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Cover Image Nanditha Gopal
Nanditha GopalAZB & Partners

Nanditha Gopal

Partner at AZB & Partners

Lawyer

Bengaluru

Deal Bio

Total Deals75
Valued Deals69
Total Value£ 12.42 B
Avg. Deal Size£ 180 M

Market Context

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29 Jun 2020|India|Chemicals: Diversified
Best Value Chem Private
Premji Invest

Target: BEST VALUE CHEM PRIVATE LIMITED

Bidder: PREMJI INVEST

4 Service Providers

2 Target | 2 Bidder

9 Dealmakers

4 Target | 5 Bidder

n/a

Value

08 Sep 2020|India|Education Services
BYJU'S
Owl Ventures

Target: BYJU'S

Bidder: OWL VENTURES

13 Service Providers

2 Target | 11 Bidder

38 Dealmakers

2 Target | 38 Bidder

£ 384 M

Value

01 Feb 2021|India|Gaming
Moonfrog Labs
Stillfront Group

Target: MOONFROG LABS

Bidder: STILLFRONT GROUP AB

13 Service Providers

5 Target | 6 Bidder | 2 Vendor

7 Dealmakers

1 Target | 1 Bidder | 5 Vendor

£ 72 M

Value

18 Feb 2021|India|Mortgage Finance
Dewan Housing Finance
Piramal Enterprises

Target: DEWAN HOUSING FINANCE

Bidder: PIRAMAL ENTERPRISES LTD

6 Service Providers

3 Target | 3 Bidder

20 Dealmakers

19 Target | 1 Bidder

£ 3.39 B

Value

31 Mar 2021|India|Specialty Retailers
FIRSTCRY
Tpg Capital

Target: FIRSTCRY

Bidder: TPG CAPITAL LP

6 Service Providers

2 Target | 4 Bidder

13 Dealmakers

1 Target | 12 Bidder

£ 229 M

Value

23 Mar 2021|India|Media Agencies
INSHORTS
A91 Partners

Target: INSHORTS

Bidder: A91 PARTNERS

8 Service Providers

2 Target | 6 Bidder

9 Dealmakers

1 Target | 8 Bidder

£ 29 M

Value

06 Apr 2021|India|Payments / Commerce
CRED
Coatue Management

Target: CRED

Bidder: COATUE MANAGEMENT LLC

12 Service Providers

1 Target | 11 Bidder

27 Dealmakers

1 Target | 26 Bidder

£ 155 M

Value

08 Apr 2021|India|Online and Social Platforms
SHARECHAT
Tiger Global Management

Target: SHARECHAT

Bidder: TIGER GLOBAL MANAGEMENT LLC

12 Service Providers

3 Target | 9 Bidder

36 Dealmakers

14 Target | 22 Bidder

£ 364 M

Value

27 Apr 2021|India|Digital Services
Urban Company
Wellington Management

Target: URBAN COMPANY

Bidder: WELLINGTON MANAGEMENT

9 Service Providers

1 Target | 8 Bidder

14 Dealmakers

1 Target | 19 Bidder

£ 136 M

Value

26 May 2021|India|Online and Social Platforms
KOO
Iifl Wealth Management

Target: KOO

Bidder: IIFL WEALTH MANAGEMENT LTD

5 Service Providers

1 Target | 4 Bidder

8 Dealmakers

1 Target | 7 Bidder

£ 21 M

Value

31 May 2021|India|Business Process Outsourcing
Plum Benefits Technologies
Sequoia Capital

Target: PLUM BENEFITS TECHNOLOGIES

Bidder: SEQUOIA CAPITAL

6 Service Providers

1 Target | 5 Bidder

10 Dealmakers

1 Target | 9 Bidder

£ 10 M

Value

23 Jun 2021|India|Auto Services
GOMECHANIC
Tiger Global Management

Target: GOMECHANIC

Bidder: TIGER GLOBAL MANAGEMENT LLC

7 Service Providers

2 Target | 5 Bidder

11 Dealmakers

2 Target | 9 Bidder

£ 30 M

Value

24 Mar 2021|India|Gaming
Dream Sports
Think Investments

Target: DREAM SPORTS

Bidder: THINK INVESTMENTS

12 Service Providers

2 Target | 7 Bidder | 3 Vendor

38 Dealmakers

4 Target | 23 Bidder | 11 Vendor

£ 292 M

Value

02 Aug 2021|India|Software
UNACADEMY
