IJBEMRVolume2,Issue7(July,2011)ISSN22294848

The Journal of Sri Krishna Research & Educational Consortium

INTERNATIONAL JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT RESEARCH

Internationally Indexed & Listed Referred e-Journal

VENTURE CAPITAL IN INDIA

D. P. WARNE*; PINKI INSAN** *Chaudhary Devi Lal University, Sirsa, Haryana-125055. **Shah Satnam Ji P.G. Girls College, Sirsa, Haryana- 125055. ABSTRACT India is the largest democracy on the planet and second most populous country in the world. Its extraordinary history is intimately tied to its geography. A meeting ground between the East and the West, it has been invaders paradise. In the last one and half decades, India has proved itself as a destination for Information Technology (IT) and Business Process Outsourcing (BPO). India is also fast emerging as a major center for cutting-edge research and development (R&D) projects for global multinational companies. Lot of activities are happening in India in various sectors such as IT, BPO, Knowledge Process Outsourcing (KPO), Semiconductors, Biotechnology, Textiles, Manufacturing, and Engineering recently. This study is an attempt to explore the trends and developments in Venture Capital financing in India through an indepth analysis of these investments over the last 5 years (20052009).

INTRODUCTION The Venture capital sector is the most vibrant industry in the financial market today. Venture capital is money provided by professionals who invest alongside management in young, rapidly growing companies that have the potential to develop into significant economic contributors. Venture capital is an important source of equity for start-up companies. Venture capital can be visualized as your ideas and our money concept of developing business. Venture capitalists are people who pool financial resources from high networth individuals, corporates, pension funds, insurance companies, etc. to invest in high risk - high return ventures that are unable to source funds from regular channels like banks and capital markets. The venture capital industry in India has really taken off in. Venture capitalists not only provide monetary resources but also help the entrepreneur with guidance in formalizing his ideas into a viable business venture. Five critical success factors have been identified for the growth of VC in India, namely: SriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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The regulatory, tax and legal environment should play an enabling role as internationally venture funds have evolved in an atmosphere of structural flexibility, fiscal neutrality and operational adaptability. Resource raising, investment, management and exit should be as simple and flexible as needed and driven by global trends. Venture capital should become an institutionalized industry that protects investors and investee firms, operating in an environment suitable for raising the large amounts of risk capital needed and for spurring innovation through start-up firms in a wide range of high growth areas. In view of increasing global integration and mobility of capital it is important that Indian venture capital funds as well as venture finance enterprises are able to have global exposure and investment opportunities Infrastructure in the form of incubators and R&D need to be promoted using government support and private management as has successfully been done by countries such as the US, Israel and Taiwan. This is necessary for faster conversion of R&D and technological innovation into commercial products. With technology and knowledge based ideas set to drive the global economy in the coming millennium, and given the inherent strength by way of its human capital, technical skills, cost competitive workforce, research and entrepreneurship, India can unleash a revolution of wealth creation and rapid economic growth in a sustainable manner. However, for this to happen, there is a need for risk finance and venture capital environment which can leverage innovation, promote technology and harness knowledge based ideas. HISTORICAL EVOLUTION The development of the organised venture capital industry in India, as is in existence today, was slow and belaboured, circumscribed by resource constraints resulting from the overall framework of the socialistic economic paradigms. Although funding for new businesses was available from banks and government owned development financial institutions, it was provided as collateral-based money on project-financing basis, which made it difficult for most new entrepreneurs, especially those who were technology and services based, to raise money for their ideas and businesses. Most entrepreneurs had to rely on their own financial resources, and those of their families and well wishers or private financiers to realise their entrepreneurial dreams. MILESTONES: PRIVATE EQUITY & VENTURE CAPITAL IN INDIA While the first formal Private Equity and Venture Capital vehicle in India can be traced back to the setting up of the Risk Capital Foundation in 1975, the history of the industry in India is entwined with the liberalization of the countrys economy a process which began hesitantly in the 1980s and gained significant momentum in 1991.

