Ashish Tripathi

Funds pump record $5.5bn into Indian health in 2023. Private equity and venture capital investment in India's health and pharmlmaceutical sector hit a record of about $5.5bn in 2023, a 25 per cent jump on the previous year, according to a report published by Bain & Company on Thursday. KKR made its latest move in India's rapidly expanding health sector this week, purchasing medical device manufacturer Healthium Medtech from Apax Partners. Advent International last month said it would invest nearly $300mn in a digital and pharmacy arm of Apollo Hospitals, India's largest corporate chain. Government agency Invest India, estimates hospital revenues will hit about $219bn by 2027.

2

Was nice to share some thoughts with Akshata Gorde and Financial Express (India) on SEBIs new proposed fixed price mechanism as an alternative to reverse book building for voluntary delisting schemes. Read on to know more: https://lnkd.in/g25YCj_D #SEBI #delisting #law

22

#InvestmentUpdate: Delighted to share our latest investment in Atomgrid! India is a rising power in the speciality chemicals space, particularly benefitting from the global realignment of supply chains away from China. However, we rarely see many startups here. And in Atomgrid we found a rare such gem. .. In this space, one big challenge is, India has many small and medium-sized players that struggle with demand generation and capacity utilisation. What they need is more orders. This means if somebody could take care of visibility, demand generation and sales, these SMEs can benefit in a big way. And, AtomGrid solves this very puzzle beautifully, strengthening India’s positioning in the global specialty chemicals trade chain. .. That’s a big impact. In Siddharth, Lakshit and Pratik, we saw founders who have known each other for over 8 years and have seen each other grow by leaps and bounds. And it’s a delight to back these IIT BHU rockstars with capital, and be a part of their journey to bolster India’s position in the global specialty chemicals market. .. Also, we found it mature, how this trio decided to not chase the sexy or in-trend spaces, and instead build something that most don’t even think of. Takes a lot of conviction. And to back that conviction with own hard-earned capital without any cash burn, it’s all very positive. Thus, we would have been a cheerleader anyway. And to be a cheerleader and also be on the captable, it’s a privilege. .. Cheering for the team, with all hearts and wishes. Also, delighted to have joined hands with notable investors like Merak Ventures, PointOne Capital and Nitin and Prateek. And a special mention for our great team which worked BTS to make this deal happen - Ankit, Aryan, Yash, Sorabh, Laksh, Sakshi. PS: At Dexter Ventures, we are always on the look for good founders. Reach out at deals@dexter[dot]ventures keeping me in CC anuradha@dexter[dot]ventures :) #Startups #IndianStartups #VC #Entrepreneurs #Entrepreneurship #InvestmentBanking | Devendra, Multibhashi, Jayant, Anuradha

150

7 Comments

Following our recent Atomgrid investment announcement, numerous friends reached out asking about Merak Ventures' investment rationale & take on the India & Global Specialty Chemicals industry, which in turn translated into our latest article. In this article, I dive into the immense potential of India's Specialty Chemicals market & why Atomgrid is perfectly positioned to drive efficiencies in this rapidly growing sector. Link to the article in the comments below 🔗 PS - If you have a perspective on the Specialty Chemicals space, have done some research or made investments in the space previously, I'd love to chat & dive deeper! #Investments #MerakStories #SpecialtyChemicals #India #Atomgrid #LIPostingChallengeIndia

91

2 Comments

#India 🇮🇳 is playing an increasingly significant role in #AsiaPacific #PE-#VC activity, accounting for ~20% of all PE-VC #investments in 2023, up from ~15% in 2018. #Resilience amid #turmoil: Multiple bright spots emerged in India amidst a globally challenging year for the PE-VC ecosystem. India #PrivateEquity Report 2024 | Bain & Company

5

Force Ventures LLP is delighted to participate in TransBnk - Transaction Banking Platform's USD4M equity financing round, led by 8i Ventures and Accion Venture Lab, along with co investors such as GMO Venture Partners, Ratio Ventures and others. Transbnk, a fast growing fintech SaaS platform, operates at the intersection of lendingtech, regtech and paymenttech, with a strong focus on building transaction banking solutions in the USD 200B unsecured lending market. Wishing the best to team Transbnk as they continue their high quality buildout across India, Middle East and South East Asia markets. Vaibhav Tambe Sachin Gupta - Couldn’t think of a better team to build for this segment, given their very strong domain expertise and founder market fit, which is also reflected in the speed of their product adoption, while maintaining fantastic unit economics all throughout. Read more at: https://lnkd.in/gD9SP73A We at Force Ventures LLP are strong believers in the “fintech infra layer” story for the next decade, as many Indian Startups, build the critical API / infra layer for their Indian and global clients across verticals. While the sales cycles in fin SaaS are undoubtedly elongated, the corollary is that once they are deeply embedded in customer workflows, switching costs tend to be very high for customers, resulting in high stickiness and growing net revenue retention. We consider ourselves very fortunate to be first cheque backers or early backers of high quality fintech SaaS / Infra / BFSI focused start-ups such as bluecopa, Credgenics, Inkle, IGNOSIS, Finverv, OneAssure, SatSure, PYOR and others. If you are a founder building in fintech infra / fintech SaaS we would love to chat and learn more!  #fintechinfra #SaaS #startups

