York Gurgaon Kolkata Mumbai Singapore SAMPLE REPORT
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