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PERIOD RANGING 1995-2000 During this period, several foreign PE/VC firms like Baring Private Equity Partners, CDC Capital, Draper International, HSBC Private Equity and Warburg Pincus enter the country. Firms like ChrysCapital and WestBridge Capital, set up by managers of Indian origin with foreign capital, also make their entry. The venture capital arms of companies like Intel and GE become active in India. The main focus is on Information Technology and Internet related investments. PRIVATE EQUITY & VENTURE CAPITAL IN INDIA

Years Pre1995

Equity Capital and Venture Capital

Until the mid-1990s, the need for Private Equity was met largely by development finance institutions like IDBI, ICICI and IFCI.

1984 The Industrial Credit and Investment Corporation of India (ICICI) decide to allocate funds for venture capital type activity.

1986

ICICI launches a venture capital scheme to encourage start-up ventures in the private sector in merging technology sectors.

1988

Technology Development and Information Company of India Ltd. (TDICI) is set up to encourage private sector ventures in emerging technology sectors. (TDICI has since been renamed ICICI Venture Funds). With strong encouragement and financial support from the World Bank, the Government of India announces guidelines for venture capital funds. IFCI-sponsored RCF is converted into the Risk Capital and Technology Finance Corporation of India Ltd. (RCTC).

1989

Regional venture capital fund APIDC Venture Capital (APIDC VCL) is set up in Andhra Pradesh, followed by Gujarat Venture Finance Ltd. (GVFL) in Gujarat. Canbank Venture Capital, sponsored by Canara Bank, is also set up. The first private sector funds come into being. Credit Capital Venture Fund (India) Ltd. is set up by Lazard Credit Capital in association with Asian Development Bank and the Commonwealth Development Corporation. (ANZ Grindlays now part of Standard Chartered had earlier set up India Investment Fund using funds from overseas Indians.)

1995

Overseas investment in venture capital is permitted, along with tax incentives for such investments. VC funds can be floated by firms other than Banks and Financial Institutions. SriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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1996

The Securities and Exchange Board of India (SEBI) issues the SEBI (Venture Capital Funds) Regulations, 1996. Infrastructure Leasing & Financial Services Limited (IL&FS) acquires Credit Capital Venture Fund leading to the creation of what is now IL&FS Investment Managers Limited (IIML).

1999

Small Industries Development Bank of India (SIDBI) sets up SIDBI Venture Capital.

2000

Based on the recommendations of the K. B. Chandrasekhar Committee, SEBI amends the 1996 regulations to help fuel the growth of the industry. Mutual fund house Unit Trust of India (UTI) sets up its private equity arm, UTI Venture Funds. Infrastructure Development Finance Company (IDFC) sets up IDFC Private Equity. While successful exits especially in the Business Process Outsourcing (BPO) sector bring some cheer, investors clearly prefer late stage companies. Funds like ICICI Ventures and Actis become active in buyouts.

2002

2003

2004

Investment activity picks up. Six PE-backed companies including Patni Computer Systems and Biocon - go public successfully.

2005

Investors increasingly focus on non-IT investments including in industries like manufacturing, healthcare and those dependent on domestic consumption. Early stage investments re-emerge on investors radar screens with several Silicon Valley VCs beginning to make direct investments in Indian companies. SEBI allows PE/VC investments in Real Estate. Warburg Pincus $1 billion plus gains from its investment in telecom services firm Bharti Airtel makes the global Private Equity industry sit up and take notice. Highly successful IPOs of PE-backed companies including that of wind energy firm Suzlon Energy and print media firm HT Media reinforce India s attractiveness as a destination for Private Equity investing.