141

12 Comments

More than 15 years has elapsed since I had the honour of delivering a keynote address on the general principles of skin lightening ( earlier referred to as "fairness" but now modified to politically correct "glow") at In-Cosmetics India. https://lnkd.in/ggq5aQm6 Yet, even with so much research available since in the public domain, media and social media misinformation abounds. Confusion is compounded on three basic questions 1. What level of SPF should a sunscreen have to prevent tanning? The correct answer may startle most users. The SPF figure shown on cosmetics products relates ONLY to its ability to offer protection to sunburn, an umbrella term for unpleasant consequent of exposure to solar radiation including redness, eruptions, pain, itching or even peeling skin, sometimes hour or even days after exposure. For anyone who wishes to explore this point in greater detail, an authoritative regulatory reference is available at https://lnkd.in/gPaxQ8ii. This article also debunks the popular misconception that a higher SPF sunscreen enables longer durations of exposure to the sun. 2. "Fairness" - or lighter skin tones - continue to be socially valued in many parts of the tropics. I am still asked by many people as to what cream or lotion one should apply to avoid tanning. Tanning is a natural process of the human body - and the less we interfere with it, the better. When exposed to more sun, the body tries to produces more melanin - nature's defender against physiological impact of excessive solar radiation. Melanin protects our skin and eyes across a wide spectrum of harmful ultraviolet radiation, preventing them from causing deeper damage. People with darker skin - as in the tropics - are less likely to get sunburned due to their melanin. Melanin also helps reduce reactive oxygen species, molecules that cause long-term damage leading to early aging, stress, and illnesses like diabetes and cancer. Appropriate and adequate solar exposure is also useful for natural Vitamin D biosynthesis. India has endemic levels of Vitamin D deficiency across the population spectrum. https://lnkd.in/ggsZ-73S Vitamin D deficiency can also cause bone problems, muscle tone issues, joint pain, fatigue, lethargy, irritability and hair loss. Over-use of sunscreens with the intention of tan prevention, therefore, can actually be counterproductive. 3. So are sunscreens useless? Skin cancer, early skin aging and other risks of solar overexposure are bigger concerns than natural tanning. For typical Indian skin, sunburn is not much of a concern, so an SPF 15 is probably adequate; SPF 30 is almost certainly enough. However, where solar exposure and UV radiation risks are higher - like beaches, deserts and mountainous regions - an umbrella, sunshade or hat are more effective than sunscreens. #sunscreen #vitaminddeficiency #consumerawareness

