KEDAARA CAPITAL

Submitted by
Himapriya D (34006)
Krishna Kumar R A (34059)
Vasudevakrishnan A (34109)
 Sunbeam Auto
Industry: Manufacturing | Sector: Auto Components

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 100% Stake Amount: N/A
Revenue Multiple: N/A
Date of Investment: Jun-18 EBITDA Multiple: N/A
Exit Status: Unexited PAT Multiple: N/A

Amount – Round – Stage Post Money Valuation

Amount: $127 Mn | ₹860 Cr. Amount: N/A
Stage: Buyout-Large Revenue Multiple: N/A
EBITDA Multiple: N/A
PAT Multiple: N/A
Sunbeam Auto
Financials Enterprise Valuation
Revenue: ₹1166.23 Cr. Amount: N/A
EBITDA: ₹133.7 Cr. Revenue Multiple: N/A
PAT: ₹58.49 Cr. EBITDA Multiple: N/A
Total Debt: N/A. PAT Multiple: N/A
Cash & Cash Equ: N/A
Book Value/Share: N/A
Price/Share: N/A Price to Book: N/A
 Vishal Retail
Industry: Retail | Sector: Discount Retail
Investors – Stake
Investors: Kedaara Capital – N/A
Date of Investment: May -18
Exit Status: Unexited
Amount – Round – Stage
Amount: $735 Mn | ₹5000 Cr.
Stage: Buyout-Large
Financials
Revenue: ₹1687.22 Cr.
EBITDA: ₹105.58 Cr.
PAT: ₹15.6 Cr.
Total Debt: N/A.
Cash & Cash Equ: N/A
Book Value/Share: N/A
Price/Share: N/A
Pre Money Valuation
Amount: N/A
Revenue Multiple: N/A
EBITDA Multiple: N/A
PAT Multiple: N/A
Post Money Valuation
Amount: N/A
Revenue Multiple: N/A
EBITDA Multiple: N/A
PAT Multiple: N/A
Vishal Retail
Enterprise Valuation
Amount: N/A
Revenue Multiple: N/A
EBITDA Multiple: N/A
PAT Multiple: N/A
Price to Book: N/A
 Aavas Financiers
Industry: BFSI | Sector: NBFC (Housing Finance)

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 11.44% Stake Amount: ₹2810.84 Cr.
Revenue Multiple: 6.15
Date of Investment: Mar -18 EBITDA Multiple: 8.36
Exit Status: Partially Exited PAT Multiple: 30.26

Amount – Round – Stage Post Money Valuation

Amount: $55.71 Mn | ₹362.94 Cr. Amount: ₹3173.78 Cr.
Stage: Buyout-Large Revenue Multiple: 6.94
EBITDA Multiple: 9.44
PAT Multiple: 34.17
Aavas Financiers
Financials Enterprise Valuation
Revenue: ₹457.24 Cr. Amount: ₹4837.16 Cr.
EBITDA: ₹336.38 Cr. Revenue Multiple: 10.58
PAT: ₹92.88 Cr. EBITDA Multiple: 14.38
Total Debt: ₹2595.78 Cr.. PAT Multiple: 52.08
Cash & Cash Equ: ₹569.46 Cr.
Book Value/Share: ₹157.03 Cr.
Price/Share: ₹430.5 Cr. Price to Book: 2.74
 Aavas Financiers - Exit

Company Valuation:
PE Firm(s): Kedaara Capital Amount: ₹6452.66 Cr.
Investor Type: Co-Investment Revenue Multiple: 14.11
Deal Type: Public Market Sale EBITDA Multiple: 19.18
Deal Date: Oct -18 PAT Multiple: 69.48
Stake Sold: 13.74% Price to book: 5.23
Deal Amount: $168.62 Mn
Exit Status: PARTIAL Exit Financials:
Total Investment Amount: ₹887.33 Cr. Revenue: ₹457.27 Cr.
Total Realized Amount: ₹743.15 Cr. EBITDA: ₹336.38 Cr.
Return Multiple: 3.35x PAT: ₹92.88 Cr.
Book Value/Share: ₹157.03
Price/Share: ₹821
 Spandana Sphoorty Financial
Industry: BFSI | Sector: Microfinance

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 10.94% Stake Amount: ₹1221.11 Cr.
Revenue Multiple: 2.89
Date of Investment: Mar -18 EBITDA Multiple: 4.17
Exit Status: Un Exited PAT Multiple: 23.06

Amount – Round – Stage Post Money Valuation

Amount: $23 Mn | ₹150 Cr.. Amount: ₹1371.11 Cr.
Stage: Buyout Revenue Multiple: 3.25
EBITDA Multiple: 4.68
PAT Multiple: 25.89
Spandana Sphoorty Financial

Financials Enterprise Valuation

Revenue: ₹421.82 Cr.
EBITDA: ₹292.75 Cr.
PAT: ₹52.95 Cr.
Total Debt: N/A
Cash & Cash Equ: N/A
Book Value/Share: N/A
Price/Share: ₹235.48 Cr.
Amount: N/A
Revenue Multiple: N/A
EBITDA Multiple: N/A
PAT Multiple: N/A
Price to Book: N/A
 Manyavar
Industry: Textiles & Garments | Sector: Branded Apparel (Men s Ethnic Wear)

