2024

H1 REPORT
Snapshot of deal activity in private equity,
venture capital, mergers & acquisitions
and equity capital market deals in 2024
Contents
I. KEY HIGHLIGHTS ........................................................... 1 Sector Analysis ............................................................................ 15
Top 10 Private Equity Exits ........................................................ 16
II (A) Private Equity Investments
Overview ................................................................................... 3 IV. Mergers & Acquisitions
Deal Type Analysis ................................................................... 4 Overview ....................................................................................... 18
Sector Analysis ......................................................................... 6 Deal Type Analysis ...................................................................... 19
Top 10 Private Equity Investments ....................................... 7 Sector Analysis ............................................................................ 21
Regional Analysis ..................................................................... 8 Top 10 Mergers & Acquisitions ................................................ 22
Regional Analysis ........................................................................ 23
II (B) Private Equity Funds
Funds Launched ...................................................................... 10 V. Equity Capital Market
Funds Raised ............................................................................ 11 Overview ........................................................................................ 25
Sector Analysis ............................................................................ 26
Top 10 ECM, IPOs Closed ......................................................... 27
III. Private Equity Exits
Overview .................................................................................... 13
Breakdown of Private Equity Exits ........................................ 14 VI. Glossary................................................................................ 28

Disclaimer:
VCCEdge (the research arm of VCCircle.com) has taken due care and caution in preparing this report. Information has been obtained from the VCCEdge platform and sources which it considers reliable.
However, VCCEdge does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such
information. No part of this report may be published/ reproduced in any form without VCCEdge’s prior written approval. VCCEdge or its owner Mosaic Media Ventures Pvt. Ltd. is not liable for decisions
which may be based on the views expressed in this report.
KEY HIGHLIGHTS

Private Equity PO
637 15% $572 mn 35%
a five-year low rise in Venture total deal Rise in Initial Public
in deal activity Capital deal value size of Institutional Offering volume
compared to H1 2023 Placement Programme compared to H1 2023

286 Maharashtra 6.4X $3 bn

Investments in took the top spot rise in Qualified deal value under
the Information in deal-making Institutional Placement the Financials
Technology sector deal volume sector

M&A Exit
274 $58 mn $7 bn 2.8X
domestic Average deal size of total exit deal Rise in deal count
M&A deals M&A transaction value in H1 2024 in the Financials
in H1 2024 sector

56% 144 Open Market 89%

rise in M&A deal transactions topped the category rise in deal value in
value on Y-o-Y under the $5mn in exit volume exit via Secondary
basis category sales route

1
PRIVATE EQUITY
INVESTMENT
Private Equity Investments - Overview

D
uring the first half of 2024, PE Deal Activity fell by 7.14% on volume basis, a 54% of the 637 total deals in the first half of 2024.
5-year low on H1 basis, indicating a sense of consolidation in the industry.
The PE investors have been cautious ever since the peak of 2022, and the Overall, investments in Information Technology, Financials and Consumer Discretion-
same is reflected in H1 2024. ary led to an increase in PE investments in H1 2024. Investments by Norwegian
Climate Investment Fund, U. S. International Development Finance Corporation, Asian
The overall deal value has increased by 3.11%, indicating that investors are being Development Bank and Tata Cleantech Capital Ltd contributed to the largest transac-
selective but are willing to invest once convinced of a company's credentials. Accord- tion of H1 2024.
ing to VCCEdge, Angel and Seed investments continue to dominate, accounting for

PE Overview - Yearwise Split PE Overview - Quarterwise Split

# of Deals Value of Deals ($ bn) # of Deals Value of Deals ($ bn) 649 640
625

24.2
31.5
467 19.3 479
408 490 403
397 16.4
353 15.1 369 367
20.6 339
319 310 331
18.5 296 306
13.4 11.3 14.5
12.8 13.2 9.5
11.1 7.9
7.4 6.7
5,7 6.5
4.9 5.7
6.2
5.1
736 957 1,119 686 637
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 2020 2021 2022 2023 2024

PE Deal Activity declined by 7.14% in volume while Persistent macroeconomic headwinds such as high interest rates and geopolitical tensions continue to impact PE
deal value increased by 3.11%, respectively, during investments, resulting in lowest 5-year deal numbers on H1 basis. While Q1 2024 did better in terms of deal value
H1 2024, reflecting a cautious approach by compared to Q1 2023, Q2 2024 couldn’t match upto deal performance of Q2 2024. As a result of a challenging deal
investors making environment, the private equity investments totaled $13.2 bn.

