HORIZONS | BDO'S GLOBAL VIEWOF MID-MARKET DEAL ACTIVITY 43
INDIA HEAT CHART BY SECTOR
TMT
92 23% 73 18% 56 14% 55 14% 50 12% 50 12%
Industrials & Chemicals
Business Services Financial Services
TMT • Uniphore, a start-up firm in conversational automation, raised USD 400m in a funding round led by foreign fund New Enterprise Associates, March Capital, and other existing investors along with new entities, at a valuation of USD 2.5bn. • Bharti Airtel, along with its wholly owned subsidiary, acquired a 4.7% stake in Indus Towers from Euro Pacific Securities Ltd, an affiliate of Vodafone Group, for USD 318m. • Pune-based logistics start-up ElasticRun, operated by Ntex Transportation Services Pvt Ltd, secured USD 300m from Japan’s Softbank Capital, Goldman Sachs & Co. LLC, Prosus Ventures, Chimera Investments LLC and InnoVen Capital India Pvt Ltd. INDUSTRIALS & CHEMICALS • Canadian investment firm Brookfield Asset Management Inc. signed an agreement in March 2022 to acquire a minority stake in packaging films business Jindal Poly Films Limited for USD 263m. • Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Reliance Industries, will invest USD 220m to form an electronics manufacturing JV with US-based Sanmina Corporation. RSBVL will hold a 50.1% stake in the JV with Sanmina owning the remaining 49.9%. PHARMA, MEDICAL & BIOTECH • Mankind Pharma entered into an agreement to buy the domestic formulations business of Panacea Biotec Pharma, a subsidiary of Sputnik V maker Panacea Biotec, for USD 256m. • Warburg Pincus has agreed to invest USD 210m for a minority stake in medical devices firm Micro Life Sciences Private Limited, the parent organization of the Meril group of companies.
Pharma, Medical & Biotech
Consumer
Energy, Mining & Utilities
17
4%
Leisure
8 2%
Real Estate
5
1%
TOTAL
406
INDIA MID-MARKET VOLUMES BY SECTOR
2021
2022
168
51
4
36
0
8
11
1
56
18
44
10
25
27
6
6
9
9
52
5
5
Technology & Media
Financial Services
Energy, Mining & Utilities
Pharma, Medical & Biotech Real Estate
Consumer
Business Services
Leisure
Industrials & Chemicals
India
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