70

13 Comments

Today's Headlines from : *Economic Times* 📝 Vi's turnaround at risk after plan to raise ₹25,000 crore debt hits a snag 📝 US industrial production slumped in October 📝 Chipmakers, telcos clash over 6GHz band for Wi-Fi 7 rollout 📝 Earthquake of magnitude 4.2 hits Gujarat 📝 After Rs 1.2 lakh crore FII outflow, CLSA shifts focus back to India from China 📝 India's forex reserves fall to $675.65 billion, down $6.4 billion as of Nov 8 📝 US finalises up to $6.6 billion funding for chip giant TSMC 📝 EV parts maker Vecmocon raises $10 million in round led by Ecosystem Integrity Fund 📝 Jewellery brand Giva's revenue rises 66% in FY24, losses widen 30% *Business Standard* 📝 Mankind Pharma pledges 39.68% in Bharat Serums for Rs 5K crore NCDs 📝 Fusion Finance stays in red with Q2 net loss of Rs 305 cr; GNPA hits 9.4% 📝 Canara Bank classifies RCom and its subsidiary as 'fraud' accounts 📝 HZL wins gold block, marks Vedanta group's entry into yellow metal business 📝 Belstar Microfinance to prioritise consolidation over growth in coming qtrs 📝 Sebi slaps Rs 26 cr notice on Reliance Big Entertainment in RHFL fund case 📝 Ujjivan Small Finance Bank looks to sell Rs 270 cr of micro-banking loans 📝 Drone startup Airbound raises $1.7 million funding, to focus on deliveries 📝 Unilever reduces European job cuts, adds 1,000 roles for ice cream unit 📝 Samsung Electronics plans $7.2 bn buyback to boost shareholder value 📝 NTPC-ONGC green energy joint venture bids $650m for Ayana Renewable 📝 NFRA gets legal opinion on ICAI's powers to issue audit standards 📝 European Union corners India, developing world over carbon tax at COP29 📝 India-China bilateral trade hits $10.7 billion in October, contracts 0.46% 📝 India Inc capex slows down marginally to Rs 9.4 trn in FY24: Care Ratings *Financial Express* 📝 Indian spice market records 8.8% growth during FY24’s first half, eyes a USD 10 billion turnover by 2030 📝 Railways floats Rs 20,000-crore RFP for camera in coaches 📝 Procurement via GeM portal above Rs 3 lakh crore so far this fiscal 📝 Muthoot Fincorp to include mortgage, digital in products portfolio 📝 Mumbai Airport records 4 per cent growth in October passenger traffic 📝 First Trilateral Power Transaction from Nepal to Bangladesh via Indian Grid Takes Off 📝 DFC doubles freight traffic, handles 13 per cent of railways’ freight load already 📝 GST Council to take up tax on insurance, rate rejig of over 100 items *Mint* 📝 US ETFs net inflows near $1 trillion in biggest annual rush after Trump's win 📝 India pitches for $1.3 tr in annual climate support for developing nations 📝 World sees 600 mn cyberattacks daily, AI can secure devices: Microsoft's Chik 📝 SBI to borrow $1.25 billion, India's largest bank loan in 2024 📝 JGU and IIT Madras Collaborate to Design Advanced Robot Tour Guide for India's First Constitution Museum 📝 Oil heads for weekly loss as Chinese demand continues to underperform

2

Moneycontrol covered the latest report by Bain, The India Private Equity Report 2024: "The year 2023 was also significant for Indian exits with the exit value soaring 15 percent to $29 billion, alongside a rise in exit volumes from 210 to 340. This was driven primarily by public market sales (notably block trades) which comprised half of exits by value, benefitting from an increasingly deep Indian public market, which outperformed those of most major economies, with a significant increase in domestic investor participation."

2

This past week, I had an engaging conversation with Sanjoy Sanyal for Caspian Climate Conversations. We discussed my newest venture, Edhina Capital, and investment opportunities in IP-led businesses in EV and Energy sectors. CCC has captured a wealth of knowledge from various thinkers, doers, and innovators in climate technology over the last three years. It is an honour to join this formidable line-up. At Edhina Capital, our competitive strategy is rooted in Sector and Technology depth and painstaking Research for differentiated investment opportunities. Our mission is to provide vertical support to businesses. We help family offices with direct investment opportunities. Couple of arguments that formed the centre of my conversation with Sanjoy: 1. Traditional sectors of Mobility, Energy and Built Environment are transitioning to being climate resilient on the back of deep Science, Computing, Communication and Scale. These present significant investment opportunities in IP-led businesses that are disrupting the sector. 2. Nuanced understanding of the Sector, Technology and Product differentiation feeds a powerful investment strategy at Edhina that is capital efficient at Early stage as well as at the Growth stage, and renders itself to market competitive returns. Listen to the full episode for more: https://rb.gy/7fpmy8 #ClimateAction #CleanEnergy #EMobility #Sustainability #ImpactInvesting #ClimateTech #CaspianClimateConversations‍

57

5 Comments

Investment Opportunity: India's booming Pharmaceutical E-commerce Market in India! Market size of $75.5 billion in 2024, this sector is projected to grow at a strong 14.4% CAGR, reaching $290.8 billion by 2034, offering high-growth potential. Growth Drivers: a) Increasing internet and smartphone penetration (52.4% of the population751.5 million—are internet users in 2024) b) Rising healthcare costs driving demand for cost-effective solutions c) Convenience and accessibility through online pharmacies d) Growing ageing population with expanding healthcare needs f) Government initiatives promoting digital healthcare transformation Engagetree Consulting connects you to promising opportunities in this high-growth sector. For more insights and next steps, reach out today! #InvestmentOpportunity #EPharmacy #DigitalHealthcare #PharmaEcommerce #IndiaPharmaMarket #HealthcareInvestment #FundingFacilitation #EngagetreeConsulting #InvestInIndia C O N T A C T US: [email protected] [email protected] +91 77770 12890

