True North, Bain, TPG, EQT, PremjiInvest script exits; KKR, ADIA, Peak XV in deal news; Startup funding volume slumps

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[View in web browser](#) [VCCircle] Saturday, 06 July 2024 [Unlock Premium >](/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/6688c591251525baa3b0c988-20240706) Share this newsletter /1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/6688c591251525baa3b0c988-20240706 /2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/6688c591251525baa3b0c988-20240706 /3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/6688c591251525baa3b0c988-20240706 /4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/6688c591251525baa3b0c988-20240706 The Weekly Newsletter on India's Alternative Investment Landscape [True North charting nearly $800 mn harvest in its biggest exit ever](/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1jaGFydGluZy1uZWFybHktODAwLW1uLWhhcnZlc3QtaW4taXRzLWJpZ2dlc3QtZXhpdC1ldmVy/6688c591251525baa3b0c988-20240706) [Private equity firm True North, which made two forgettable liquidity moves from Indian companies this year ...](/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1jaGFydGluZy1uZWFybHktODAwLW1uLWhhcnZlc3QtaW4taXRzLWJpZ2dlc3QtZXhpdC1ldmVy/6688c591251525baa3b0c988-20240706) THE MAIN STUFF /7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N0YXJ0dXBmdW5kaW5nLXZvbHVtZS1zbHVtcHMtdG8tYS1kZWNhZGUtbG93LWluLWphbi1qdW5lLTIwMjQtYnV0LXRvdGFsLXZhbHVlLXJlY292ZXJz/6688c591251525baa3b0c988-20240706 [Startup funding volume slumps to a decade low in Jan-June 2024 but total value recovers](/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N0YXJ0dXBmdW5kaW5nLXZvbHVtZS1zbHVtcHMtdG8tYS1kZWNhZGUtbG93LWluLWphbi1qdW5lLTIwMjQtYnV0LXRvdGFsLXZhbHVlLXJlY292ZXJz/6688c591251525baa3b0c988-20240706) [Venture capital and angel investments in the first half of 2024 are showing signs of recovery from a funding...](/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N0YXJ0dXBmdW5kaW5nLXZvbHVtZS1zbHVtcHMtdG8tYS1kZWNhZGUtbG93LWluLWphbi1qdW5lLTIwMjQtYnV0LXRvdGFsLXZhbHVlLXJlY292ZXJz/6688c591251525baa3b0c988-20240706) /10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodGhvdy1ra3ItaXMtc3BlZWRpbmctaXRzLXdheS10by10aGUtdG9wLW9mLWluZGlhbi1oaWdod2F5LXJhbmtpbmdz/6688c591251525baa3b0c988-20240706 [Spotlight: How KKR is speeding its way to the top of Indian highway rankings](/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodGhvdy1ra3ItaXMtc3BlZWRpbmctaXRzLXdheS10by10aGUtdG9wLW9mLWluZGlhbi1oaWdod2F5LXJhbmtpbmdz/6688c591251525baa3b0c988-20240706) [In January, an infrastructure investment trust (InvIT) formed by private equity firm KKR struck one of the ...](/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodGhvdy1ra3ItaXMtc3BlZWRpbmctaXRzLXdheS10by10aGUtdG9wLW9mLWluZGlhbi1oaWdod2F5LXJhbmtpbmdz/6688c591251525baa3b0c988-20240706) /13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2trcnN0cmlrZXMtdGhpcmQtaGVhbHRoY2FyZS1kZWFsLW9mLXRoaXMteWVhci10by1hY3F1aXJlLXJlZ2lvbmFsLWhvc3BpdGFsLWNoYWlu/6688c591251525baa3b0c988-20240706 [KKR to acquire Kerala hospital in year's third India healthcare deal](/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2trcnN0cmlrZXMtdGhpcmQtaGVhbHRoY2FyZS1kZWFsLW9mLXRoaXMteWVhci10by1hY3F1aXJlLXJlZ2lvbmFsLWhvc3BpdGFsLWNoYWlu/6688c591251525baa3b0c988-20240706) [Private