INDIA QUARTERLY INVESTMENT ANALYSIS Q2 CY24 July 2024 Foreword India's economy remains strong, bolstered by ongoing reforms that enhance the business environment . The country benefits from a young and growing population, along with a geopolitical backdrop that supports its emergence as a manufacturing hub . In Q 2 CY 2024 , investments rose ~ 40 % from the previous quarter, showing increased investor confidence, better global conditions, and higher private credit market investments . Early - stage funding led the investment landscape, making up around ~ 55 % of the total funding rounds, with innovative ideas, particularly in Healthcare & Life Sciences and BFSI . The investor outlook is gradually becoming more optimistic . Startups that meet growth metrics, such as favorable unit economics and strong brand identity among their user base, are poised to capture investor interest . This quarter has witnessed ~ 10 % uptick in deal volume and a ~ 30 % increase in average deal size . Amar Choudhary Praneet Singhal Debt, as an investment instrument, is also steadily gaining more interest compared to the prior quarter . Startups demonstrating a scalable business model and looking for flexible investment options are set to Chief Executive Officer Director , Financial benefit from this trend . Investors continue to be keen on backing promising category leaders that have Investors & 1Alpha achieved product - market fit . 1Lattice 1Lattice India's positive funding outlook is strengthened by a skilled workforce, growing consumer base, rising startup ecosystem, and rising Indian economy . Additionally, increasing digitalization, a young tech - savvy population, expanding internet access, and strong support from investors all contribute to this favorable environment . This report aims to uncover some of the key trends during Q 2 CY 2024 . At 1 Lattice , we hold an optimistic outlook, believing that this report will provide valuable insights . We eagerly anticipate the opportunity to engage in an open dialogue with our partners across diverse industries, as we exchange notes and delve deeper into these matters while closely monitoring the evolving situation . © 1Lattice | 2 Product in Spotlight - Pulse This report was curated using our cutting - edge product, Pulse Pulse provides comprehensive visibility into your industry benchmarks and best practices. From tracking macro indicators and government regulations to specific operating metrics and best practices of your peers, from monitoring pricing strategies to evaluating brand reputation through sentiment analysis and social listening, Pulse covers all bases to help you adapt your strategies for beating the industry standards. This report offers invaluable insights into India's robust economy, driven by ongoing reforms that enhance the business environment. In this report, Pulse empowered our expert team with comprehensive research tools to analyze the overall funding landscape, investor behavior patterns, and deal sizes. By leveraging Pulse, we gained a detailed understanding of the factors driving investment trends and the opportunities they present. This comprehensive approach allowed us to present a thorough analysis of the current investment landscape in India, offering you the insights needed to navigate and capitalize on emerging opportunities. Equip your business with the intelligence provided by Pulse to stay ahead in today's competitive market, consistently outperf orm industry standards, and achieve sustainable success. Key Highlights Funding Deal v olume Average ticket size US $ 11.6 B 318 US$ 36.4M SNAPSHOT Q2 CY 2024 Top funded sector Most funded stage Total equity funding Healthcare & Early US$ 9.4B Life Sciences Key takeaways Funding landscape & investment dynamics • Startups raised US $ 11 . 6 B across 318 deals in Q 2 CY 24 , signaling a spike in total funding (~ 40 % ) on a Q - on - Q basis ; Deal volume increased from 290 to 318 deals ( ~ 10 % ) compared to Q 1 CY 24 • Healthcare & Life Sciences sector received the highest funding of US $ 2 . 1 B followed by BFSI sector receiving a funding of US $ 1 . 9 B , and IT services sector receiving funding of US $ 1 . 