India In Sight #01
India In Sight #01
Weekly updates on Indian private markets
We are Ambassador Capital Partners, an investment firm with a focus on private credit and private equity. Deeply embedded in the private markets ecosystem, ACP works with large global institutions to provide creative capital solutions for companies and asset managers.
India seems to be at an inflection point and private capital is expected to play a significant role in the country’s next phase of growth.
In the spirit of making Indian private markets more accessible and transparent to global LPs and GPs, we have launched ‘India In Sight’ – consolidating and curating relevant information and insights from Indian private markets including trends, key deals, fundraises, KPIs and top tier research.
Subscribe to receive the newsletter every week in your inbox!
Stay tuned, Stay ahead!
KEY DEALS
This Week
Jana Capital, the holding company of Jana Small Finance Bank, is raising c.$150 million in debt from GIC and TPG Capital to refinance non-convertible debentures worth c.$80 million. (June 02, 2023)
Brookfield Renewable, acquired a majority stake in CleanMax Enviro Energy Solutions, a Mumbai-based renewable energy firm, for an equity investment of $360 million. (June 01, 2023)
ICG invested $50 million in Amp Energy, an India-based renewable energy company, with an option to invest an additional $50 million into the company at a later stage. (May 31, 2023)
Atomberg, a maker of energy-saving fans, raised $86 million from Temasek and Steadview Capital, a global venture capital fund, as part of its Series-C funding round. (May 29, 2023)
Warburg Pincus acquired a 90% stake in Vistaar Finance, an MSME-focused NBFC, for $250 million. The deal was first announced in October 2022. (May 29, 2023)
Monthly Roundup - May 2023
KEY FUNDS AND FUNDRAISES
This Week
360 ONE (formerly IIFL) has raised over $260 million for its fourth private credit fund. Bain Capital is an equity investor in 360 ONE (June 02, 2023)
Nisus Finance, a Mumbai-based real estate focused asset manager, aims to raise $85 million for its fourth real estate special situations fund, alongside a $100 million offshore sleeve in Singapore. (June 01, 2023)
Monthly Roundup - May 2023
MARKET INSIGHTS AND RESEARCH
The total amount of capital invested by alternative investment funds (AIFs) grew c.19% in FY2022-23 vs 42% growth in FY2021-22. c.60% deployed in private markets. Read more.
Indian startups went past the $1 billion funding mark in May after a sharp fall in the previous month however still down by 47% YoY. Growth and late stage startups managed to raise $756 million across 16 deals while early stage startups raised $255 million across 63 deals. Read more.
FY2023 saw a significant slowdown in private equity deal-making in India. Deal volume and value fell by 38% and 58%, respectively. The number of PE deals fell to 1,214 in FY2023 from 1,950 in FY2021. The total deal value fell to $29.8 billion from $70.6 billion in the year before. The number of PE exit transactions also fell to their lowest level in at least five years
Explore how global financial risks could spill over to India, the channels of impact, and India’s vulnerability to such shocks. Read the report by CRISIL.
Read the latest report on ‘Government of India Finances’ by ICRA.
While there are recession fears in US, Indian economy continues to remain resilient. Read the latest report by HDFC.
How did the Indian and global markets perform in the last week of May? Read the latest weekly review report by Franklin Templeton.
ICYMI
GST collections rose by 12% YoY in May as they cross c.$19.1 billion. This is the 15th month in a row that the monthly GST mop-up has come in above the c.$17 billion mark.
India's manufacturing PMI rose to 31-month high in the month of May. The manufacturing PMI has now spent 22 consecutive months above the key level of 50.
Xiaomi partners with Dixon Technologies, a contract manufacturer, to make mobile phones in India. India has been encouraging global companies to invest more in local manufacturing with special focus on electronics. India to further attract manufacturers with electronics repair pilot project.
India’s 4th largest airline, Go First, run by the Wadia Group, filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal. The company is unlikely to restart operations for some time.
Uber India plans to deploy 25,000 electric cars by 2025 through fleet partnerships. Uber will also add 10,000 EV two-wheelers in Delhi by 2024 in partnership with Zypp Electric, an EV startup and smart mobility platform.
Tata Group will set up a giga-factory for manufacturing lithium-ion cells in Gujarat, with an estimated initial investment of c.$1.6 billion. This will be for the production of the first-ever lithium-ion cells in India.
WEEKLY MARKET UPDATE (w/c May 29, 2023)
Thank you for reading India In Sight!
Stay tuned for further editions here.
Disclaimer:
The content provided on this platform contains references and links to external sources, including articles, reports, websites, images, or videos. We do not own or claim copyright over the content found in these external sources. The ownership and rights of the content belong to the original creators.
The content, specifically regarding markets, is intended for informational purposes only and should not be construed as investment advice.