HORIZONS | BDO'S GLOBAL VIEWOF MID-MARKET DEAL ACTIVITY 41
INDIA HEAT CHART BY SECTOR
TMT
75 21% 54 15% 52 15% 49 14%
Consumer
Industrials & Chemicals
Pharma, Medical & Biotech
KEY SECTORS AND DEALS In terms of sector deal activity, TMT accounted for the major share with 46 deals completed, followed by Business Services and Industrial & Chemicals, each with 14 deals and there was also deal activity in the Energy, Mining & Utilities, Financial Services and Pharma, Medical & Biotech sectors. Several of the bigger TMT deals took place in the online space, an area where businesses have seen significant growth during the pandemic. This space is expected to see large private equity and M&A transactions for the remainder of the year. Some of the key deals in Q3 2021 included: • Mobility start-up Ola Electric raised new funds of USD 500m from Singapore government’s investment fund Temasek and PlumWood Investment, an affiliate of Warburg Pincus • SVF II Songbird (DE) LLC, part of the Japanese giant SoftBank Group, acquired an approx. 8.18% stake in Bundl Technologies Pvt Ltd, Swiggy’s parent entity, for approx. USD 450m • VerSe Innovations, the parent company of short video platform Josh and digital media platform DailyHunt, raised over USD 450m in a series one funding round from investors Siguler Guff, Baillie Gifford, affiliates of Carlyle Asia Partners Growth II and other firms • Sorting Hat Technologies, the Bengaluru-based parent of edtech platform Unacademy, raised USD 440m in a new funding round led by Temasek Holdings, giving the edtech firm fresh firepower to hold its own against bigger rival BYJU'S. The current buoyancy in the capital market looks set to continue. A large number of companies are accessing the capital market, either to fund growth capital or facilitate an exit to PE investors. While 40 companies have already been listed, there are about 35 more lined up to hit the market this year, seeking to raise approximately USD 10bn.
Business Services Financial Services
41
12%
37 11% 28 8%
Energy, Mining & Utilities
Leisure
11
3%
Real Estate
4 1%
TOTAL
351
INDIA MID-MARKET VOLUMES BY SECTOR
2020
2021
69
117
6
21
2
4
26
54
7
34
29
28
23
21
16
15
42
40
Technology & Media
Financial Services
Energy, Mining & Utilities
Pharma, Medical & Biotech Real Estate
Consumer
Business Services
Leisure
Industrials & Chemicals
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