5 B − Investments across early stage experienced a decrease in volume by ~ 5 % on a Q - on - Q basis • Early - stag e deal volume slightly decreased from ~ 60 % to ~ 55 % and debt deals volume increased from 10 % to ~ 15 % ; indicating that the VC/PE firms are looking to be more interested in safer options due to rising global uncertainty, geopolitical tensions, and recent general elections in India • Average deal size increased by ~ 30 % to US $ 36 . 4 M as compared to the previous quarter Sectoral focus & key deals • Highest investments in Q 2 CY 24 were for Adani Connex (IT services) and Healthium (Healthcare & Life Sciences) with a funding of US $ 1 . 4 B and US $ 837 M, respectively • For the current quarter, SaaS / AI was the most attractive sector for early - stage (US $ 275 M) and growth - stage investments (~US $ 515 M) • Late - stage investments were driven by the E - Commerce & Listing Platforms sector (~US $ 1 . 1 B) and Healthcare & Life Sciences sector (~US $ 445 M) • Venture Catalyst ( 13 deals) and Matrix Partners aka Z 47 ( 5 deals) were the most prominent investors for early - stage & growth - stage investments respectively in Q 2 CY 24 Funding market by funding round PIPE (US$ 2.5B) and debt round (US$ 2.2B) funding were the highest contributors to overall funding raised in Q2 CY24 Funding market breakup – by round (US$ B, Q2 CY24) Total funding size: US$ 11.6B 0.6 1.3 Series B Series F 2.5 2.2 2.0 0.4 0.6 0.5 Debt Buyout PIPE Series E Series C PE 0.2 0.2 0.3 0.3 0.5 Series D S eries G S eries F Seed Series A Source(s): Statistical reports, industry reports, secondary research, 1Lattice analysis © 1Lattice | 6 Funding market by sectors Healthcare & Life Sciences sector (US$ 2.1B) saw the most interest from investors, followed by BFSI (US$ 1.9B) in Q2 CY24 Funding market breakup – by sectors (US$ B, Q2 CY24) Total funding size: US$ 11.6B 0.7 1 .2 1.3 1.9 2.1 E - Commerce & Listing Platforms Energy Engg . & Construction BFSI 0.3 0.5 1.3 0.5 1.5 Consumer app & Telecom platforms Healthcare & Life 0.05 0.05 0.07 0.05 Transport Manufacturing Others* Retail SaaS/AI IT services FMCG ation Sciences Note(s): *Others include consulting, agritech , real estate, restaurants, etc. Source(s): Statistical reports, industry reports, secondary research, 1Lattice analysis © 1Lattice | 7 Funding market by sectors Saas /AI sector saw the highest deal volume from investors (~85 deals), followed by BFSI (~50 deals) in Q2 CY24 Funding market breakup – by sectors ( #, Q2 CY24 ) Total deals : 318 27 17 30 48 83 7 7 30 35 15 4 6 6 3 SaaS / AI Telecom Note(s): *Others include consulting, agritech , real estate, restaurants, etc. Source(s): Statistical reports, industry reports, secondary research, 1Lattice analysis © 1Lattice | 8 Top 10 highest funded companies AdaniConnex received the highest investment (US$ 1.4B), followed by Healthium in Q2 CY 2024 1,400** 837* Top 10 highest funded companies of Q2 CY 2024 665 (US$ M) 600 240 554 1 261 469 275 297 - Equity deals - Buyout deals - Debt deals Note(s): 1 – Formerly Indiabulls Real Estate; *Buyout deal; **Debt deal © 1Lattice | 9 Source(s): 1Lattice deals atabase Agenda Deal landscape in Q1 CY24 Key deals and investment themes Key investors Investment amount and # deals Investments in Q2 CY24 have surged, breaking the decline from Q3 CY23 to Q1 CY24 Investment amount (US$ B) and # deals (Q2 CY23 – Q2 CY24) 419 366 318 301 290 21.9 19.7 16.5 11.6 8.2 Q2 CY23 Q3 CY23 Q4 CY23 Q1 CY24 Q2 CY24 Amount Deals Note(s): Figures for the previous quarters have been revised since our last report as undisclosed / missing deals have been added Chart includes early (Pre - seed, seed, pre - series and Series A), growth (Series B, C, D and E), late (Series F onwards) stage inv estments, PIPE, Buyout and debt (Conventional, Venture, etc.) Source(s): 1Lattice deals database © 1Lattice | 11 Equity vs debt investments US$ 9.4B was raised through equity investments, while US$ 2.2B through debt deals in Q2 CY24 Equity investments (US$ B) and # deals Debt investments (US$ B) and # deals (Q2 CY23 – Q2 CY24) (Q2 CY23 – Q2 CY24) 150 275 271 112 264 261 251 7.9 6.3 38 43 13.5 17.9 9.4 29 7.9 7.2 4.1 2.2 1.0 Q2 CY23 Q3 