2000-2005 An economic recession in the US and a slowdown in the technology sector result in some foreign PE investors quitting India during 2001-2003. The remaining funds focus largely on later stage and PIPE investments. VENTURE CAPITAL MARKET TO EXPAND IN CHINA AND INDIA The venture capital market in China and India is set to expand over the next five years even while it contracts across many developed nations like the United States and much of Europe, SriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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according to a survey released on Wednesday by Deloitte and the National Venture Capital Association. The stage has now been set for emerging markets like China, India, and Brazil to rise as drivers of innovation as they are increasingly becoming more competitive with the traditional markets, said Mark Jensen, partner at Deloitte & Touche LLP. Over 90 percent of survey respondents in the United States, Europe and Canada indicated that they expect the number of venture capitalist firms in their country to decline between now and 2015 while 99 percent of those surveyed in China and 85 percent in India indicated that they believe the number of domestic venture capital firms will increase over the next five years. It is ironic that the more optimistic environments are now outside the United States, said Mark Heesen, president of the National Venture Capital Association. Respondents in China and India indicated that the improving entrepreneurial environment and growing domestic markets were among the leading factors driving their optimism in their respective countries. According to the survey, venture capitalists in China and India were also the least likely to increase their investments outside of their domestic market, with 15 percent of Indian firms expressing an interest in foreign opportunities to 11 percent of Chinese firms. The report, which surveyed 500 venture capitalist firms across the globe, forecasts strong investment interest by emerging Asian venture capitalist firms in the biopharmaceutical, cleantech energy and healthcare industries. TOP VENTURE CAPITALISTS IN INDIA BY INVESTMENT The table presented below shows the top venture capitalist in India by way of investment. The table shows the no. of investment, the value of investments and funds raised of different capitalists for a period ranging from 2005 to 2009.

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TOP VENTURE CAPITALISTS IN INDIA BY INVESTMENT Investor Sequoia Capital India Ventureast Intel Capital Helion Venture Partners DFJ India Nexus India Capital NEA IndoUS Ventures IDG India Ventures Kleiner Perkins Norwest Venture Partners Canaan Partners Inventus Capital Partners Sequoia Capital India Intel Capital Norwest Venture Partners Helion Venture Partners Nexus India Capital DFJ India Ventureast NEA IndoUS Ventures Canaan Partners Kleiner Perkins IDG India Ventures 2005 7 5 3 0 0 0 0 0 1 1 0 42 19 13.9 7 2 Number of Investment 2006 2007 2008 12 13 18 11 4 9 7 4 8 4 3 1 0 0 3 3 1 8 3 4 5 6 0 1 4 8 9 9 9 5 6 2 4 -

2009 3 3 1 2 2 2 0 0 0 3 1 3 26 7 92.8 10 7 10 9 4 -

Total 53 32 23 22 17 16 14 11 10 10 10 3 504 131 156.6 100 75.5 61 54 50 30 29 22 1,625 350 320 222 189 150 125

Value of Investments ($ mn) 184 114 138 37 15 53 8.1 30 24.1 30 17.7 30 45 33 17 26 12 19 8 725 210 220 86 125

Sequoia Capital India Helion Venture Partners Nexus India Capital Ventureast NEA IndoUS Ventures IDG India Ventures Inventus Capital Partners Source: compiled from annual reports

7.5 16 13.75 4 19 2 24 4 10 8 14 Total Funds Raised ($ mn) 200 400 300 140 150 100 136 189 -

Interestingly, Sequoia Capital India tops the charts for all three of them, so it could be safely said that they are the top Venture Capitalists in India. They have made more than double the SriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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investments in companies and raised more than 5 times of the funds as compared to 2nd ranked VC. ON-THE-GROUND REALITIES INVESTING IN INDIA AND SOME BEST PRACTICES FOR