3
Deal Type Analysis

Private Equity Breakdown PE Deal Type Split - Angel/Seed

Pre-IPO
Venture Capital
Public Equity
Private Equity

– Number of Deals Value of Deals ($ mn)

18,669
While Angel/Seed clocked ~54% of overall The trend for Angel and Seed investments
transaction volume, it is the lowest in last is confirmed by our analysis. While its
5 years. Moreover, VC has seen its share percentage contribution in volume is the
rise in H124, up to 29.6%, closer to lowest in 5 years, there is an increase in its 12,212
Pre-Covid levels, boosted by few large deal value share, the highest in last 5 years. 11,278
deals. Private and Public Equity are both It suggests investors, are now focusing on 9,765
4,039
at their highest levels in the last 5 years, quality of investing instead of playing the 4,636
2,758
at 8.1% and 7.2%, respectively. volume game. Another trend is the return of 6,299
5,476 5,049
Venture Capital, marked by its rising 4,685
605
244 1,257 55
contribution to deal value, up from 31.5% in 46 65
2,211 1,915 1,758 1,807
Angel/Seed Venture Capital Private Equity H1 2023 to 35.1% in H1 2024. Public Equity 786 695
Pre-IPO Public Equity 335 34
is up 52.6 since H1 2023, and nearly 4x in
deal value contribution since 2022. H1 2020 H1 2021 H1 2022 H1 2023 H1 2024
645

545

429
Mean and Median Deal Size Mean ($ mn) Median ($ mn)
409
387
344
Overview
32.7 33.94
294
When compared to H1 2023, the mean and median 27.08
238 24.54
183 189
surged by ~5% and ~28%. Despite the notable excep- 23.45

tion of H1 2022, the median value has increased over

74
the past five years. A 34% rise is also observed in Mean 4
52 66 52 46 2.26 2.76 2.78 3.56
35 38 46
25 deal amount in Angel and Seed category compared to
2 6 4 17 3 6
H1 2023, backing up our assertion that Angel Investors
H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 are now focused on quality rather than volume of deals. H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

4
Deal Type Analysis

PE Deals Split By Transaction Size Total Investment by Deal Size ($ mn)

Undisclosed Under $5mn $5 - $25 mn $25 - $50 mn $50 - $100 mn $100 mn+ Under $5mn $5 - $25 mn $25 - $50 mn $50 - $100 mn $100 mn+

499 21,824

448

361
343
14,034 13,656
304

161 3,809 8,628 8,346

189 181 2,635
167 1,658 1,525
161 1,453
142 1,911 2,601
116 120
38 1,163 2,462 914 1,354
56 59 1,863
34 1,248 1,249 1,541
56 59 38
37
24 32 15
29 24 30 22 33 441 567 798 488 508
0

H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

Transactions under $5 million ranked highest in all categories. Over H1 2024 saw better investment deal values compared to H1 2023 in all
56% of the deals come from small ticket sizes, which although is the categories. As always, deals valued at $100 million and above is the
highest among all categories, is down from H1 2023. The secret major contributor to total deal value. However, its overall share in the
category, on the other hand, experienced a significant drop to zero bets, pie has shown a declining trend, and at 63% share in H1 2024, it is the
indicating increased transparency within the startup and investing lowest in last five years. The period also saw an increase in contribu-
ecosystem. As a result of this, there has been a resultant increase in tion of investments ranging $5mn-$25 mn, up to 11.6% in H1 2024,
Transactions ranging from $5mn-$25mn, an 18% increase from H1 the highest in last 5 years.
2023 and highest contribution to deal volume in last 5 years at 26.4%.

5
Sector Analysis

Sector Summary- By Volume Sector Summary- By Value ($ mn)

Investor interest in Information Technology remained strong, In terms of deal value, the Industrial sector led the rankings with a 2.3x
accounting for approximately 45% of the total transaction volume. year-on-year growth, driven by the largest investment of H1 2024. This
However, this sector experienced a decline of around 18% compared significant investment was made by the Norwegian Climate Investment
to H1 2023, as investors are now prioritizing the viability of business Fund, U.S. International Development Finance Corporation, Asian Devel-
models and economic performance. On the other hand, healthcare opment Bank, and Tata Cleantech Capital Ltd. in Sael Ltd.
investments increased by about 28% due to ongoing consolidation
among multispecialty providers, growth in pharma manufacturing
services, and the evolving health tech ecosystem.

H1 2023 H1 2024 384 H1 2023 H1 2024

Utilities 21 Utilities 643
4
10 2,665
Telecommunication Services Telecommunication Services 207
4
3,165
350 2,487
Information Technology Information Technology
286
38 3,226
Financials Financials 3,343
48
58 1,170
Health Care Health Care 1,819
74
334
Consumer Staples 68 Consumer Staples 372
53
Consumer Discretionary 99 Consumer Discretionary 1,048
104 1,740