CY23 Q4 CY23 Q1 CY24 Q2 CY24 Q2 CY23 Q3 CY23 Q4 CY23 Q1 CY24 Q2 CY24 Amount Deals Amount Deals Note(s): The figures for the previous quarters have been revised since our last report as undisclosed / missing deals have be en added Equity includes early (Pre - seed, seed, pre - series and Series A), growth stage (Series B, C, D and E), late (Series F onwards) st age investments, others (PIPE and buyout) and debt includes conventional debt, venture debt, etc. Source(s): 1Lattice deals database © 1Lattice | 12 Stage - wise investments Debt deals witnessed a spike from ~US$1B to ~US$2.2B compared to the previous quarter, Late - stage deals amounted to ~US$ 2.1B in Q2 CY24 Investment amount (US$ B) (Q2 CY23 – Q2 CY24) Number 301 419 366 290 318 = of deals 100% 3.4 7.2 2.7 8 4.5 1.0 7.9 3.9 2.2 6.3 1.8 2.1 6.6 2.2 2.4 2.0 1.9 3.2 2.0 2.6 0.7 0.7 0.8 0.8 0.7 Q2 CY23 Q3 CY23 Q4 CY23 Q1 CY24 Q2 CY24 Early Growth Late Debt Others (PIPE & Buyout) Note(s): The figures for the previous quarters have been revised since our last report as undisclosed / missing deals have been added Chart includes early (Pre - seed, seed, pre - series and Series A), growth (Series B, C, D and E), late (Series F onwards) stage inv estments, others (PIPE and buyout) and debt (Conventional, Venture, etc.) Source(s): 1Lattice deals database © 1Lattice | 13 Average deal size Average deal size rose to ~US$ 36M from ~US$28M with total deals jumping to 318, up from 290 in Q1 CY24 Deal volume by stage Average deal size (%, Q2 CY23 – Q2 CY24 ) (US$ M, Q2 CY23 – Q2 CY24 ) 72.9 301 419 366 290 318 4% 6% 5% 6% 9% 10% 14% 12% 5% 30% 4% 5% 36% 46.9 22% 45.3 16% 24% 4% 2% 36.4 15% 12% 28.3 58% 59% 53% 44% 43% Q2 CY23 Q3 CY23 Q4 CY23 Q1 CY24 Q2 CY24 Q2 CY23 Q3 CY23 Q4 CY23 Q1 CY24 Q2 CY24 Early Growth Late Debt Others* Note(s): The figures for the previous quarters have been revised since our last report as undisclosed / missing deals have been added Stage of investment here is decided by the round of investment. Pre - seed, seed, pre - series and Series A are classified as Early, Series B, C, D and E are classified as Growth, Series F onwards are classified as Late, Debt includes deals with Conventional, Venture, etc. *Others include deals w ith undisclosed round, PIPE, Buyout etc. © 1Lattice | 14 Source(s): 1Lattice deals database Agenda Deal landscape in Q1 CY24 Key deals and investment themes Key investors Top 10 investments in Q2 CY24 Top 10 investments in Q2 CY24 Top 10 investments in Q2 CY24 Amount Company Sector Funding stage Key Investors (US$ M) ING Bank, MUFG, Natixis, Societe Generale, Sumitomo Mitsui IT Services 1,400 Debt Banking Corporation, Intesa Sanpaolo, KfW IPEX, Standard Chartered Bank Healthcare & Life Sciences 837 Buyout KKR Avenir growth, Lightspeed Venture Partners, Glade Brook E - Commerce & Listing Platforms 665 Series F Capital, Nexus Venture Partners, StepStone Group, Goodwater Capital, Lachy Groom Abu Dhabi Investment Authority, BlackRock, GQC, Nomura, Energy 600 PIPE Wellington Management BFSI 554 Buyout Warburg Pincus 1 Engg. & Construction 469 PIPE Baillie Gifford, Blackstone Real Estate Fund Healthcare & Life Sciences 297 PIPE Advent International Ecommerce & listing platforms 275 Series F Others Telecom 261 Growth GQG Partners, Fidelity Investments Engg. & Construction 240 Series E Kotak AIF, Abu Dhabi Investment Authority Note(s): 1 – Formerly Indiabulls Real Estate © 1Lattice | 16 Source(s): 1Lattice deals database Early - stage investments SaaS / AI received the highest funding of ~US$ 275M among early - stage investments; Avail received the highest funding within the sector Top 10 early - stage investments in Q2 CY24 Early - stage investments by sector (US$ M, Q2 CY24) Amount Company Sector Key Investors (US$ M) SaaS/AI 275 Founders Fund, DRAGONFLY Capital, SaaS/AI 43 Cyber.Fund Manufacturing 146 Manufacturing 36 Aries Opportunities Fund Consumer App & Platforms 63 IT Services E-Commerce & Listing Platforms 61 30 Asia Partners, PayPal Ventures BFSI 51 Manufacturing 28 Speciale Invest IT services 41 BFSI 26 Jungle ventures FMCG 33 Peak XV partners, Prosus Ventures, Sofina Retail 26 Ventures, DST Global Partners Retail 32 Manufacturing 