In many respects, the sophistication and maturity of VC investments in India today are probably at the same level as in the early 1970s in the US. This section advocates some best practices and highlights some of the key differences between investing in early-stage and mid-stage companies in the US versus investing in similar companies in India. MANIACAL FOCUS ON EARLY PROFITABILITY MIGHT BE COUNTERPRODUCTIVE FOR A PRODUCT COMPANY Unlike most start-ups in the US, which are usually product-based and are usually expecting 2-3 stages of investment, entrepreneurs in India are usually focussed on making their companies profitable as soon as possible. This mindset might be because Indian entrepreneurs have, to some extent, traditionally founded services and trading companies. From an Indian entrepreneurs perspective, the reasons for making their company profitable quickly include: (a) the scarcity of available venture capital in India so far, (b) reluctance in giving up too much equity, and (c) since most Indian start-ups have been in the service sector so far, they require a significantly smaller amount of venture capital. Of course, the disadvantages of such a maniacal focus on profitability include (a) the possibility that an Indian start-up may not able to grow very quickly or realize its full potential and (b) the possibility of an Indian start-up being upstaged by some other firm somewhere else in the world. Hence, the VCs must play a crucial role in educating Indian entrepreneurs to think differently in the context of product-based companies compared to how they have traditionally run their companies. NEED FOR CONTINUED FUNDING BUT IN SMALL AMOUNTS Since the Purchase Power Parity in India is 5, and since many if not most Indian start-ups still continue to be created in the services business, and since the entrepreneurs for even those product-based start-ups wish to achieve profitability quickly, we believe the VCs should not look at funding Indian companies in distinct stages (i.e., seed funding, Stage A funding, Stage B funding, mezzanine funding etc). Rather they should provide small portions of continuous funding based on continued attainment of predefined metrics such as revenues, profits, development expenses, etc. Of course, this would imply that the VC has to be more involved operationally with the Indian start-up and simply attending a board meeting every two or three months might not be sufficient. It would also imply that the VC would essentially act as a bank that provides money in exchange for equity, as and when needed. INDIAN ENTREPRENEURS LACK MARKETING, SALES AND BUSINESS DEVELOPMENT EXPERTISE During our interviews and research, we found Indian entrepreneurs to be quite adept technically and definitely at par with similar entrepreneurs in developed countries. However, SriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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we also found the entrepreneurs in India generally lacked expertise in marketing, sales and business development areas, especially when compared to their counterparts in the US. Furthermore, since India had socialistic economic policies during 1947-1992, there is a lack of good talent in marketing and sales professionals who can thrive in an extremely competitive environment. Hence, finding the appropriate marketing, sales and business development people is one area where Indian start-ups need help. This problem is further exacerbated because the Indian economy has been growing at 8% and most start-ups have to compete for talent not only with other companies who are exporting similar or dissimilar products and services but also with many Indian domestic companies. In fact, finding and retaining the right talent has become an issue not only in marketing, sales and business development but also in research, technical and advanced development areas. Finally, if the eventual market were a developed country, then such expertise can be potentially found in that country. However, if the market for the corresponding product or service is India, China or some other developing nation, then finding such people can be a Herculean task! INDIAN ENTREPRENEURS ARE HESITANT TO GIVE UP CONTROL Indian entrepreneurs are usually hesitant about giving up control. In fact, most of the entrepreneurs in India currently receive their initial funding from family and friends, and even if they do not do so, the Indian social system is such that relatives and friends still end up being a major influence. Also, since the Bombay Stock Exchange (BSE) has been growing quite rapidly (in spite of the recent 20% drop) and a company with $20 million in annual revenue can be easily listed on it, many Indian entrepreneurs would rather list their companies on BSE than give up a substantial share to the VCs. Consequently, the VCs will have to provide a very clear value proposition to the start-ups and cannot simply state that they bring value to the table just because they are well connected, etc. In fact, we believe that in some cases the VCs may even have to go to the extreme of closing contracts and bringing in the revenue on behalf of a start-up rather than simply opening doors by providing the contacts in their Rolodex. LACK OF FINANCIAL TRANSPARENCY AND OTHER PROCESSES Again, partly because the Indian economy was a socialistic and closed economy and partly because Indian entrepreneurs are not as proficient at business development as their counterparts in the US, Indian start-ups lack financial transparency and often have limited experience in implementing effective financial processes. This usually makes the task of the VC much more difficult not only during the due-diligence phase, but also in helping the startup grow rapidly. Consequently, we believe that immediately after making its investment, the VC may have to roll up the sleeves and help the entrepreneurs in process-izing the company. We also believe that simply directing the Indian entrepreneurs to implement processes during monthly or quarterly board meetings may prove to be futile because many entrepreneurs might not know how to execute on these instructions. INVESTMENT THESIS AND THE CURRENT MODEL IS UN-SUSTAINABLE One of the most worrisome aspects of the VCs new-found zeal to invest in India is that most VCs want to continue to invest in Indian start-ups in areas they are most familiar with, i.e., in IT, telecom and Internet products and services. So, it is not surprising that eight consumerSriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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travel Internet websites have already been funded in India, and given that this sector only accounted for approximately $152 million worth of booking transactions in 2005, and given that this number is