India Data Insights (Mid-Year 2020)

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Bolstered by VC, India-focused fundraising remained on pace with previous years

In spite of the hurdles imposed by India’s widespread shutdown in response to COVID-19, India-focused funds raised USD2.5b in 1H 2020, on par with the USD2.3b raised in 1H 2019. Private equity funds saw a marked decrease, but private credit funds raised USD407m, including the launch of a USD300m credit platform co-sponsored by CDPQ and Piramal Fund Management, indicating continued interest in India’s debt markets despite a temporary suspension in bankruptcy enforcement and ongoing difficulties for the country’s NBFCs. VC strategies captured USD1.8b in commitments, led by a USD525m final close for Sequoia India Venture Fund VII and a USD825m final close for Sequoia India Growth Fund III. The latter is Sequoia India’s first dedicated late-stage venture fund since 2008, evidence that seasoned investors continues to see ample opportunities in India.