24 Mitsui PE Healthcare & Life Sciences 31 Matrix Partners India, Nexus Venture Partners, Transportation & Logistics 8 SaaS/AI 20 NTTVC E - Commerce & Listing Energy 3 Others include 18 RTP Global Platforms agritech , consulting, gaming, QSR etc. Others 33 Peak XV partners, Steadview Capital, Blume Manufacturing 13 Ventures, Enam Holdings Note(s): Early - stage investments include Pre - seed, Seed, Pre - series A and Series A Source(s): 1Lattice deals database © 1Lattice | 17 Top early - stage investments Top funded early - stage startups with their competitors Company Description Competitors Web3 infrastructure layer platform. Indkal Technologies is a technology and innovation company. Indkal excels in delivering extraordinarily high quality and revolutionary consumer electronics products. Provider of online marketing solutions for in - store retailers. Provider of Embedded process SoC. Provider of commodity, property, and emergency loans. Source(s): 1Lattice deals database © 1Lattice | 18 Growth - stage investments SaaS/AI sectors dominated growth - stage investments with funding of ~US$ 515M, followed by BFSI sector with ~US$ 495M Top 10 growth - stage investments in Q2 CY24 Growth - stage investments by sector (US$ M, Q2 CY24) Amount Company Sector Key Investors (US$ M) SaaS/AI 516 BFSI 148 Multiples PE BFSI 497 SaaS/AI 109 Sumeru Equity Partners, Alsop Louie Partners Manufacturing 214 GIC, Meritech Capital Partners, Salesforce SaaS/AI 105 Ventures, Peak XV Partners, Insight Partners, Healthcare & Life Sciences 208 Waterbridge Ventures E-Commerce & Listing Platforms SaaS/AI 92* HealthQuad 176 Eight Roads Ventures, Trifecta Capital, Amara Engg. & Construction 60 BFSI 90 Partners, Norwest Venture Partners, TR Capital, Chiratae Ventures Energy 49 BFSI 81 Arpwood Partners Transportation & Logistics 42 Healthcare & Life 70 ChrysCapital Sciences Consumer App & Platforms 34 Maverick Capital, Point72, Jericho, Amplify FMCG SaaS/AI 70 Partners, Dell Technologies Capital, Fidelity 17 Management Retail 12 Manufacturing 69 GEF Capital Partners Others include agritech , consulting, Others 34 gaming, QSR etc. Engg. & Construction 60 Asia Pragati Strategic Investment Fund Note(s): Note(s): *Deal amount assumed through 1Lattice analysis Growth - stage investments include Series B, C, D and E Source(s): 1Lattice deals database © 1Lattice | 19 Top growth - stage investments Top funded growth - stage startups with their competitors Company Description Competitors Deposit - taking NBFC with focus on vehicle loans in Rajasthan. Provides organizations with a real - time, multi - model database that fits their needs to scale, manage cloud services, and reduce cost. A pioneering data infrastructure company. Provider of an AI - based decision support tool for diagnostic images. Provider of a platform offering loans. Home loans provider. Source(s): 1Lattice deals database © 1Lattice | 20 Late - stage investment Late - stage investments were driven by E - Commerce & Listing Platforms sector (~US$ 1.1B) and Healthcare & Life Sciences sector (~US$ 440M) Late - stage investment, by sector Top 10 late - stage investments in Q2 CY24 (US$ M, Q2 CY24) Amount Company Sector Key Investors (US$ M) Avenir growth, Lightspeed Venture Partners, Glade E - Commerce & E-Commerce & Listing 665 Brook Capital, Nexus Venture Partners, StepStone 1,058 Listing Platforms Platforms Group, Goodwater Capital, Lachy Groom E - Commerce & 1 275 Others Listing Platforms Healthcare & Life 443 BlackRock Global Funds, Pictet,Smallcap World Sciences Telecom 231 Fund, Capital Group, American Funds, Fidelity Funds, Abu Dhabi Investment Authority Prosus Ventures, Temasek, 360 ONE, CDPQ, Healthcare & Life Telecom 231 216 WSSS Investments, Goldman Sachs, EvolutionX Sciences Debt Capital * SaaS/AI 125 KKR BFSI 158 Healthcare & Life Quadria Capital 102 Sciences Healthcare & Life 100 ChrysCapital Sciences SaaS/AI 125 E - Commerce & Abu Dhabi Investment Authority (ADIA) 100 Listing Platforms Manufacturing 88 Manufacturing Lighthouse Funds 88 A91 Partners, Mirae Asset Venture Investments, BFSI 76 Anicut Capital Note(s): *Deal amount assumed through 1Lattice analysis; 1 – Undisclosed investors Late - stage investments include, PE, and Series F onwards; Source(s): 1Lattice deals database © 1Lattice | 21 Top late - stage investments Top funded late - stage startups with their competitors Company Description Competitors Application - based platform offering on demand grocery delivery service. An Indian power company engaged in power generation, transmission and trading. 