The venture capital and private equity industry

Topics: Investment, Venture capital, Finance Pages: 44 (8688 words) Published: March 21, 2013
Journal of Indian Business Research
Emerald Article: Venture capital and private equity in India: an analysis of investments and exits
Thillai Rajan Annamalai, Ashish Deshmukh

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To cite this document: Thillai Rajan Annamalai, Ashish Deshmukh, (2011),"Venture capital and private equity in India: an analysis of investments and exits", Journal of Indian Business Research, Vol. 3 Iss: 1 pp. 6 - 21 Permanent link to this document:
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Venture capital and private
equity in India: an analysis
of investments and exits


Thillai Rajan Annamalai and Ashish Deshmukh
Department of Management Studies,
Indian Institute of Technology Madras, Chennai, India
Purpose – The venture capital and private equity (VCPE) industry in India has grown significantly in recent years. During five-year period 2004-2008, the industry growth rate in India was the fastest globally and it rose to occupy the number three slot worldwide in terms of quantum of investments. However, academic research on the Indian VCPE industry has been limited. This paper seeks to fill the gap in research on the recent trends in the Indian VCPE industry. Design/methodology/approach – Studies on the VCPE transactions have traditionally focused on one of the components of the investment lifecycle, i.e. investments, monitoring, or exit. This study is based on analyzing the investment life cycle in its entirety, from the time of investment by the VCPE fund till the time of exit. The analysis was based on a total of 1,912 VCPE transactions involving 1,503 firms during the years 2004-2008.

Findings – Most VCPE investments were in late stage financing and took place many years after the incorporation of the investee firm. The industry was also characterized by the short duration of the investments. The type of exit was well predicted by the type of industry, financing stage,...
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