February Sees $245Mn of Private Equity Investments, Four-S Reports

Press Release

February sees $245mn of Private Equity investments, Four-S reports

Mumbai, March 1, 2013: Thesecondmonth of 2013saw $245.4mn of Private Equity investments in Indian companiesacross26 deals; 70% down from the investments of $812.9mn across 46 deals for the same month last year, shows data with research and financial consulting firm, Four-S Services.The average deal size also declinedto $13.6mn from $29.0mn during the same period.

The year 2013 has so far aggregated $443mn worth of investments, compared to $1.76bn for the same period (Jan-Feb) last year.

In the largest deal during the month,WestBridge Capital Partners, along with TA Associates, invested $45mn in diagnostics and pathology services firm Dr Lal PathLabs. This was followed by Macquarie-SBI Infrastructure Fund’s 74% stake buy in GMR Jadcherla Expressways for $38.3mn. Norwest Venture Partners, along with the existing investors Multiplesand Amansa Capital, picked up stake in the NBFC Cholamandalam Investment & Finance for $25mn, by participating in the firm’s qualified institutional placement.

BFSI sectortopped the investment chart accounting for 34.6% of investments with a deal value of $85mn. 3 out of top 5 transactions belonged to BFSI sector.Healthcare sector occupied the second slot with $61.5mn (25.1%) worth of investments across 3 deals, including the largest transactions.Infrastructure ($38.3mn; 15.6%)and manufacturing ($20.6mn; 8.4%) were other major sectors.

Table: PE/ VC investments in India

Feb’13 / Feb’12 / % Chg YoY / Jan’13 / % Chg MoM / YTD (Jan-Feb)’13 / YTD (Jan-Feb)’12 / % Chg YoY
Investment ($mn) / 245.4 / 812.9 / -70% / 197.5 / 24% / 443.0 / 1,755.0 / -75%
No. of deals / 26 / 46 / -43% / 34 / -24% / 60 / 98 / -39%
Average deal size* ($mn) / 13.6 / 29.0 / -53% / 9.4 / 45% / 11.4 / 25.8 / -56%

* calculated over disclosed transactions

Table: Top 5 PE deals in February’13

Investors / Target / Amount ($Mn) / Sector - Industry
Westbridge Crossover Fund, TA Associates / Dr. Lal PathLabs Pvt. Ltd. / 45.0 / Services – Heathcare
Macquarie-SBI Infrastructure Fund / GMR Jadcherla Expressways / 38.3 / Construction – Infra
Norwest Venture, Multiples, Amansa Capital / Cholamandalam Investment & Finance / 25.0 / Services – BFSI
Tata Capital Growth Fund / Star Health and Allied Insurance Co. Ltd. / 22.3 / Services – BFSI
ChrysCap / AU Financiers / 22.2 / Services - BFSI

Source: Four-S Services

About Four-S Services

Four-S is a boutique firm focusing on cutting-edge Financial Research, Business Advisory and Investment Banking services forclients. Through our deep research into India's high growth industries and accurate and objective advice we have helped manymarquee institutional investors take informed investment decisions in private equity and public markets. Four-S has provensuccess in business advisory, investment banking and investor relations mandates with 100+ corporate clients and large PEfunds. For further information on the company please visit

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