equity firm KKR said Monday it has struck a deal to acquire a majority stake in a south India ...](/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2trcnN0cmlrZXMtdGhpcmQtaGVhbHRoY2FyZS1kZWFsLW9mLXRoaXMteWVhci10by1hY3F1aXJlLXJlZ2lvbmFsLWhvc3BpdGFsLWNoYWlu/6688c591251525baa3b0c988-20240706) /16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dsb2JhbHN0cmF0ZWdpY3MtZG9tZXN0aWMtZm1jZy1maXJtcy1leWUtc2xpY2Utb2YtZ29vZC1nbGFtbS1pbi11cHNpemVkLXByZS1pcG8tcm91bmQ=/6688c591251525baa3b0c988-20240706 [Global strategics, domestic FMCG firms eye slice of Good Glamm in upsized pre-IPO round](/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dsb2JhbHN0cmF0ZWdpY3MtZG9tZXN0aWMtZm1jZy1maXJtcy1leWUtc2xpY2Utb2YtZ29vZC1nbGFtbS1pbi11cHNpemVkLXByZS1pcG8tcm91bmQ=/6688c591251525baa3b0c988-20240706) [Beauty and personal care (BPC) company The Good Glamm Group is in advanced stages of discussion with ...](/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dsb2JhbHN0cmF0ZWdpY3MtZG9tZXN0aWMtZm1jZy1maXJtcy1leWUtc2xpY2Utb2YtZ29vZC1nbGFtbS1pbi11cHNpemVkLXByZS1pcG8tcm91bmQ=/6688c591251525baa3b0c988-20240706) /19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VxdHNlZWtzLWp1aWN5LXByb2ZpdC1mcm9tLWFub3RoZXItaW5kaWEtZXhpdC1jYW4taXQtYXR0cmFjdC1yaWNoLXZhbHVhdGlvbi0=/6688c591251525baa3b0c988-20240706 [EQT seeks juicy profit from another India exit; can it attract rich valuation?](/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VxdHNlZWtzLWp1aWN5LXByb2ZpdC1mcm9tLWFub3RoZXItaW5kaWEtZXhpdC1jYW4taXQtYXR0cmFjdC1yaWNoLXZhbHVhdGlvbi0=/6688c591251525baa3b0c988-20240706) [Private equity major EQT Asia, formerly Baring PE Asia that was acquired by EQT, is looking to harvest a ...](/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VxdHNlZWtzLWp1aWN5LXByb2ZpdC1mcm9tLWFub3RoZXItaW5kaWEtZXhpdC1jYW4taXQtYXR0cmFjdC1yaWNoLXZhbHVhdGlvbi0=/6688c591251525baa3b0c988-20240706) /22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLXN0YXJlcy1hdC1tb2Rlc3QtcmV0dXJucy1mcm9tLWFub3RoZXItbGVnYWN5LWluZGlhLWJldA==/6688c591251525baa3b0c988-20240706 [Bain Capital stares at modest returns from another legacy India bet](/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLXN0YXJlcy1hdC1tb2Rlc3QtcmV0dXJucy1mcm9tLWFub3RoZXItbGVnYWN5LWluZGlhLWJldA==/6688c591251525baa3b0c988-20240706) [Bain Capital, a bulge-bracket global private equity firm which has been on a harvest spree in India and ...](/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLXN0YXJlcy1hdC1tb2Rlc3QtcmV0dXJucy1mcm9tLWFub3RoZXItbGVnYWN5LWluZGlhLWJldA==/6688c591251525baa3b0c988-20240706) /25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RwZ2dyb3d0aC12aXJ0dWFsbHktd3JpdGVzLW9mZi1hLWxlZ2FjeS1pbmRpYS1iZXQtd2l0aC1kZWVwLWhhaXJjdXQ=/6688c591251525baa3b0c988-20240706 [TPG Growth virtually writes off a legacy India bet with deep haircut](/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RwZ2dyb3d0aC12aXJ0dWFsbHktd3JpdGVzLW9mZi1hLWxlZ2FjeS1pbmRpYS1iZXQtd2l0aC1kZWVwLWhhaXJjdXQ=/6688c591251525baa3b0c988-20240706) [TPG Growth, the growth capital investment arm of buyout major TPG, which has been one of the oldest private ...](/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RwZ2dyb3d0aC12aXJ0dWFsbHktd3JpdGVzLW9mZi1hLWxlZ2FjeS1pbmRpYS1iZXQtd2l0aC1kZWVwLWhhaXJjdXQ=/6688c591251525baa3b0c988-20240706) /28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BlYWt4di1pbi1hZHZhbmNlLXN0YWdlcy1vZi10YWxrcy10by1iZXQtb24taGVhbHRoeS1mb29kLWJyYW5k/6688c591251525baa3b0c988-20240706 [Peak XV in advanced stage of talks to bet on healthy food brand](/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BlYWt4di1pbi1hZHZhbmNlLXN0YWdlcy1vZi10YWxrcy10by1iZXQtb24taGVhbHRoeS1mb29kLWJyYW5k/6688c591251525baa3b0c988-20240706) [Venture capital firm Peak XV Partners, previously known as Sequoia Capital India and Southeast Asia, is in ...](/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BlYWt4di1pbi1hZHZhbmNlLXN0YWdlcy1vZi10YWxrcy10by1iZXQtb24taGVhbHRoeS1mb29kLWJyYW5k/6688c591251525baa3b0c988-20240706) /31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpZ3VsZXJndWZmLXJhaXNlcy1hLXRoaXJkLW9mLWVtZXJnaW5nLW1hcmtldHMtZnVuZC13aXRoLWluZGlhLW1hbmRhdGU=/6688c591251525baa3b0c988-20240706 [Siguler Guff raises a third of emerging markets fund with India mandate](/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpZ3VsZXJndWZmLXJhaXNlcy1hLXRoaXJkLW9mLWVtZXJnaW5nLW1hcmtldHMtZnVuZC13aXRoLWluZGlhLW1hbmRhdGU=/6688c591251525baa3b0c988-20240706) [US-based multi-strategy private equity firm Siguler Guff & Company has marked a fundraising milestone for ...](/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpZ3VsZXJndWZmLXJhaXNlcy1hLXRoaXJkLW9mLWVtZXJnaW5nLW1hcmtldHMtZnVuZC13aXRoLWluZGlhLW1hbmRhdGU=/6688c591251525baa3b0c988-20240706) /34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1c3RhaW5hYmlsaXR5Zm9jdXNlZC1nZWYtY2FwaXRhbC1uZWFycy10YXJnZXQtZm9yLXRoaXJkLWZ1bmQ=/6688c591251525baa3b0c988-20240706 [Sustainability-focused GEF Capital nears target for third fund](/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1c3RhaW5hYmlsaXR5Zm9jdXNlZC1nZWYtY2FwaXRhbC1uZWFycy10YXJnZXQtZm9yLXRoaXJkLWZ1bmQ=/6688c591251525baa3b0c988-20240706) [Sustainability and climate-focused private equity firm GEF Capital Partners, which is led by Raj Pai and ...](/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1c3RhaW5hYmlsaXR5Zm9jdXNlZC1nZWYtY2FwaXRhbC1uZWFycy10YXJnZXQtZm9yLXRoaXJkLWZ1bmQ=/6688c591251525baa3b0c988-20240706) /37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2lwb2ZlZXMtdXAtY2FwaXRhbC1tYXJrZXRzLXdvcmstYmVjb21pbmctbHVjcmF0aXZlLWZvci1sYXctZmlybXMtanNhLXMtbXVraGVyamVl/6688c591251525baa3b0c988-20240706 [IPO fees up, capital markets work becoming lucrative for law firms: JSA’s Mukherjee](/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2lwb2ZlZXMtdXAtY2FwaXRhbC1tYXJrZXRzLXdvcmstYmVjb21pbmctbHVjcmF0aXZlLWZvci1sYXctZmlybXMtanNhLXMtbXVraGVyamVl/6688c591251525baa3b0c988-20240706) [J. Sagar Associates (JSA) ranks among the largest law firms In India by number of partners and lawyers on ...](/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2lwb2ZlZXMtdXAtY2FwaXRhbC1tYXJrZXRzLXdvcmstYmVjb21pbmctbHVjcmF0aXZlLWZvci1sYXctZmlybXMtanNhLXMtbXVraGVyamVl/6688c591251525baa3b0c988-20240706) /40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JlYW1zZmludGVjaC1zLXNhZ2FyLWFnYXJ2d2FsLW9uLWZhbGwtaW4tdmFsdWF0aW9ucy1wb3J0Zm9saW8tZXhwYW5zaW9uLWFuZC1tb3Jl/6688c591251525baa3b0c988-20240706 [Beams Fintech’s Sagar Agarvwal on fall in valuations, portfolio expansion and more](/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JlYW1zZmludGVjaC1zLXNhZ2FyLWFnYXJ2d2FsLW9uLWZhbGwtaW4tdmFsdWF0aW9ucy1wb3J0Zm9saW8tZXhwYW5zaW9uLWFuZC1tb3Jl/6688c591251525baa3b0c988-20240706) [Beams