1

Arisaig Partners slide on India stock market. Sensex over 45 years Vatsal Mody of Arisaig Partners sent me this slide yesterday. The India stock market , ie Sensex has returned close to double digit gains and is slightly higher than the USA stock market over 45 years. My Wharton Professor John Percival had plotted the USA stock market for the first 200 years and the CAGR was 7 pc over 200 years. His thesis was that an efficient,transparent stock market always gives better returns than investment in real estate, in gold, in treasury bonds etc. Only 7 of the original India Sensex are still in the list and four of them are Consumer companies. I believe this is more historical and also a lack of alternative Tech stocks that dominate the USA market. India has the largest number of listed companies in the world, about 5300. For that size and scale of listed companies we should be able to develop better governance and professionalism. Shiv www.shivshivakumar.com Vatsal Mody

192

13 Comments

*News Headlines from Business News Agencies:* *Business Standard* 📝 Oil buyers, producers dialogue needed for market stability: Hardeep Puri 📝 India's semiconductor design sector booms despite Q2 hiring dip: Report 📝 Taj Gvk Hotels Q3 PAT jumps 39% YoY to Rs 17 crore 📝 SAT Televenture to acquire Tikona Infinet for Rs 669 cr in cash, stock deal 📝 Sebi allows MFs to invest in foreign funds with Indian securities exposure 📝 Kotak Alternate Asset Managers to raise Rs 1,600 cr via healthcare PE fund 📝 Coal Minister urges CIL to boost production and reduce import reliance 📝 TechEagle launches eight drone hubs with healthcare partners across India 📝 Fitch affirms IIFL Finance's rating after RBI lifts ban on gold-loan biz 📝 October weather did not favour Ukraine's winter crops: Scientists 📝 Exide Industries Q2 result: PAT falls 13.66% to Rs 233.4 cr on higher costs 📝 UAE opens its annual oil-and-gas summit, pledges to increase output *Economic Times* 📝 CIL should prioritise augmenting coal production, supplies to reduce import: Minister 📝 Aptus has appointed Atul Jain as Managing Director and Chief Executive 📝 China's Haier Group plans JV with JSW Group envisaging Rs 1K cr investment 📝 BFSI office leasing continues to surge as digital growth points to new record in 2024 📝 India to emerge as a Global South leader in AI global governance: Abhishek Singh 📝 India re-elected as President of International Solar Alliance till 2026 📝 Bajaj auto domestic 2-wheelers sales dropped 8 pc in Oct (YoY), exports surge 22 pc 📝 Ashok Leyland total sales fell 9% to 15,310 units in Oct 📝 Bangladesh fast tracks payment to Adani Power after supply cut 📝 Welspun Corp gets Rs 1,300 cr pipe supply order in US 📝 India to revamp power demand forecasting for better planning 📝 Crystal Crop acquires I&B Seeds to expand vegetable, flower seed business *Mint* 📝 RBI likely selling dollars to support rupee amid equity outflows: Report 📝 IRFC Q2 Results: Net profit rises 4% YoY to ₹1,613 crore, revenue up 2% 📝 Indian rupee touches all-time low due to equity outflows from domestic market 📝 Lulu Retail Holdings expects to raise $1.43 billion from its Abu Dhabi IPO 📝 DLF’s New ‘Ultra-Luxury’ Project to Have the Costliest Apartments in India 📝 Reliance Jio IPO may hit Indian market in 2025: Report 📝 NBFCs brace for slower growth as asset stress, fund costs pinch 📝 Skillmatics likely to go for India listing in 3 years: CEO Dhvanil Sheth 📝 SBI Mutual Fund average AUM surges to record ₹11 lakh crore in Q2 📝 Bosch to cut over 7,000 jobs as it lowers growth forecast for 2024 📝 InCred plans insurance, mutual fund arms as it seeks to diversify offerings

2

Future Organisational Announcement: In view of the populist dispensation that will take over the New Government in New Delhi post General Elections, I would like to make a few announcements to my #DAD - #Digital #After #Death Management Team. (See https://lnkd.in/dA8cVhSe slide 59 onwards) As you are aware that a lot of my personal assets are in digital platforms (I was amongst the first 0.25 million subscribers on LinkedIn back in 2001). I see that after my death, the popular Government that is taking over will take over 50% of my #Linkedin posts as part of their intent to implement the #InheritanceTax. I am making the following future announcements: 1. I will be segregating my posts (past, present and future) on social media and digital platforms including my websites between #DAD owned by my digital estate and the rest owned by the Government as part of the deductions of the #Inheritance #Tax to be announced. 2. A New Family Office Unit called ASK Family Office #DAD will be set up with a designated trustee who will own 50% of my digital assets post payment of #Inheritance #Tax 3. I am opening a new position of Digital Estate Manager for managing my digital wealth after #DAD. Please check on LinkedIn #jobs for the job description and apply for the position. 4. My personal website will now have a cloned image of what content and intellectual properties the #Government will acquire from my website after my death as part of #Inheritance Tax deductions. You are cautioned to comment on all my posts judiciously as your digital trail may go to the Government after my death and they may come after you for your digital footprint. So much for now! #DigitalAfterDeath #DAD #Bet16 #India #Healthcare #Investment #Manifesto #2024 #GeneralElections #India #YouLiveWhenDead #DigitalWill #IamStillAlive Kapil Khandelwal KK | ASK Family Office | QuoteUnQuote With KK | EquNev Capital | El Toro Finserve LLP

