PitchBook News - India's unicorn herd braves headwinds

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The Daily Pitch: VC

September 10, 2024

Presented by SVB

In today's Daily Pitch, you'll find:

The upstarts challenging the weight-loss giants

London-based VC firm Atomico banks $1.24 billion across two funds

Mapping private market trends in the Middle East and North Africa

How India's unicorn herd is braving fundraising headwinds

Today's Top Stories

India's unicorn herd faces fundraising headwinds

India's unicorn herd has multiplied over the past decade, but the slowdown in VC dealmaking has cast doubts over its continued growth.

India stands only behind the US and China for the number of $1 billion-plus startups, but deal count for these companies has fallen over recent years, according to our latest analyst note.

A fast-growing economy and a resilient public market offer positive signs for the future health of India's unicorns. However, valuations have come under pressure globally since the market downturn began, leaving these unicorns to face the possibility of down rounds if the need for capital arises.

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These upstarts are challenging weight-loss goliaths

(Carolina Rudah/Getty Images)

Novo Nordisk and Eli Lilly are likely to maintain their first-mover advantage in the rapidly growing weight-loss drug category. Still, a new report by Morningstar and PitchBook analysts predicts that, by 2031, newcomers will command $70 billion of the GLP-1 market.

Next-generation obesity drugs are coming from Roche, Amgen, Pfizer and others. Drugmakers may press their advantage with acquisitions of privately held companies like Arch Venture Partners-backed Metsera or Bain Capital-backed Hercules.

The report shines a light on what new entrants mean for a lucrative category that will face increased competition and pricing pressure in the years ahead.

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Atomico raises $1.24 billion for dedicated growth vehicle

Atomico founder Niklas Zennstrom
(John Phillips/Getty Images)

London-based VC firm Atomico has raised $1.24 billion across two funds as it separates out its growth funding strategy.

Mature startups in Europe were hit particularly hard by the slowdown in VC dealmaking with deal value almost cut in half for late-stage and venture growth in 2023.

Led by Skype founder Niklas Zennstrom, Atomico has backed German AI translation startup DeepL and Danish medical AI company Corti.

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NZ Super Fund says public market bounty bolstered FY return

(Nazar Abbas Photography/Getty Images)

After a fiscal year filled with leadership changes, New Zealand's $76 billion sovereign wealth fund's annual return came in below expectations, but only slightly.

The Auckland-based NZ Super Fund returned 14.9% for its fiscal year ending June 3, below its 15.3% benchmark. A rally in public equities seemed to offset any struggles due to a series of upper-level management changes.

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VC Deals

Rapidus, a Japan-based chip maker, is seeking to raise ¥100 billion (about $696 million) from investors including Toyota Motor, Sony, SoftBank and others, Bloomberg reported.

Boston-based Superluminal Medicines, a startup using generative technology for drug discovery and development, raised a $120 million Series A led by RA Capital Management.

SafetyCulture, a startup developing a workplace safety management platform, raised an £85 million round led by Airtree Ventures.

Abu Dhabi-based fintech startup FlapKap raised $34 million in a pre-Series A led by BECO Capital.

Chai Discovery, a biotech startup using AI for drug discovery, raised a $30 million round from Thrive Capital and OpenAI.

UK mortgage platform Twenty7tec raised £16.5 million from BGF.

PE Deals

NYSE-listed website design platform developer Squarespace is in talks to be acquired by PE firm Permira in a $7.2 billion deal.

TPG is in talks to buy second-hand clothing marketplace Vinted at a €5 billion valuation, the Financial Times reported.

GeBBS Healthcare Solutions, a company developing software for healthcare providers, will be acquired by EQT for over $850 million, Reuters reported.

Permira completed its acquisition of fraud detection company BioCatch at a $1.3 billion valuation

HPS Investment Partners and Accel are planning to increase their stakes in the holding company of the Aston Martin F1 team, giving it a valuation between $1.5 billion and $2 billion, Sky News reported.

LGT Capital Partners invested in Exponent-backed H&MV Engineering, a specialist in high-voltage electrical engineering based in Ireland. The deal values the business at €750 million.

CVC Capital Partners is in talks to invest in The Hundred. a 100-ball cricket tournament involving teams in major cities across England and Wales, The Guardian reported. If it goes ahead, the deal would be the first PE deal of its kind in cricket.

Verity IQ and Campus Ivy, companies creating software solutions catering to students and educational institutions, have received a strategic growth investment from PSG.

Exits & IPOs

ShareFile, which specializes in encrypted file sharing and storage, has agreed to be acquired by Nasdaq-listed Progress Software from current owner Cloud Software Group for about $875 million.

Oman-based OQ Exploration & Production, the exploration unit of state energy firm OQ, is looking to raise around $2 billion in an IPO.

Gulf Capital exited Kuiper Australia, a subsidiary of its portfolio company Kuiper Group, in a carve-out deal. The company is engaged in the outsourcing of labor in the offshore energy sector.

StandardAero, a Carlyle Group-owned company providing aircraft maintenance services, has filed for an IPO.

Fundraising

PE firm Five Point Energy, based in Houston, closed its latest fund on $1.4 billion. The firm targets sustainable infrastructure companies.

Alpha Partners, a VC firm focused on investments that allow VCs to retain ownership in startups they've invested in, raised $153 million for its third fund.

Chart of the Day

Source: PitchBook Universities: Female founders edition

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PitchBook News - India's unicorn herd braves headwinds

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