likely to grow to only to $1.2 billion by 2010, the actual revenue and profits earned by this sector even in 2010 are likely to be $75 million and $9 million respectively, which is miniscule by any standards! So, going forward, the VCs may want to investigate the following rapidly emerging sectors for potential investment: auto-components, travel and tourism, domestic healthcare and medical tourism, retail, textiles, biotechnology, pharmaceuticals, real estate and infrastructure, entertainment and media, gems and jewellery, and of course, the traditional sectors that include telecom, IT, and Business Process Outsourcing services. Finally, it is interesting to note that in this regard, several VC firms (e.g., ChrysCapital, Westbridge now a part of Sequoia Capital, India) are beginning to follow a well-rounded and diversified strategy, but so far most of it is limited to late stage investments and PIPEs. For example, during the last 2-3 years, Bessemer has invested in the following companies: (a) Shriram EPC, a specialized engineering services company addressing the Indian infrastructure sector. (b) Sarovar Hotels & Resorts, a company that manages a diverse portfolio that includes hotels, resorts, restaurants, and corporate hospitality (c) Rico Auto Industries, which designs and manufactures auto components for such firms such as Ford, GM, and Cummins, and (d) Motilal Oswal Financial Services Ltd, a financial services and brokerage company serving the needs of both institutional and retail investors in India. LACK OF VCS WHO HAVE CROSS-BORDER EXPERIENCE The other really worrisome aspect is that many US-based VCs believe they can help the growth of Indian start-ups, and provide good returns to their own shareholders by making decisions by periodically visiting India. This usually requires conducting frequent conference calls and either the VCs flying to India or the executive management of the startup flying to the US every two or three months (for a face-to-face meeting). Since the Indian Start-ups require a lot of handholding in the areas mentioned above, this approach is unlikely to be very effective. Sending one of the senior partners in the VC firm to India to set up a subsidiary that can help its portfolio companies: Although this approach may work, it is likely to fail in instances where the partner has not lived and managed any organization in India for at least two to three years. This is because even Indians living in the US are usually not familiar with the typical business practices in India unless they have had 2-3 years of recent experience on the ground in India. Hiring a junior partner in India: This approach has three major disadvantages: First, the challenges required by Indian start-ups vary from hiring good talent inside and outside the country to setting up effective and efficient processes. Second, if the partner is fairly junior then this person may not have sufficient experience to advise this start-up effectively, and third, such a junior partner would have a low standing within the VC firm and hence, both the junior partner and its portfolio companies in India would feel they are being dictated to by senior partners in the US (who may not understand the environment in India adequately). SriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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WELL-KNOWN US VCS MAY NOT HAVE THE SAME BRAND RECOGNITION IN INDIA YET Since venturecapital investing in India is a relatively recent phenomenon, VCs who may be well known in the US may not yet be able to take their brand recognition in India for granted. In fact, we believe that successful Indian entrepreneurs and VCs who have lived in the US and have at least ten years of experience in running their own companies, or have been actively involved in helping others and can get down in the trenches with the Indian entrepreneurs are more likely to succeed and build a brandname for themselves and their groups. Of course, on the other hand, since most if not all of these groups are raising the money in the US, brand name VCs in the US will definitely be able to raise this money much more efficiently and effectively than those groups that are not known in the US. Again, the implication for the VC firm is that it will have to articulate a very clear value proposition. FINDINGS About 300 VC funds were active in India. The VC industry has shown a steep upward curve from investments of about USD 0.5 billion (56 deals) in 2003 to USD 14 billion (439 deals) in 2007. In the year 2008, there was a decline to about USD 11 billion (382 deals). Unlike in the early stages of the industrys growth (in 2000) when the investments were largely in the IT sector; by 2009 VC (including PE) investments were being made in all sectors. The reforms policies (media and entertainment, real estate, SEZ, insurance, banking, etc.), infrastructure development (energy, engineering and construction, etc.), and globalisation policies (textiles, etc.) throws open vast opportunities for PE investors to capitalize on.VCs have preferred to invest in growth or later stage deals. Also, there emerged an increasing trend of investing in PIPE deals reflecting the higher return expectations of the limited partners (investors in VC funds) as a result of the capital markets boom. Roughly, 2 out of every 3 deals were in the growth / later PIPE stage category. VCs also prefer to invest higher amounts reflecting a bias towards PE investments rather than classic venture capital-type deals. About 31% of all investments in 2007 fell into the US$10-25 million category. Preferred regions for VC investments are Mumbai, Delhi and NCR, followed by Bangalore. Although companies in South India attracted a higher number of investments, in value terms Western India did much better. Among cities, Mumbai-based companies retained the top slot with 108 privateequity investments totalling almost US $6 billion in 2007, followed by Delhi/NCR with 63 investments (US $2.7 billion) and Bangalore with 49 investments aggregating US $700 million.Citigroup was the most active investor with a portfolio across energy, engineering and construction, manufacturing. Other active investors included: ICICI Ventures, Goldman Sachs and Helion Ventures. CONCLUSIONS In recent years, there has been a surge in India-based investments by both venture capitalists and angel investors. This rising trend is primarily due to Indias growing economy, which has made it very appealing for Indian-American investors to invest in their native land. Information technology, pharmaceuticals, and apparel are some very popular industries of investment. While many Indian venture capitalists of Silicon Valley have invested tens and SriKrishnaInternationalResearch&EducationalConsortium http://www.skirec.com