6

1 Comment

📢 Peak XV Partners, ChrisCapital sheds stake in Awfis Peak XV Partners, earlier known as Sequoia India, sold shares worth Rs 253 crore in the IPO. Before the issue, it held a 22% stake. It will see returns of almost 3X on the seven-year-old bet, where its average investment price was Rs 136 per share. Peak XV had also sold shares of about Rs 40 crore just before the issue. The shares of co-working space provider Awfis debuted on the National Stock Exchange on Thursday, May 30, climbing 10% post-listing to Rs 419. This gives the company a market capitalisation of Rs 2,900 crore. Read full story ⬇ https://lnkd.in/ggFczCUe https://lnkd.in/ggFczCUe

3

Emami Ltd Group Acquires The Man Company: A Strategic Move in Men's Grooming Market Emami Group has announced the 100% acquisition of The Man Company, founded in 2015 by Bhisham Bhateja, Hitesh Dhingra, and Parvesh Bareja . This move aims to enhance Emami's position against competitors like Marico's Beardo and USTRAA : Grooming For Men by integrating The Man Company’s premium product line and brand equity. Startup Exits: Mergers, Acquisitions, and IPOs ◻ Mergers: Combining two companies to form a stronger entity. ◻ Acquisitions: One company purchases another, gaining control over its assets and market share. ◻ IPO: A private company sells shares to the public, raising capital and providing liquidity to shareholders. The Current Landscape of Startup Exits in India: IPOs vs. Acquisitions The Indian IPO market has seen significant growth, but recent downfalls post-listing highlight IPO risks. Acquisition remains an attractive exit option. Benefits of Acquisition over IPO: ◻ Immediate value realization for founders and investors. ◻ Strategic synergies and market access to boost growth. ◻ Reduced risk, less exposure to market volatility. ◻ Focus on core business with parent company support. Let's Talk Numbers: ◻ In 2023, Indian companies raised $7 billion through IPOs, with a notable surge in Q4 contributing 40% of the year's listings. ◻ M&A activity in India remains strong, with key transactions including Adani Group’s $10.5 billion acquisition of Ambuja Cements Limited and ACC Limited.​ Key Takeaways: ◻ Consider Market Conditions: Evaluate current market conditions before deciding on an IPO. ◻ Weigh Pros and Cons: Both IPOs and acquisitions have advantages and drawbacks. Align the choice with your long-term vision, business needs, and risk appetite. ◻ Strategic Alignment: Seek acquisition opportunities offering strategic fit and potential synergies. ◻ Prepare for the Long Term: Ensure readiness for the long-term implications of either strategy, including regulatory compliance, market dynamics, and integration processes. While the IPO boom offers opportunities, its risks highlight acquisitions as a viable exit strategy. Startups should assess market conditions, align with partners, and prepare for long-term success. #EmamiLtd #TheManCompany #MensGrooming #Startup #IPO #Acquisition #MarketExpansion #Business

11

A series where we highlight Gemba Capital's Portfolio companies' every week. Simple post - no gyaan and no bakwaas :) This week meet Pramod Rao and Abhishek Nalin from Threado AI Kamini Shivalkar Aditya Vargante Govind Lohia Vipul Rawal ↗️ ️Anupreet Singh 📈 Sujoy Chakravarty #meetourportfolio #earlystage #venturecapital #startups #tech #india #portfolio

63

2 Comments

Another big story in Pharma. KKR's investment of Rs 3,100 crore, for a 54% stake in the Mumbai-based drugmaker, is now worth well over Rs 16,000 crore. JB's market capitalization has grown in the last four years—from Rs 5,740 crore to Rs 30,403 crore. It was KKR’s acquisition and subsequent leadership overhaul that made JB Chemicals and Pharma the hot property it is today. How did the company get here and what lies ahead. https://lnkd.in/e4a7Vm6k

11