Temasek Holdings

Target: UNACADEMY

Bidder: TEMASEK HOLDINGS LIMITED

9 Service Providers

2 Target | 7 Bidder

21 Dealmakers

2 Target | 19 Bidder

£ 316 M

Value

03 Aug 2021|India|FinTech
BHARATPE
AMPLO

Target: BHARATPE

Bidder: AMPLO

13 Service Providers

1 Target | 12 Bidder

20 Dealmakers

1 Target | 19 Bidder

£ 265 M

Value

24 Sep 2021|India|Third Party Logistics (3PL)
Delhivery Pvt
Addition Ventures

Target: DELHIVERY PVT LTD

Bidder: ADDITION VENTURES

3 Service Providers

1 Target | 2 Bidder

7 Dealmakers

1 Target | 6 Bidder

£ 91 M

Value

25 Jun 2021|India|E-commerce
DEALSHARE
Z3 Partners

Target: DEALSHARE

Bidder: Z3 PARTNERS

12 Service Providers

3 Target | 9 Bidder

27 Dealmakers

6 Target | 22 Bidder

£ 105 M

Value

25 Oct 2021|India|Delivery Services
PORTER
Lgt Lightrock

Target: PORTER

Bidder: LGT LIGHTROCK

8 Service Providers

3 Target | 5 Bidder

15 Dealmakers

7 Target | 8 Bidder

£ 72 M

Value

19 Jun 2021|India|Online and Social Platforms
KUTUMB
Tiger Global Management

Target: KUTUMB

Bidder: TIGER GLOBAL MANAGEMENT LLC

5 Service Providers

1 Target | 4 Bidder

9 Dealmakers

1 Target | 8 Bidder

£ 19 M

Value

07 Jul 2021|India|Trucking
BLACKBUCK
Tribe Capital

Target: BLACKBUCK

Bidder: TRIBE CAPITAL

5 Service Providers

1 Target | 4 Bidder

8 Dealmakers

1 Target | 7 Bidder

£ 49 M

Value

10 Nov 2021|India|E-commerce
Good Glamm Group
Prosus Ventures

Target: GOOD GLAMM GROUP

Bidder: PROSUS VENTURES

13 Service Providers

3 Target | 10 Bidder

22 Dealmakers

7 Target | 15 Bidder

£ 110 M

Value

02 Jul 2021|India|Airlines
Jet Airways
Florian Fritsch

Target: JET AIRWAYS

Bidder: FLORIAN FRITSCH

1 Service Providers

1 Target

14 Dealmakers

14 Target

£ 133 M

Value

06 May 2021|United States|Digital Services
CYBERINC
Forcepoint

Target: CYBERINC

Bidder: FORCEPOINT LLC

3 Service Providers

1 Target | 2 Bidder

9 Dealmakers

1 Target | 8 Bidder

n/a

Value

22 Nov 2021|India|Online and Social Platforms
NOBROKER
Tiger Global Management

Target: NOBROKER

Bidder: TIGER GLOBAL MANAGEMENT LLC

5 Service Providers

1 Target | 4 Bidder

11 Dealmakers

3 Target | 8 Bidder

£ 156 M

Value

25 Apr 2021|India|Real Estate Services
Stanza Living
Sci Investments

Target: STANZA LIVING

Bidder: SCI INVESTMENTS

3 Service Providers

2 Target | 1 Bidder

7 Dealmakers

6 Target | 1 Bidder

£ 73 M

Value

01 Oct 2021|India|FinTech
OFBUSINESS
Tiger Global Management

Target: OFBUSINESS

Bidder: TIGER GLOBAL MANAGEMENT LLC

4 Service Providers

2 Target | 2 Bidder

9 Dealmakers

5 Target | 4 Bidder

£ 148 M

Value

19 Dec 2021|India|Software
Razorpay Software Private
Lone Pine Capital

Target: RAZORPAY SOFTWARE PRIVATE LIMITED

Bidder: LONE PINE CAPITAL

8 Service Providers

1 Target | 7 Bidder

13 Dealmakers

3 Target | 10 Bidder

£ 283 M

Value

20 Dec 2021|India|FinTech
OFBUSINESS
Tiger Global Management

Target: OFBUSINESS

Bidder: TIGER GLOBAL MANAGEMENT LLC

6 Service Providers

2 Target | 4 Bidder

12 Dealmakers

6 Target | 6 Bidder

£ 245 M

Value

31 Jan 2022|India|Investment Banking
Spark Capital (institutional Equities Business)
Avendus Capital

Target: SPARK CAPITAL (INSTITUTIONAL EQUITIES BUSINESS)