52 Industrials 1,015
Industrials 2,359
51
9 Materials 181
Materials 184
11
0 15,411.9
Energy 2 Energy
2 49

6
Key PE Deals of H1 2024
$253 $1,000
SECTOR: INDUSTRIAL CONGLOMERATES
SECTOR: THRIFTS & MORTGAGE FINANCE Announced on: Jan-2024
$275
SECTOR: INTERNET RETAIL
Announced on: Jan-2024
Target: PNB Housing Finance Ltd.
Target: Sael Ltd. Ltd.
Buyer: Norwegian Climate Investment Fund, U. S.
Buyer: Asia Opportunities V Mauritius Ltd. International Development Finance Corporation, Asian
Announced on: Apr-2024
Development Bank, Tata Cleantech Capital Ltd.
Target: Meesho Inc. Public Equity
Buyer: Tiger Global Management LLC Private Equity
Venture Capital
$665
SECTOR: INTERNET RETAIL
Announced on: Jun 2024
Target: KiranaKart Technologies Pvt. Ltd.
$297
SECTOR: HEALTH CARE SERVICES
Buyer: Glade Brook Capital Partners LLC, Nexus India
Capital Advisors Pvt. Ltd., Goodwater Capital, LLC,
Stepstone Group Inc.,DST Global, Avenir Growth Capital,
Announced on: Apr-24
LightSpeed Management Company LLC, Avra Ltd.
Target: Apollo Healthco Ltd.
Buyer: Advent International, L.P. Venture Capital
Private Equity

Deal Value
$439 $554
SECTOR: HIGHWAYS & RAILTRACKS
Announced on: Mar-2024
($ mn) SECTOR: THRIFTS & MORTGAGE FINANCE
Announced on: May-2024
Target: National Highways Infra Trust. Target: Shriram Housing Finance Ltd.
Buyer: CPP Investment Board, Ontario Teachers Buyer: Warburg Pincus LLC
Pension Plan
Private Equity
Public Equity

$447
SECTOR: IINDUSTRIAL CONGLOMERATES
$500
SECTOR: ELECTRIC UTILITIES
Announced on: Mar-2024 Announced on: Mar-2024
Target: ITC Ltd. Target: Sterlite Grid 32 Ltd.

$467
Buyer: Kuwait Investment Authority,GIC Pvt. Ltd. Buyer: GIC Pvt. Ltd.
Public Equity Private Equity
SECTOR: REAL ESTATE DEVELOPMENT
Announced on: Apr-2024
Target: Indiabulls Real Estate Ltd.
Buyer: Morgan Stanley and Co. LLC, Chanakya Corporate Services Pvt. Ltd.,
Micro Labs Ltd., Capri Global Holdings Pvt. Ltd., Maybank Securities Pte.
Ltd.,Sankhya Financial Services Pvt. Ltd. Bellanza Developers Pvt. Ltd.
Public Equity

7
Regional Analysis
Top 5 States H1 2024 Top 5 Cities H1 2024
Maharashtra has topped the state list largely due to deals from Mumbai Bengaluru has established itself as a standout on the Indian start-up tech
and 25 deals from Pune. Karnataka and Delhi ranked second and third in map, ranking first in India for Private Equity investment in H1 2024. Bengaluru
terms of deal activity, with 136 and 68 deals per state, respectively experienced a surge in investment volume by 2.6x when compared to H1
2023.

Number Of Deals Value ($ mn) 3,334 Number Of Deals Value ($ mn)

3,838

2,342
2,407
1,212
1,668 1,632
1,208
34
560 648

150 136 68 64 135 113 65 59 34

Maharashtra Karnataka Delhi Haryana Uttar Pradesh Bengaluru Mumbai Gurgaon New Delhi Hyderabad

Top 5 States H1 2023 Top 5 Cities H1 2023

2,212 Number Of Deals Value ($ mn)
Number Of Deals Value ($ mn)
2,212
1,801

1,440
51
53
484
19
364 216
180 21
66
102 27 20 71 174 27 18
Maharashtra Karnataka Delhi Gujarat Tamil Nadu Mumbai Bengaluru New Delhi Pune Hyderabad

8
PRIVATE
EQUITY FUNDS
Funds Launched
Private equity and venture Funds Launched Overview - Funds Launched Split By Fund Size
capital funds experienced a The bulk of funds were launched in the less than $100 million category. As
challenging first six months Yearwise Split
Changes in the investing playbook reduced the compared to H1 2023, there was an astounding 54% decline in the $100
in 2024. During this period, million to $500 million category.
24 funds were launched, the number of fund launches by ~31% and target
fewest in the previous five capital by ~62%, respectively, while dedicated
years. Interestingly, no funds funds were delayed owing to a difficult market. 36 Undisclosed Less than $100 mn $100 mn to $250 mn
$250 mn to $500 mn $500 mn above
in $500mn and above # of Funds Launched Total targeted Capital ($ mn)
category were launched in
H1 2024, reflecting cautious 6,992
investor sentiment. A ~62% 6,034 6,248
drop was also recorded in 21
19
the target capital compared
16
to H1 2023. 15 15
13
12
2,397
2,181 8
6 7
6
5 5
4 4 4
3 3 3 3
2
Top Funds 59 49 44 35 24 0 1 0

