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国际资讯投融资

2018:Fintech领跑印度科技企业融资

2016年融资寒冬之后,印度科技创企体系行业专家就十分警惕各个领域的细微动向。Inc42 DataLabs注意到了此趋势,并明确在《2017年度科技创企融资报告》中强调:"只有少数几家能撑至晚期投资轮的创企可抢占大额融资,因为在于可供投资者押注的对象有所减少。"

如今,2018年第一季度已经结束,那么印度科技创企在这段时间内的融资表现到底如何呢?

2018第一季度印度科技创企融资总览

根据2018年1月-3月收集的数据,较上一季度,科技创企融资交易量增长20%,而交易总额却下降50%。

环比趋势表明,2018年第一季度交易数量比上一季度高42%,却比2017年第一季度低19%。此外,交易额急剧下降,比2017年第四季度下降99%,较2017年第一季度下跌56%,为近四年第一季度的低点。

交易阶段:种子轮融资紧缩潮有转好迹象

2018年将延续避免2015-2016广撒网博运气式投资。投资者更为克制,在进行投资时也变得依赖可持续性指标与盈利力。

好的方面在于,2018年第一季度种子轮紧缩潮似乎稳步转好。尽管种子轮融资交易量仍比2017年第一季度低18%,但较2017年第四季度相比已上升了43%。

A轮融资也呈现出相似的复苏趋势。实际上交易数量较2017年第四季度上涨了22%,缓解了自2016年中以来A轮融资的紧缩趋势。

总览所有融资阶段数量,我们还发现了一个有趣的现象。与上一季度(2017年第四季度),种子轮交易量增长了3.5倍,然而2018年第一季度晚期融资轮融资交易数量降福仍扩大到81%。

深挖领域:金融科技与健康科技仍然名列前茅

各领域科技创企融资趋势依然稳步进行未有偏向。金融科技与健康科技仍位列前茅,交易量分别为30起与25起。与2017年第四季度相比,2018年第一季度有所下降,不过这可能是因为该季度整体融资低迷。

有趣的是,企业应用与服务领域科技创企越来越受关注,这两个领域攻击完成33起交易,收获2.69亿美元资金。

Inc42 DataLabs发现,2018年第一季度,BrowserStack、Icertis、Lendingkart、NestAway、Pine Labs,、Global Sports Commerce (GSC)等晚期投资轮创企收获了5000多万美金的融资,每家累积资产达5亿美元。此现象从本质上表明3%的创企囊获了本季度50%的总投资,再次验证了Inc42 DataLabs在《2017年第三季度印度科技创企融资报告》中首次提出的"融资空白"现象。

地区状况详览

班加罗尔仍是进度科技创企首选地。2018年第一季度完成交易69起,收获资金4亿美元。RazorPay、HackerRank、Zoomcar、Capillary Technologies与NestAway融资规模超2000万美元。尽管位列榜首,班加罗尔创企2018年第一季度总融资额却为自2015年第一季度以来的低点。紧随班加罗尔之后的城市有德里、孟买及海得拉巴。

并购趋势:迎接新方式

在任何领域,合并趋势均具备超越现有市场领军者的力量。大多数情况下,此类交易为创企及早期投资者提供了更快更便捷的退出选择。

一旦成为强大企业吞并小型或势弱企业的体系,那么并购就成为企业综合协同、在激烈竞争中占据主导地位的方式。

此外,随着创立创企理念的转变以及电商与消费者服务领域的饱和,印度科技创企体系中退出与并购潮愈演愈烈。然而,2017年第二季度至2017年第四季度,并购数量有所减少。而2018年第一季度并购案增长了17%。印度科技创企体系中市场正在自我修复,该趋势或将进一步发酵。

投资格局

终于该谈及投资者转变投资战略的问题,分析Inc42 Datalabs收集的投资者数据就可确认此趋势。独辟蹊径的投资者人数自2016年至2017年第四季度呈下降趋势。2018年第一季度投资者参与度小幅上涨5%。

Inc42 Datalabs审视2018年第二季度融资轮中投资者参与类型发现,本季度趋势与2017年类似。天使投资人有所减少,企业与风险投资人则挺身而出。

2018年第一季度即将结束。凭借去年印度科技创企融资相关洞察,我们针对2017年的预测将被合理证实或证伪。

此外,成长期融资有所恢复,增强了印度创企的信心。然而,本年度印度科技创企表现如何仍需拭目以待。

However, post the 2016 funding winter, the industry experts in the Indian tech startup ecosystem have become wary of even the slightest of the highs and lows in any segment. The Inc42 DataLabs observed this trend and clearly highlighted in its Annual Tech Startup Funding Report 2017, that “only a handful of startups that will be able to crack through to late-stage fundings will dominate with big ticket size rounds, given the fact that investors have lesser options to bet on.”

