This document provides an overview and analysis of investment trends in blockchain startups focused on healthcare, agriculture/food, automotive, and industry 4.0. Some key findings include: - Over $300 million has been invested in healthcare blockchain startups globally since 2014. The US dominates with over 50% of startups. - Billing/claims management and data management are the most popular blockchain applications in healthcare. - Non-ICO funding has been more prevalent than ICO funding for healthcare startups. The leading startup is Digital Asset Holdings with over $107 million raised.

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
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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
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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.
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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.
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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.
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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.
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7. Blockchain Startups
Investment Scenario
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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
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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
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10. 28-08-2019 10
Blockchain: Healthcare
Investment Scenario
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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
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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
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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.
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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.
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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.
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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
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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.
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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
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19. M&A Analysis
Blockchain Startups
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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.
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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
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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
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23. Appendix
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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
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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/
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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.
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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.
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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.
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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.
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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
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