Launched - H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

FUND NAME ASSET MANAGER TARGET SIZE ($ mn)

Special Opportunities Fund-12 360 One Asset Management Ltd. 481.6
Prime Offices Fund Nuvama and Cushman and Wakefield Management Pvt. Ltd. 360
Future Leaders Fund III Avendus Capital Pvt. Ltd. 350
Chryscapital Trust I ChrysCapital Investment Advisors India Pvt. Ltd. 301
Diversified Bond Fund Series 2 Vivriti Asset Management Pvt. Ltd. 180
Alyxis Venture Partners Trust Alyxis Venture Partners 150
Dezerv Credit Fund Dezerv Investments Pvt. Ltd. 72
Venturesoul Capital Fund I Venturesoul Partners India LLP 72
InCred Growth Partners Fund- InCred Alternative Investments Pvt. Ltd. 60.2
RPSG Capital Ventures Fund II RPSG Ventures Advisory LLP 60

10
Funds Raised
The trend in the number of funds raised decreased in Funds Raised Overview - Number of Funds Raised By
H1 2024. In H1 2024, a total of 32 funds and $2.85
billion were raised, marking a ~16% and ~47% drop, Yearwise Split Fund Type
respectively compared to H1 2023. This suggests
The amount of funds raised decreased by 16%, while Venture Capital led the number of funds raised with 22
there is less enthusiasm for funds in this period, likely
capital raised decreased by 47%. funds. It experienced a 10% increase in the number of
due to investor's funds being stuck in existing invest-
funds raised as compared to H1 2023 while Private
ments. Only 1 fund launched this year is among the # of Funds Amount Raised ($ mn)
Equity saw a 50% decline from H1 2023.
Top 10 funds raised in H1 2024. The top 5 funds
38
raised this year accounted for about ~86% of the total Private Equity/Buyout Venture Capital
capital raised with three funds exceeding $100 million. 22
4,927 32 20 20
Healthcare has been the most preferred focus area for 5,373
19
fund raising, followed by IT. 40 16
17

23 23
11
10 10

13 12 2,853
6

1,703
13
1,268 26 43
Top Funds Raised - H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

FUND NAME Fund Status Fund Size ($ mn) AMOUNT RAISED ($ mn) Asset Manager Year Launched
Kedaara Capital IV Fund Final Close 0 1740 Kedaara Capital Investment Managers Ltd. Dec-2023
India Life Sciences Fund IV First Close 325 150 Invascent Advisory Services India Pvt. Ltd. Jun-2023
India Realty Excellence Fund VI First Close 180 150 Mope Investment Advisors Pvt. Ltd. Aug-2023
Filter Capital India Fund I Final Close 120 96 Filter Capital India Advisors LLP May-2022
Emerging India Credit Opportunities Trust II First Close 180 79.26 Investec Capital Services India Pvt. Ltd. Oct-2023
Neo Credit Alternatives Investment Trust Final Close 105.47 67.36 Neo Asset Management Pvt. Ltd. Apr-2022
Stride Ventures Debt Fund Final Close 200 65 Stride Ventures Jan-2023
Alteria Capital Fund III Final Close 243 65 Alteria Capital Advisors LLP May-2022
True North Credit Opportunities Fund I LLP Final Close 0 42.05 True North Managers LLP Sep-2021
InCred Growth Partners Fund-I First Close 60.2 39.6 InCred Alternative Investments Pvt. Ltd. Feb-2024

11
PRIVATE
EQUITY EXITS
 Private Equity Exits - Overview

E
xit activity saw a phenomenal surge in H1 2024 with 106 exits ary Sales, on the other hand, witnessed a 50% decrease in departure routes
totaling $7.12 billion, highlighting robust market conditions. When compared to H1 2023. The biggest exit of the year, the Indus Tower Ltd. sold a
compared to H1 2023, H1 2024 shows a ~39% increase in deal stake in KKR Advisors Pvt Ltd. & CPP Investment Board.
activity, making a significant shift in investment landscape. The
period was impacted by higher liquidity because of the recent bull run, with
open market transactions increasing at 2.1x year on year.

The open market ruled as money engaged in publicly traded corporations saw
this as an excellent chance to depart due to strong market conditions. Second-

PE Exits Overview - Yearwise Split PE Exits Overview - Quarterwise Split

When compared to the same period in the previous year, Q1 2024, saw a surge in Exit volume and value. Q2 2024 showed some mixed results with a ~12% rise in exit
there was a ~39% rise in the number of deals and a volume and a ~10% decline in the exit value when compared with Q2 2023.
~54% increase in the value of deals in H1 2024. There were
106 registered exit transactions totaling $7.12 billion in
value. Value ($ bn) Volume Value ($ bn)
Volume
9 6.4 71 6.2
8.4
64 5.3
60 58 58
7.1 65
52
58
4.9 42 51 43
41 49 4.4 48
4.6 3.2
41 3.5 3.7 33
2.4 38
3 3
2.5 2.7
25 2.5
0.7 1.6 1.7
0.6
1
85 106 109 76 106