Bidder: AVENDUS CAPITAL

5 Service Providers

3 Bidder | 2 Vendor

16 Dealmakers

13 Bidder | 3 Vendor

n/a

Value

01 Feb 2022|India|Third Party Logistics (3PL)
Loadshare Networks
Matrix Partners

Target: LOADSHARE NETWORKS

Bidder: MATRIX PARTNERS

8 Service Providers

2 Target | 6 Bidder

17 Dealmakers

6 Target | 11 Bidder

£ 29 M

Value

11 Mar 2022|India|Education Services
BYJU'S
BLACKROCK

Target: BYJU'S

Bidder: BLACKROCK

6 Service Providers

2 Target | 4 Bidder

8 Dealmakers

2 Target | 6 Bidder

£ 612 M

Value

09 Mar 2022|India|FinTech
Money View
ACCEL

Target: MONEY VIEW

Bidder: ACCEL

10 Service Providers

2 Target | 8 Bidder

17 Dealmakers

3 Target | 14 Bidder

£ 57 M

Value

24 Mar 2022|India|Consumer Lending
Oxyzo Financial Services
Alpha Wave Ventures

Target: OXYZO FINANCIAL SERVICES

Bidder: ALPHA WAVE VENTURES

11 Service Providers

2 Target | 9 Bidder

23 Dealmakers

5 Target | 18 Bidder

£ 151 M

Value

15 Mar 2022|India|Software
MULTIPLIER
Tiger Global Management

Target: MULTIPLIER

Bidder: TIGER GLOBAL MANAGEMENT LLC

4 Service Providers

1 Target | 3 Bidder

7 Dealmakers

1 Target | 6 Bidder

£ 46 M

Value

30 Mar 2022|India|Payments / Commerce
Pine Labs Pvt
Vitruvian Partners

Target: PINE LABS PVT LTD

Bidder: VITRUVIAN PARTNERS LLP

3 Service Providers

1 Target | 2 Bidder

5 Dealmakers

1 Target | 4 Bidder

£ 38 M

Value

15 Apr 2022|India|Commercial Vehicles and Parts
RAPIDO
Tvs Motor Company

Target: RAPIDO

Bidder: TVS MOTOR COMPANY

8 Service Providers

3 Target | 5 Bidder

13 Dealmakers

4 Target | 9 Bidder

£ 137 M

Value

07 Dec 2021|India|Consumer Lending
Muthoot Microfin
Greater Pacific Capital

Target: MUTHOOT MICROFIN

Bidder: GREATER PACIFIC CAPITAL

4 Service Providers

2 Target | 2 Bidder

10 Dealmakers

5 Target | 5 Bidder

£ 38 M

Value

18 Apr 2022|India|IT Services: Other
URBANPIPER
Sequoia Capital

Target: URBANPIPER

Bidder: SEQUOIA CAPITAL

4 Service Providers

1 Target | 3 Bidder

10 Dealmakers

3 Target | 7 Bidder

£ 19 M

Value

25 Apr 2022|United States|IT Services: Other
PIPECANDY
ASSEMBLY

Target: PIPECANDY

Bidder: ASSEMBLY

3 Service Providers

1 Target | 2 Bidder

7 Dealmakers

1 Target | 6 Bidder

n/a

Value

29 Apr 2022|India|Online and Social Platforms
TURTLEMINT
Marshall Wace