1 Developer of residential & commercial properties. Provider of an online pharmacy with doctor consultation & appointment booking. Online marketplace and reselling platform for multi - category consumer products. Provider of mobile telecommunication and wireless internet services. Note(s) : 1 - Formerly Indiabulls Real Estate Source(s): 1Lattice deals database © 1Lattice | 22 Tech investments In Q2 CY24, SaaS/AI attracted the highest tech investments (~US$ 1.3B), followed by E - Commerce & Listing Platforms (~US$ 1.2B) and Healthcare & Life Sciences (~US$ 345M) Tech investments by sector Top 10 tech investments in Q2 CY24 (US$ M, Q2 CY24) Amount Company Sector Key Investors (US$ M) SaaS/AI 1,266 Avenir Growth, Lightspeed Venture Partners, Glade Ecommerce & E-Commerce & Listing 665 Brook Capital, Nexus Venture Partners, StepStone 1,180 Platforms listing platforms Group, Goodwater Capital, Lachy Groom Healthcare & Life Ecommerce & 344 Sciences 275 Others listing platforms Consumer App & * 293 Platforms SaaS/AI 225 Symphony Technology Group BFSI 176 Prosus Ventures, Temasek, 360 ONE, CDPQ, WSSS Healthcare & Life 216 Investments, Goldman Sachs, EvolutionX Debt Sciences Capital Manufacturing 174 Consumer app & 180 Goldman Sachs platforms Energy 95 * SaaS/AI 125 KKR IT services 56 Transportation & 24 SaaS/AI 120 Investcorp Logistics SaaS/AI 109 Sumeru Equity Partners, Alsop Louie Partners Telecom 6 GIC, Meritech Capital Partners, Salesforce Others include Retail 3 SaaS/AI 105 Ventures, Peak XV Partners, Insight Partners, consulting, Waterbridge Ventures agritech , gaming & battery tech Others 36 * SaaS/AI 93 HealthQuad Note(s): *Deal amount assumed through 1Lattice Analysis 0 500 Source(s): 1Lattice deals database © 1Lattice | 23 Agenda Deal landscape in Q1 CY24 Key deals and investment themes Key investors Active investors Most active investors of Q2 CY24 Early - stage investors Growth - stage investors (# deals) (# deals) 13 5 6 4 5 4 5 3 5 3 Source(s): 1Lattice deals database © 1Lattice | 25 Active early - stage investors Most active early - stage investors and their investment segments in Q2 CY24 Consumer Healthcare Transporta Ecommerce Manufact Investors SaaS / AI Retail FMCG app & & Life BFSI Energy IT Services tion & & Listing uring platforms Sciences logistics - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Source(s): 1Lattice deals database © 1Lattice | 26 Active growth - stage investors Most active growth - stage investors and their investment segments in Q2 CY24 Ecommerce Consumer App Healthcare & Transport SaaS / AI Manufacturing Retail FMCG BFSI Others* Investors & Listing & Platforms Life sciences & logistics - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Note(s): *Others include companies in industries such as gaming Source(s): 1Lattice deals database © 1Lattice | 27 At 1Lattice, we address the problem statement and serve as the one - 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Amar Choudhary Praneet Singhal Vansh Athwani CEO, 1Lattice Director, Financial Investors and 1Alpha Associate Manager, Financial Investor E: p raneet.Singhal@1lattice.com E: vansh.athwani@1lattice.com E: amar@1lattice.com For media queries, please contact Vaishnav Kumar Rai Manager – Corporate Communications E: communications@1lattice.com M: +91 782 794 4925 www.1lattice.com Disclaimer: This material has been prepared by 1Lattice, which is the trade name of Lattice Technologies Private Limited (“1L att ice”, “we” or “our”) with the intent to showcase our capability and disseminate learnings to potential partners/clients. This material can be referred to by the readers on the internet but should be referenced to 1Lattice, if reused or adapted in any for m, or medium and on any forum. 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