H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2020 2021 2022 2023 2024

13
Breakdown of Private Equity Exits
PE Exits Deal Type Split – Merger and Acquisition Equity Capital Market Open Market Buyback Secondary Sales

Number of Deals
69 68
The preferred exit method remains open market,
followed by Merger and Acquisition and Secondary 52
Sales. M&A has seen a decline in last few years, from 41
contributing over 50% of deal volume in H1 2023 to
32 30 32
22.6% in H1 2024. After no deal activity in Equity
22 24
Capital Market in H1 2023, there was a surge in deal 20 21
activity under this category in H1 2024, with KKR India 14 14
10 10
7 7
Advisors Pvt. Ltd., CPP Investment Board's deal for 5
1 1 2 0 0 0 0
Indus Power Ltd, the largest deal of H1 2024. It
suggests high investor confidence in Open Market H1 2020 H1 2021 H1 2022 H1 2023 H1 2024
deals and a robust investing climate.

6,367
PE Exits Deal Type Split –
Merger and Acquisition Equity Capital Market Open Market Buyback Secondary Sales
Value of Deals ($ mn)

4,553

4,382
In H1 2024, the open market
accounted for majority of total deal value, while

3,103
secondary exit saw a drastic decline of
~99%.The increase in Open Market deals is not a

2,406
one-year trend, with the category moving from
1,813

1,578
49.4% contribution to deal value in H1 2020 to

1,532
1,250

1,235
~99.6% in H1 2024.
981

928

429.94

741
638
213

0
40

9
0

0
H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

14
Sector Analysis
Exits Sector Summary – Number of Deals Exits Sector Summary – Value of Deals ($ mn)
Financials saw the highest exit transactions in H1 2024. Except, Industri- Financials topped the exit value charts, with a total deal value of $2.8
als, Energy and Utilities, all sectors saw an exponential surge in volume. billion, driven by multiple deal exits in this segment..
Global exit activity has gained momentum after reopening of IPOs, but
overall, there remains a slowdown due to interest rate spikes and inflation
concerns.

H1 2023 H1 2024 H1 2023 H1 2024

0 0
Utilities Utilities 9.42
3

Telecommunication 1 Telecommunication 477.95

Services 1 Services 0

21 1485.37
Information Technology Information Technology
17 755.29

Financials 31 Financials 2811.3

11 2193.08

Health Care 9 Health Care 883.68

9 150.29

Consumer Staples 8 Consumer Staples 110.76

2 0

Consumer Discretionary 22 Consumer Discretionary 777.83

14 1053.65

Industrials 11 Industrials 553.56

16 473.78

Materials 3 Materials 16.53

1 0

Energy 0 Energy 0
2 0

15
Key Exits of H1 2024
$132 $477
$143
Sector: Diversified Banks
Sector: Aerospace & Defense
Announced on: Feb-2024
SECTOR: Integrated Telecommunication Services
Announced on: Feb-2024
Target: Data Patterns India Ltd. Target: Indus Towers Ltd. Seller: KKR India Advisors
Announced on: Mar-2024 Seller: Florintree Advisors Pvt. Ltd. Pvt. Ltd., CPP Investment Board
Target: IDFC First Bank Ltd.
Seller: Warburg Pincus India Pvt. Ltd. Open Market Open Market
Open Market

$165
Sector: Thrifts & Mortgage Finance
$353
SECTOR: Specialty Stores
Announced on: Mar-2024 Announced on: Feb-2024
Target: Aavas Financiers Ltd. Target: Kalyan Jewellers India Ltd..
Seller: Kedaara Capital Fund, Partners Group AG Seller: Warburg Pincus India Pvt. Ltd.
Open Market Open Market

Exit Value
$186 ($ mn) $304
Sector: Pharmaceuticals
Sector: IT Consulting & Other Services
Announced on: Mar-2024
Announced on: Feb-2024
Target: Mankind Pharma Ltd.
Target: CMS Info Systems Ltd.
Seller: ChrysCapital VII LLC
Seller: The Baring Asia Private Equity Fund VIPension Plan
Open Market
Open Market

$237 $291
Sector: Health Care Facilities
Announced on: Mar-2024
$253
Sector: Thrifts & Mortgage Finance
Sector: Internet Software & Services
Announced on: Feb-2024
Target: PB Fintech Ltd.
Target: Aster DM Healthcare Ltd. Announced on: Jan-2024 Seller: Temasek Holdings Advisors India Pvt. Ltd.
Seller: Olympus Capital Holdings Asia LLC. Target: PNB Housing Finance Ltd.
Seller: Ares Management LLC Open Market
Open Market
Open Market