Target: TURTLEMINT

Bidder: MARSHALL WACE

8 Service Providers

2 Target | 6 Bidder

9 Dealmakers

1 Target | 8 Bidder

£ 96 M

Value

29 Apr 2022|India|Online and Social Platforms
GENIEMODE
Tiger Global Management

Target: GENIEMODE

Bidder: TIGER GLOBAL MANAGEMENT LLC

3 Service Providers

1 Target | 2 Bidder

6 Dealmakers

1 Target | 5 Bidder

£ 22 M

Value

14 Apr 2022|India|Software
ITILITE
Matrix Partners

Target: ITILITE

Bidder: MATRIX PARTNERS

5 Service Providers

1 Target | 4 Bidder

10 Dealmakers

2 Target | 8 Bidder

£ 22 M

Value

10 May 2022|United States|Digital Services
SIRIONLABS
Tiger Global Management

Target: SIRIONLABS

Bidder: TIGER GLOBAL MANAGEMENT LLC

9 Service Providers

3 Target | 6 Bidder

13 Dealmakers

2 Target | 11 Bidder

£ 68 M

Value

09 Sep 2021|India|Transportation Services
CHALO
Filter Capital

Target: CHALO

Bidder: FILTER CAPITAL

6 Service Providers

2 Target | 4 Bidder

7 Dealmakers

1 Target | 6 Bidder

£ 31 M

Value

09 Jun 2022|India|Payments / Commerce
CRED
Dragoneer Investment Group

Target: CRED

Bidder: DRAGONEER INVESTMENT GROUP

9 Service Providers

1 Target | 8 Bidder

29 Dealmakers

1 Target | 28 Bidder

£ 112 M

Value

10 May 2022|India|Diversified Materials
Ester Industries (engineering Plastics Business)
Radici Plastics India

Target: ESTER INDUSTRIES (ENGINEERING PLASTICS BUSINESS)

Bidder: RADICI PLASTICS INDIA

4 Service Providers

1 Bidder | 3 Vendor

12 Dealmakers

7 Bidder | 5 Vendor

£ 29 M

Value

15 Jun 2022|India|Auto Technology
GROYYO
Tiger Global Management

Target: GROYYO

Bidder: TIGER GLOBAL MANAGEMENT LLC

6 Service Providers

2 Target | 4 Bidder

12 Dealmakers

5 Target | 7 Bidder

£ 32 M

Value

13 Jun 2022|India|Renewable Energy Equipment
Battery Smart
Blume Ventures

Target: BATTERY SMART

Bidder: BLUME VENTURES

5 Service Providers

1 Target | 4 Bidder

10 Dealmakers

2 Target | 8 Bidder

£ 20 M

Value

27 Jan 2022|India|Software
SUPEROPS
Addition Ventures

Target: SUPEROPS

Bidder: ADDITION VENTURES

5 Service Providers

1 Target | 4 Bidder

8 Dealmakers

1 Target | 7 Bidder

£ 11 M

Value

10 Aug 2022|United States|Customer Relationship Management
CLEVERTAP
Caisse De Depot Et Placement Du Quebec (cdpq)

Target: CLEVERTAP

Bidder: CAISSE DE DEPOT ET PLACEMENT DU QUEBEC (CDPQ)