Fintech Fund, a private investment firm focused on growth-stage financial services and software ...](/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JlYW1zZmludGVjaC1zLXNhZ2FyLWFnYXJ2d2FsLW9uLWZhbGwtaW4tdmFsdWF0aW9ucy1wb3J0Zm9saW8tZXhwYW5zaW9uLWFuZC1tb3Jl/6688c591251525baa3b0c988-20240706) NEWS IN NUMBERS [$250 mn](/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3ByZW1qaWludmVzdHNjcmlwdGluZy1uZWFybHktMjUwLW1uLWV4aXQtd2l0aC1idW1wZXItcmV0dXJucw==/6688c591251525baa3b0c988-20240706) [PremjiInvest scripts an exit](/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3ByZW1qaWludmVzdHNjcmlwdGluZy1uZWFybHktMjUwLW1uLWV4aXQtd2l0aC1idW1wZXItcmV0dXJucw==/6688c591251525baa3b0c988-20240706) [$200 mn](/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FmZmlybWFiYWNrZWQtcHJpbWUtZm9jdXMtYXJtLWdldHMtbmV3LWludmVzdG9yLW9uLWNhcC10YWJsZS1mb3Itc3RyYXRlZ2ljLXN0YWtl/6688c591251525baa3b0c988-20240706) [Prime Focus arm gets an investor](/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FmZmlybWFiYWNrZWQtcHJpbWUtZm9jdXMtYXJtLWdldHMtbmV3LWludmVzdG9yLW9uLWNhcC10YWJsZS1mb3Itc3RyYXRlZ2ljLXN0YWtl/6688c591251525baa3b0c988-20240706) [$120 mn](/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FidWRoYWJpLXdlYWx0aC1mdW5kLWFkaWEtYmV0cy0xMjAtbW4tbW9yZS1vbi1wdXJwbGxl/6688c591251525baa3b0c988-20240706) [ADIA bets more on Purplle](/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FidWRoYWJpLXdlYWx0aC1mdW5kLWFkaWEtYmV0cy0xMjAtbW4tbW9yZS1vbi1wdXJwbGxl/6688c591251525baa3b0c988-20240706) [$182 mn](/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FjdGlzYmFja2VkLWluZGlhLWhpZ2h3YXlzLWludml0LXJhaXNlcy0xODItbW4=/6688c591251525baa3b0c988-20240706) [Actis roads InvIT raises capital](/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FjdGlzYmFja2VkLWluZGlhLWhpZ2h3YXlzLWludml0LXJhaXNlcy0xODItbW4=/6688c591251525baa3b0c988-20240706) [$360 mn](/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FjbWVzb2xhci1ob2xkaW5ncy1maWxlcy1mb3ItMzYwLW1uLWlwbw==/6688c591251525baa3b0c988-20240706) [ACME Solar files for IPO](/52/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FjbWVzb2xhci1ob2xkaW5ncy1maWxlcy1mb3ItMzYwLW1uLWlwbw==/6688c591251525baa3b0c988-20240706) [$41 mn](/53/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1enVraW1vdG9yLWZsb2F0cy00MS1tbi1zb2NpYWwtaW1wYWN0LWZ1bmQtZm9yLWluZGlh/6688c591251525baa3b0c988-20240706) [Suzuki floats social impact fund](/54/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1enVraW1vdG9yLWZsb2F0cy00MS1tbi1zb2NpYWwtaW1wYWN0LWZ1bmQtZm9yLWluZGlh/6688c591251525baa3b0c988-20240706) [Chart of the day](/55/aHR0cHM6Ly9hc3NldHMudmNjaXJjbGUuY29tL3VwbG9hZHMvMjAyNC8wNy9kZWFsd3JhcFNqdWwuanBn/6688c591251525baa3b0c988-20240706) /56/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/6688c591251525baa3b0c988-20240706 READ MORE NEWS [Private Equity Deals](/57/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9wZQ==/6688c591251525baa3b0c988-20240706) [Venture Capital Deals](/58/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS92ZW50dXJlLWNhcGl0YWw=/6688c591251525baa3b0c988-20240706) [M&A Deals](/59/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9tLWE=/6688c591251525baa3b0c988-20240706) Were you forwarded this email? 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