16
MERGERS &
ACQUISITIONS
Mergers & Acquisitions – Overview

M
&A activity showed a mixed performance in Sectors such as Industrials, Financials and Telecommu-
H1 2024 ,with a significant rise in deal value nication Services accounted for more than 67% of the
but a notable decline in the number of deals. transaction value as organizations concentrate their
Domestic market has shown a surge, which efforts on growing their market share.
resulted in a rise in the deal value.
ATC Telecom Infrastructure Pvt. Ltd., a key M&A deal of
Domestic deals continues to account for the lion's share H1 2024, highlight the leverage of telecom infrastructure
of M&A pie, with nearly 80% of all deals being Domestic in competitive space for boosting capital.
M&A, up from 61.9% in H1 2020. TThe category seems to
have benefited from transformative digital initiatives and
synergies across conglomerates.

M&A Overview - Yearwise Split

M&A activity fell to a four-year low in H1 2024, while witnessing a 56% rise in deal value compared to H1 2023. While the volume seems to be moving towards
stabilisation, increase in value suggests preference for larger deals, reflected in a 21% increase in mean deal amount compared to H1 2023.

Volume Value ($ bn) 76.0

26.7
26.9
11.0
17.1
340 426 592 406 403

H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

18
Deal Type Analysis
M&A Overview - Quarterwise Split # of Deals Value ($ bn)

Deal volume saw some 61.5

momentum in Q1 2024 but 315 323

experienced a sharp decline in 269
Q2 2024. Further, Q2 2024, 240
227 230
213 207 214
was subdued as deal value 186
202 192 187 188
168 151
saw a decline of 22% on a 127
173
Q-o-Q basis.
15.0 14.5 14.9 12.0 13.3 14.4 14.6
11.7 11.4 11.5 10.2
9.5 7.6
6.2 4.8
3.4 6.9

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2020 2021 2022 2023 2024

M&A Deal Type Split - Number of Deals M&A Deal Type Split – Value of Deals ($bn)
Domestic transactions dominated the landscape, comprising 79% of overall While Domestic transactions led across the categories, Inbound deals
transactions highlighting strong confidence in local climate. Further, contribution to M&A deal value increased by 12 percentage points,
Inbound transactions had a poor run with a fall in the deal count by 22% , suggesting fewer but bigger deals in the ecosystem.
indicating cautious approach of investors.

Inbond Outbond Domestic Others Inbond Outbond Domestic Others

401

65.3
263 285 274
210

16.8

11.2
13
67 91
9.2

54 66

7.6
66

7.1
47 50 43 39 33

5.5
28 37

2.1
26
3.2

3.2
2.5

2.9

1.8
0 0
1.4

1.8
0.7

0.8

0
0
H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

19
Deal Type Analysis

M&A Deals Split By Transaction Size

H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

Notably, all categories saw a rise

compared to the previous year except 251

for undisclosed & $50-$100 mn range,

the under $5 million category continues 175
to allure investors’ interest while large 144
128
ticket deals have maintained a 115
consistent presence reflecting stable 94 92 87
88 75
market activity in this segment. 59 62 67
40
41 48
23 29 31 34 40 33
27 0 8 13 21 19 18 26

Undisclosed Under $5 mn $5 - $25 mn $25 - $50 mn $50 - $100 mn $100 mn+

Total M&A by Deal Size ($ mn) H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 Mean and Median Deal Size Overview
H1 saw an Mean ($ mn) Median ($ mn)
upsurge of 78% in

24,650

70,399
23,542
the deal values 229.6
ranging $100 mn
10.3
and above hinting 12.1 9.7
128.5
at a bold appetite

13,796
for strategic 7.0
5.0
108.9
expansion and
market 48.1 58.3

7760
dominance.
2951

H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

1,471
1106

1244
1009

1285
1443
1006

774
780

913
742
944

832
292
136

183

173
130
114

As average ticket size rose, Mean deal size saw a 21%

Under $5mn $5 - $25 mn $25 - $50 mn $50 - $100 mn $100 mn+ increase, and median saw a slip by 48% compared to H1 2023.

20
Sector Analysis
Sector Analysis, Number of Deals Sector Analysis, Value of Deals ($ mn)
Information Technology topped the charts in deal volume accounting for In terms of deal value, Financials led among deal value followed by asset-heavy
24.32% of total deal volume. The sector remained buoyant as sector Industrials. Industrials are attracting more deal value as they're adopting
corporations seek to acquire new technologies and capabilities to AI & digital technologies to enhance productivity and streamline operations. The
optimize business. mega deal by ATM Telecom Pvt Ltd led to a spike in deal value.