8 Service Providers

2 Target | 6 Bidder

13 Dealmakers

1 Target | 12 Bidder

£ 86 M

Value

08 Sep 2022|India|Restaurants and Bars
Wow! Momo
Oaks Asset Management

Target: WOW! MOMO

Bidder: OAKS ASSET MANAGEMENT

5 Service Providers

4 Target | 1 Bidder

21 Dealmakers

20 Target | 1 Bidder

£ 13 M

Value

20 Sep 2022|India|Insurance Brokers
ZOPPER
Icici Ventures

Target: ZOPPER

Bidder: ICICI VENTURES

8 Service Providers

2 Target | 6 Bidder

14 Dealmakers

5 Target | 9 Bidder

£ 65 M

Value

10 Oct 2022|India|Diversified Financials
Vistaar Finance
Warburg Pincus

Target: VISTAAR FINANCE

Bidder: WARBURG PINCUS LLC

6 Service Providers

4 Target | 2 Bidder

18 Dealmakers

12 Target | 6 Bidder

£ 202 M

Value

19 Oct 2021|India|Payments / Commerce
CRED
Falcon Edge Capital

Target: CRED

Bidder: FALCON EDGE CAPITAL

3 Service Providers

1 Target | 2 Bidder

8 Dealmakers

1 Target | 7 Bidder

£ 182 M

Value

07 Jan 2022|India|Auto Technology
AVATAAR
Tiger Global Management

Target: AVATAAR

Bidder: TIGER GLOBAL MANAGEMENT LLC

4 Service Providers

1 Target | 3 Bidder

9 Dealmakers

1 Target | 8 Bidder

£ 33 M

Value

22 Jul 2022|India|Payments / Commerce
JODO
Elevation Capital

Target: JODO

Bidder: ELEVATION CAPITAL

5 Service Providers

1 Target | 4 Bidder

9 Dealmakers

1 Target | 8 Bidder

£ 12 M

Value

28 Jan 2022|India|Software
INDMONEY
Steadview Capital

Target: INDMONEY

Bidder: STEADVIEW CAPITAL

6 Service Providers

1 Target | 5 Bidder

10 Dealmakers

1 Target | 9 Bidder

£ 54 M

Value

26 Dec 2022|India|FinTech
Money View
Evolvence Capital

Target: MONEY VIEW

Bidder: EVOLVENCE CAPITAL

6 Service Providers

1 Target | 5 Bidder

32 Dealmakers

1 Target | 32 Bidder

£ 62 M

Value

12 Jan 2022|India|FinTech
REFYNE
Tiger Global Management

Target: REFYNE

Bidder: TIGER GLOBAL MANAGEMENT LLC

8 Service Providers

1 Target | 7 Bidder

12 Dealmakers

1 Target | 11 Bidder

£ 60 M

Value

21 Mar 2023|India|IT Services: Other
FLUTURA
Accenture

Target: FLUTURA

Bidder: ACCENTURE PLC

4 Service Providers

2 Target | 2 Bidder

10 Dealmakers

5 Target | 5 Bidder

n/a

Value

07 Sep 2023|India|Automobiles
Ola Electric
Temasek Holdings

Target: OLA ELECTRIC

Bidder: TEMASEK HOLDINGS LIMITED

4 Service Providers

2 Target | 2 Bidder

19 Dealmakers

14 Target | 5 Bidder

£ 111 M

Value

25 Apr 2023|India|Software
Infinite Uptime
Tiger Global Management

Target: INFINITE UPTIME

Bidder: TIGER GLOBAL MANAGEMENT LLC

5 Service Providers

1 Target | 4 Bidder

8 Dealmakers

1 Target | 7 Bidder

£ 15 M

Value

10 Oct 2023|India|Auto Technology
SUPEROPS
Addition Capital

Target: SUPEROPS

Bidder: ADDITION CAPITAL

5 Service Providers