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hundreds of millions of dollars to startups in India, angel investors have been more inclined to invest smaller amounts in early stage ventures. More experienced venture capital firms are also shown to have higher success rates on their investments. However, this is isolated to first time entrepreneurs and those who previously failed. When experienced and inexperienced venture capital firms invest in entrepreneurs with a track record of success, there is no performance differential. SOURCES Venture Capital & Private Equity in India, October 2007. ( www.indiavca.org ) 2007 European Private Equity Activity Survey by PEREP.( www.evca.com ) EVCA Quarterly Activity PEREP.(www.evca.com) PricewaterhouseCoopers ( www.nvca.org ) / Indicator Survey, December 2008 by

NVCA

MoneyTree

Report,

January

2009.

BVCA Private Equity & Venture Capital Investment Activity Report 2007, July 2008. (www.bvca.co.uk) BVCA Private Equity and Venture Capital Report on Performance Measurement and Investment Activity 2008, May 2009. (www.bvca.co.uk ) PricewaterhouseCoopers Global Private Equity Report 2004, 2005, 2006, 2007, 2008. Global Trends in Venture Capital 2006 Survey by Deloitte & Touche USA LLP. How to teach a big baby to walk: Case of Indian Venture Capital Industry by K.B.Subhash, Journal of Private Equity, Fall 2006. The structure and governance of venture capital organizations by William Sahlman, Journal of financial Economics, December 1990. Venture Investing in India : Think twice by Shashank Singh, Shailendra Singh and Ashok Dylan Jadeja, Journal of Private Equity, Fall 2005. Private Equity in China and India by Roberto Ippolito, Journal of Private Equity, Fall 2007. Indian Venture Capital Association www.indiavca.org Securities and Exchange Board of India www.sebi.gov.in

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K.B. Chandrasekhar Report SEBI Committee Report, downloadable from the SEBI website www.sebi.gov.in

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