H1 2023 H1 2024 H1 2023 H1 2024

Utilities 21 384
Utilities 915
33

Telecommunication Services 5 175

Telecommunication Services 2,277
4

114 918
Information Technology Information Technology 1,424
98

41 1,346
Financials Financials 3,812
53

Health Care 40 1,439

40 Health Care
1,565

Consumer Staples 22 430

Consumer Staples
12 886

Consumer Discretionary 74 806

68 Consumer Discretionary
872

Industrials 56 4,042
55 Industrials
3,014

31 1,351
Materials 39 Materials
2,323

Energy 2 74
1 Energy
4

21
Key M&A Deals of H1 2024
$384
Sector: Diversified Banks
Announced on: May-2024
Target: IDFC First Bank Ltd.
$477
Sector: IT Consulting & Other Services
Buyer: ICICI Prudential Life Insurance Company
Ltd.,HDFC Life Insurance Company Ltd.,Bajaj $1981
Allianz Life Insurance Co. Ltd.,Life Insurance Sector: Integrated Telecommunication
Announced on: Apr-2024 Corporation of India,SBI General Insurance Co. ServicesAnnounced on: Jan-2024
Target: Intech GMBH. Ltd.,Aditya Birla Sun Life Insurance Company Ltd. Target: ATC Telecom Infrastructure Pvt. Ltd.
Buyer: Infosys Ltd.
Domestic Buyer: Data Infrastructure Trust
Outbound Domestic

$580
Sector: Health Care Services
$1247
Sector: Construction Materials
Announced on: June-2024 Announced on: Jun-2024
Target: Haleon Group of Companies, Target: Cement Industries Ltd.
Consumer Healthcare Brand Buyer: Ambuja Cements Ltd.
Buyer: Dr. Reddys Laboratories Ltd.
Domestic
Outbound

Deal Value
($ mn) $1165
Sector: Other Diversified Financial Services

$613
Sector: Packaged Foods & Meats
Announced on: Feb-2024
Target: Reliance Capital Ltd.
Buyer: IndusInd International Holdings Ltd.
Announced on: June-2024
Target: Capital Foods Pvt. Ltd. Inbound
Buyer: Tata Consumer Products Ltd.Pension Plan
Domestic

$1086
$641 Sector: Construction & Engineering
Announced on: Jan-2024

$741
Sector: Construction & Engineering Target: PNC Infratech Ltd., 12 Road Assets
Announced on: Mar-2024 Buyer: Highways Infrastructure Trust.
Target: Chenani Nashri Tunnelway Ltd. Sector: Specialized REIT's
Buyer: Cube Highways and Infrastructure Pte Ltd. Outbound
Announced on: Mar-2024
Inbound Target: IRB Infrastructure Trust
Buyer: Ferrovial S.A.
Inbound

22
Regional Analysis
Top 5 States H1 2024 Top 5 Cities H1 2024
Maharashtra topped the charts comprising 50% of all the transaction volume. Mumbai emerged as a hub for M&A deal activity, closely followed by Delhi
Karnataka and Delhi took second and third positions, respectively. NCR.

4767.95
5601.3 Volume Value ($ mn) Volume Value ($ mn)

118
2505.84
2571.1
34
27 540.63
38
29 29
21 655.35
255.9 675.4 501.9 88 245.62 19 18

Maharashtra Delhi Karnataka Gujarat Haryana Mumbai New Delhi Bengaluru Gurgaon Pune

Top 5 States H1 2023 Volume Value ($ mn) Top 5 Cities H1 2023 Volume Value ($ mn)

2212.5
2212.5

1800.9
1440.5 51

53
483.7
364.2 19
21 65.8
179.5 71 173.7 27 215.8 18
102 27 20

Maharashtra Karnataka Delhi Gujarat Tamil Nadu Mumbai Bengaluru New Delhi Pune Hyderabad

23
EQUITY
CAPITAL MARKET
Equity Capital Markets – Overview

E
quity Capital deal activity in H1 2024 reached a five-year high with 133 In H1 2024, Grasim Industries Ltd. raised $480.23 mn on a Rights issue basis
deals. An increase of 45% in deal volume with 3.3x rise in value was with an eye on the development of India's infrastructure sector marked the
observed when compared with H1 2023. largest Equity Capital Market transaction.

In 2023 ECM faced significant challenges due to dramatic corrections in the

global financial market, driven by rising inflation, central bank interest rate
tightening, and geopolitical conflicts. However, these pressures have stabilized
in recent months. By deal activity and deal value, the Industrials sector
emerged as ECM investors' preferred sectors in H1 2024.

ECM Overview - Yearwise Split ECM Overview - Quarterwise Split

ECM saw a positive year as deal volume rose to Q1 2024, saw an upward trajectory with 56% jump in deal volume as deal value rose to $4.75 billion,
a five-year high of 133 deals, while deal value as the year progressed to Q2 ECM deal volume and value rose by 30% and 125% compared to 2023.
jumped 3.3x when compared to H1 2023. The rise in ECM value can be attributed to a significant increase in FPOs and IPOs.