1 Target | 4 Bidder

8 Dealmakers

1 Target | 7 Bidder

£ 10 M

Value

12 Sep 2023|India|Digital Services
Kale Logistics Solutions
CREAEGIS

Target: KALE LOGISTICS SOLUTIONS

Bidder: CREAEGIS

3 Service Providers

1 Target | 2 Bidder

7 Dealmakers

3 Target | 4 Bidder

£ 23 M

Value

19 Jul 2023|India|E-commerce
FLIPKART
Walmart

Target: FLIPKART

Bidder: WALMART INC

5 Service Providers

1 Target | 2 Bidder | 2 Vendor

6 Dealmakers

1 Target | 1 Bidder | 4 Vendor

£ 2.40 B

Value

03 Jul 2023|India|Automobiles
Jayem Automotives
Ti Clean Mobility

Target: JAYEM AUTOMOTIVES

Bidder: TI CLEAN MOBILITY

2 Service Providers

2 Target

4 Dealmakers

4 Target

£ 19 M

Value

31 Mar 2023|India|Data Centers and Hosting
THB
Edelweiss Group

Target: THB

Bidder: EDELWEISS GROUP

4 Service Providers

1 Target | 3 Bidder

4 Dealmakers

1 Target | 3 Bidder

£ 16 M

Value

04 Oct 2023|India|E-commerce
BIZONGO
International Finance Corporation

Target: BIZONGO

Bidder: INTERNATIONAL FINANCE CORPORATION

2 Service Providers

1 Target | 1 Bidder

6 Dealmakers

2 Target | 4 Bidder

£ 39 M

Value

16 Jan 2024|India|Restaurants and Bars
Wow! Momo
Khazanah Nasional Berhad

Target: WOW! MOMO

Bidder: KHAZANAH NASIONAL BERHAD

4 Service Providers

2 Target | 2 Bidder

24 Dealmakers

19 Target | 5 Bidder

£ 39 M

Value

06 Jul 2023|India|Renewable Energy Equipment
Battery Smart
Tiger Global Management

Target: BATTERY SMART

Bidder: TIGER GLOBAL MANAGEMENT LLC

2 Service Providers

1 Target | 1 Bidder

6 Dealmakers

1 Target | 5 Bidder

£ 25 M

Value

28 Feb 2024|India|Cosmetics
Sanghvi Beauty & Technologies
Warburg Pincus

Target: SANGHVI BEAUTY & TECHNOLOGIES

Bidder: WARBURG PINCUS LLC

1 Service Providers

1 Bidder

4 Dealmakers

4 Bidder

£ 23 M

Value

06 Mar 2024|India|Real Estate Services
Stanza Living
Alpha Wave Ventures

Target: STANZA LIVING

Bidder: ALPHA WAVE VENTURES

2 Service Providers

2 Target

4 Dealmakers

4 Target

£ 10 M

Value

30 Jul 2024|India|Commercial Vehicles and Parts
RAPIDO
Westbridge Capital Partners

Target: RAPIDO

Bidder: WESTBRIDGE CAPITAL PARTNERS LLC

4 Service Providers

2 Target | 2 Bidder

9 Dealmakers

4 Target | 5 Bidder

£ 93 M

Value

16 May 2024|India|Renewable Energy Equipment
Battery Smart
Leapfrog Investments

Target: BATTERY SMART

Bidder: LEAPFROG INVESTMENTS

4 Service Providers

2 Target | 2 Bidder

17 Dealmakers

5 Target | 13 Bidder

£ 49 M

Value

12 Aug 2024|India|E-commerce
SHIPROCKET
Koch Disruptive Technologies

Target: SHIPROCKET

Bidder: KOCH DISRUPTIVE TECHNOLOGIES

1 Service Providers

1 Bidder

8 Dealmakers

8 Bidder

n/a

Value

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