With the closing of the first quarter of 2018, it’s time for us to corroborate our predictions and tally our present observation of the funding scenario for 2018.

India Tech Startup Funding Q1 2018: An Overview

In accordance to the data collated between January-March 2018, the tech startup funding deals were found to have increased by 20% while the deal amount fell by a staggering 50% in comparison to the previous quarter.

The QoQ trend shows, the number of funding deals in Q1 2018 was 42% higher than the previous quarter, but it’s 19% low since Q1 2017. Further, in terms of amount, the numbers have fallen drastically; a fall of 99% as compared to Q4 2017, and 56% as compared to Q1 2017. The numbers show an all-time low compared to the first quarters of the last three years.

Inside The Funding Stages: Seed Fund Crunch Shows Sign Of Recovery

The aberration from the spray and pray policy of investment observed during the years of 2015 and 2016, continues into 2018. Investors are more constrained and are relying on sustainability metrics and profitability for making an investment.

On the bright side, the trend of seed funding crunch seems to be making a fair recovery in Q1 2018. Although the number of deals in seed stage is still 18% lower than that of Q1 2017, the numbers have increased by 43% as compared to Q4 2017.

A similar recovery is observed in Series A stage. The number of deals has in fact increased by 22% as compared to Q4 2017 providing some relief to the burgeoning Series A crunch observed since mid-2016.

Another interesting observation we made when we look at the amount in all stages is, while the amount in seed stage has grown 3.5X as compared to the last quarter (Q4 2017), there still lies a significant fall in the late stage funding growing to 81% in Q1 2018.

A Deep Dive Into The Sectors: Fintech & Healthtech Continues To Top The Chart

The tech startup funding trend in each sector continues without many digressions. Fintech and Healthtech continue to top the chart with 30 and 25 deals respectively. As compared to Q4 2017 the number shows a dip in Q1 2018, however, that can be attributed to the overall funding low in this quarter.

Interestingly, the tech startups in the enterprise application and service space are getting attention in terms of funding and together the two sectors garnered 33 deals and $269 Mn in amount.

In Q1 2018, the Inc42 Datalabs observed that late stage startups like BrowserStack, Icertis, Lendingkart, NestAway, Pine Labs, Global Sports Commerce (GSC) received more than $50 Mn tickets each cumulating to $500 Mn. This essentially suggests 3% of the startups that were funded account for 50% of the total funding this quarter, reaffirming the “Funding Vacuum” Inc42 DataLabs first reported in its Indian Tech Startup Funding Report Q3 2017. The following pie gives us a complete funding landscape of the sectors in Q1 2018.

Having A Look At The Geographical Segmentation

Bengaluru remains the top destination for the Indian tech startups. Around $400 Mn funding was made through 69 deals in Q1 2018. RazorPay, HackerRank, Zoomcar, Capillary Technologies and NestAway were able to secure ticket size of more than $20 Mn. Despite topping the list, in this quarter (Q1 2018) total funding for Bengaluru startups are at an all-time low since Q1 2015. Trailing Bengaluru are the cities of Delhi/NCR, Mumbai and Hyderabad.

Mergers & Acquisition Trends: Setting The Table For The New Play

In any sector, the ongoing amalgamations have the power to overthrow the existing market leader. In most cases, such deals set an option for quicker and easier exits for both the startups as well as the early-stage investors.

Once posed as a system where the powerful one gobbles up the smaller or the weaker one, mergers and acquisitions are now observed as a means to combine their synergies and gain a dominant position amidst the cut-throat competition.

Furthermore, with the change in startup funding philosophy and saturation of sectors like ecommerce and consumer services, exits and M&As are observed to have gained momentum in the Indian tech startup ecosystem. However, since Q2 2017, the numbers have been falling till Q4 2017. In Q1 2018, we observed an increase in M&As by 17%. With market correction happening in the ecosystem, this trend is expected to grow further.

The Investor Landscape

Finally, coming back to the proposition of changing investment strategy amongst investors, this could be confirmed by investigating the investor data collated by the Inc42 Datalabs. The number of unique investors has been falling since 2016 till Q4 2017. Q1 2018 observed a slight growth in the investor participation by 5%.

Having a look at the type of investor participation in the funding rounds in Q1 2018, the Inc42 Datalabs observed that the trend has been the same as that of 2017. Angels are receding and corporates and venture capitalists are to the rescue.

The first quarter of the year 2018 is about to fold its arms. With the overall observations made around the Indian tech startup funding from last year, it would be fair for us to assume that the assumptions of trends made in 2017 are yet to be confirmed or debunked.

Further, the recovery in growth stage funding adds more hope for the Indian startups. However, it is yet to be seen what the year holds ahead for the Indian tech startup ecosystem as a whole.


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