ChrysCapital, Motilal Oswal Private Equity and Sequoia Capital India have been named the top Private Equity & Venture Capital investors in India during the last decade, as part of the Venture Intelligence’s APEX Awards. The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer.
While ChrysCapital won the “Private Equity Investor of the Decade” award, Motilal Oswal Private Equity was feted as India’s “Growth Capital Investor of the Decade”. The Indian arm of the storied Silicon Valley VC firm, Sequoia Capital, was named the country’s “Venture Capital Investor of the Decade”.
The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms as well as “crowd sourced” nominations and voting from the Limited Partner, PE-VC and advisory communities. (The main criteria were Exit Track Record, New Fund Raises & Follow-on Funding Rounds for Portfolio Companies).
Growth Capital Investor of the Decade – Motilal Oswal Private Equity
Vishal Tulsyan, CEO & Managing Director of Motilal Oswal Private Equity, said, “It has been over 15 years since we started this platform and with no prior experience of private equity. From there to now receiving the award for Growth Capital Investor of the Decade is an honour for the entire team and we feel quite humbled accepting the same.
“It somewhere also reinforces belief in our investment thesis, our relationship driven approach with all stakeholders and last but not the least our strong alignment of interest with our investors. It is also an outcome of our proprietary QGLP (Q – quality of business & management; G – growth; L – longevity; P – reasonable price) philosophy towards investing.
“This award further validates our strong belief in the Indian mid-market ecosystem. Being an integral part of the growth journey of our portfolio companies and what they are looking to create fills us with immense pride. We remain confident of the entrepreneurs of the country, whom we believe will continue to build strong enterprises with their passion and perseverance, which will not only have a strong impact on the home market but will create ripples in global markets as well,” Tulsyan said.
Motilal Oswal Private Equity started its journey in 2007 having cumulatively raised and invested ~US$ 600mn in India, through its three growth capital funds (US$ 115mn for Fund I, US$ 155mn for Fund II and US$ 320mn for Fund III). Of over 12 exits, the Fund house has generated an MOIC of 6x and an IRR of ~28%. Some of its notable exits include Dixon Technologies (16.2x), AU Small Finance Bank (13.1x), Minda Industries Ltd (4.9x), Mrs Bector’s Food Specialties Ltd (4.4x), Power Mech Projects Ltd (4.3x), Parag Milk Foods Ltd (4.3x) and Indian Energy Exchange (3.2x).
Many of these companies have continued to make significant returns for subsequent investors as well. From its third fund, it has invested in path breaking companies like Molbio Diagnostics, which has created the world’s first commercial point of care molecular diagnostic platform using PCR technology for resource limited settings (Truenat) and is currently installed in over 40% of labs testing for Covid-19 in India. Recently, it has also invested in Fintech lending platform, Kreditbee, which provides full-stack digital lending for young professionals.
Motilal Oswal PE has maintained a fine balance between domestic and foreign investors both on the HNI and Institutional front, as it believes Indian individual investors should be able to participate in the growth story of private enterprises, thus providing an opportunity for the investors to do so. Its Fund II and III have attracted international LPs like IFC, Aberdeen Standard, Axiom Asia, Adams Street Partners as well as Domestic Institutions like SBI, Max Life Insurance and HDFC Life Insurance.