Volume Value ($ bn) Volume Value ($ bn)

13.0 11.9
81
10.4 75
11.0 65
9.5 8.2
7.2 52 52
46
6.8 39 38 40
4.8 4.8 4.7
6.3 6.3
3.4 26
37 4.7
3.3 34 32 4.7
28 4.1
7 26 25 0.8
18 3.0 0.6 2.8
2.1
25 59 65 92 133
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 2020 2021 2022 2023 2024

25
Sector Analysis
Equity Capital Market - Sectoral Summary Equity Capital Market Breakdown – Value of Deals
The industrials sector led the list in deal volume with 28 transactions. Initial Public Offering experienced a surge of ~2.1x in deal value. The rise in deal
Additionally, Financials captured 40% of total transaction value across value highlights favourable market condition, high liquidity & stable interest rates
sectors.
Initial Public Offering Follow-On Offering Rights Issue (Figures in $ mn)

Qualified Institutional Placement InstitutionalPlacement Programme

Materials
32 17 Industrials

7,666
24
Consumer Discretionary

5,479
5,267
Consumer Staples

3,920

3,782
3,543
28

3,054
2024 Health Care

2,163
1,450

1,442
1,410
19 Financials

674

674

654
592
591

572
480
282
Information Technology

12

4
10 21
9 Telecommunication Services H1 2020 H1 2021 H1 2022 H1 2023 H1 2024
Utilities

Equity Capital Market Breakdown – Number of Deals

Initial Public Offer topped across all categories with 81 transactions. Except for
Rights Issue, all categories saw an incline in deal volume.
1 Materials
11 11 Initial Public Offering Follow-On Offering Rights Issue
Industrials
Qualified Institutional Placement InstitutionalPlacement Programme 81
10 Consumer Discretionary
Consumer Staples 60
2023 25
Health Care
7
43
Financials 32
30
11 Information Technology 21 21
14 17
15 12 10
Telecommunication Services 5 7 7 6
1 0 1 0 2 0 0 1 1 2

H1 2020 H1 2021 H1 2022 H1 2023 H1 2024

26
Key ECM Deals of H1 2024

Equity Capital Market

Date Target Offering Type Offering Size ($ mn) Sector
Apr-24 Vodafone Idea Ltd. Follow-On Offering 2162.7 Wireless Telecommunication Services
Apr-24 JSW Energy Ltd. Qualified Institutional Placement 599.9 Independent Power Producers & Energy Traders
Apr-24 Bharti Hexacom Ltd. Initial Public Offering 514.13 Wireless Telecommunication Services
Jan-24 Grasim Industries Ltd. Rights Issue 480.23 Industrial Conglomerates
Feb-24 Indiabulls Housing Finance Ltd. Rights Issue 444.33 Thrifts & Mortgage Finance
Mar-24 Macrotech Developers Ltd. Qualified Institutional Placement 396.07 Real Estate Development
Feb-24 Union Bank of India Ltd. Qualified Institutional Placement 361.38 Diversified Banks
May-24 Aadhar Housing Finance Ltd. Initial Public Offering 360.86 Thrifts & Mortgage Finance
Feb-24 Swan Energy Ltd. Qualified Institutional Placement 339.82 Industrial Conglomerates
May-24 Go Digit General Insurance Ltd. Initial Public Offering 317.95 Internet Software & Services

27
GLOSSARY

Placements Financials Abbreviations

Placement deals include Private Equity Investments Financial sector includes banks, diversified financials, PE - Private Equity
through QIPs, Open Market & Private Investment in insurance, and real estate. VC - Venture Capital
Public Equity (PIPE deals). M&A - Mergers & Acquisition
Information Technology (IT)
ECM - Equity Capital Market
Big-ticket Deals IT comprises software & services, technology
IPO - Initial Public Offering
Big-ticket deals refers to the deal with an investment hardware & equipment, and semiconductors &
Follow-On - Follow-On Offerings
size of $100 million and above. semiconductor Equipment.
QIPs - Qualified Institutional Placement
Materials Telecommunication Services IPPs - Institutional Placement Programme
Material sector covers chemicals used in different It includes both diversified and wireless
segments, construction materials, containers & telecommunication services.
packaging, metals & mining, and paper & forest
Utilities
products.
Utility encompasses electric, gas, water &
Consumer Discretionary multi-utilities and independent power producers &
Consumer Discretionary sector includes automobiles energy traders as well.
& components, consumer durables & apparel,
Industrials
consumer services, media and retailing (offline/
Industrial sector contains all the capital goods,
online).
Commercial & Professional Services, and
Consumer Staples Transportation (air freight & logistics, airlines, marines,
Consumer Staples sector contains food & staples road & rail, infrastructure).
retailing, food, beverage & tobacco, and household &
Energy
personal products.
Energy sector consists of energy equipment &
Healthcare
services, and oil, gas & consumable fuels.
Healthcare incorporates healthcare equipment &
services, and pharmaceuticals, biotechnology & life
sciences.

28
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