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 10% Stake Amount: ₹4077.86 Cr.
Revenue Multiple: 6.65
Date of Investment: Aug - 17 EBITDA Multiple: 22.42
Exit Status: UnExited PAT Multiple: 36.64

Amount – Round – Stage Post Money Valuation

Amount: $70 Mn | ₹450 Cr. Amount: ₹4302.86 Cr.
Stage: Late Revenue Multiple: 7.02
EBITDA Multiple: 23.65
PAT Multiple: 38.66
Manyavar
Financials Enterprise Valuation
Revenue: ₹612.96 Cr. Amount: ₹4085.24 Cr.
EBITDA: ₹181.91 Cr. Revenue Multiple: 6.66
PAT: ₹111.31 Cr. EBITDA Multiple: 22.46
Total Debt: ₹8.56 Cr.. PAT Multiple: 36.7
Cash & Cash Equ: ₹1.18 Cr
Book Value/Share: N/A
Price/Share: ₹3439.12 Cr. Price to Book: N/A
 Vijaya Diagnostic Centre
Industry: Healthcare & Life Sciences | Sector: Diagnostics

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 40% Stake Amount: ₹645 Cr.
Revenue Multiple: 3.73
Date of Investment: Dec-16 EBITDA Multiple: 11.61
Exit Status: UnExited PAT Multiple: 30.95

Amount – Round – Stage Post Money Valuation

Amount: $63.5 Mn | ₹430 Cr. Amount: ₹1,075.00 Cr.
Stage: Late Revenue Multiple: 6.22
EBITDA Multiple: 19.35
PAT Multiple: 51.58
Vijaya Diagnostic Centre
Financials Enterprise Valuation
Revenue: ₹172.87 Cr. Amount: N/A
EBITDA: ₹55.55 Cr. Revenue Multiple: N/A
PAT: ₹20.84 Cr. EBITDA Multiple: N/A
Total Debt: N/A PAT Multiple: N/A
Cash & Cash Equ: N/A
Book Value/Share: N/A
Price/Share: N/A Price to Book: N/A
 Manjushree Technopack
Industry: Manufacturing | Sector: Packaging (Plastic Containers)

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 40% Stake Amount: N/A
Revenue Multiple: N/A
Date of Investment: May - 15 EBITDA Multiple: N/A
Exit Status: Fully Exited PAT Multiple: N/A

Amount – Round – Stage ₹ Post Money Valuation

Amount: $38 Mn | ₹246.57 Cr. Amount: ₹616.42 Cr.
Round: N/A Revenue Multiple: 1.17
Stage: Late EBITDA Multiple: 5.29
PAT Multiple: 17.79
Manjushree Technopack
Financials Enterprise Valuation
Revenue: ₹528.06 Cr. Amount: ₹844.39 Cr.
EBITDA: ₹116.58 Cr. Revenue Multiple: 1.6
PAT: ₹34.65 Cr. EBITDA Multiple: 7.24
Total Debt: ₹232.57 Cr. PAT Multiple: 24.37
Cash & Cash Equ.: ₹4.6 Cr.
Book Value/Share: N/A
Price/Share: ₹455 Price to Book: N/A
 Manjushree Technopack - Exit

Company Valuation:
PE Firm(s): Kedaara Capital
Amount: ₹2300 Cr.
Investor Type: India-dedicated
Revenue Multiple: 2.48
Deal Type: Secondary sale
EBITDA Multiple: 11.59
Acquirer: Advent International
PAT Multiple: 62.55
Deal Date: Oct-18
Deal Amount: $131.71 Mn
Financials:
Exit Status: COMPLETE Exit
Revenue: ₹927.42 Cr.
Total Investment Amount: ₹246.57 Cr.
EBITDA: ₹198.45 Cr.
Total Realized Amount: ₹920 Cr.
PAT: ₹36.77 Cr.
Return Multiple: 3.73x Book Value/Share: N/A
Price/Share: N/A
 Parksons Packaging
Industry: Manufacturing | Sector: Packaging (Cartons, Labels)

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 36.01% Stake Amount: N/A
Revenue Multiple: N/A
Date of Investment: Mar - 15 EBITDA Multiple: N/A
Exit Status: Unexited PAT Multiple: N/A

Amount – Round – Stage Post Money Valuation

Amount: $32 Mn | ₹200 Cr. Amount: ₹555.42 Cr.
Round: 2 Revenue Multiple: 1.16
Stage: Late EBITDA Multiple: 7.06
PAT Multiple: 17.1
Parksons Packaging
Financials Enterprise Valuation
Revenue: ₹478.11 Cr. Amount: ₹665.15 Cr.
EBITDA: ₹78.72 Cr. Revenue Multiple: 1.39
PAT: ₹32.48 Cr. EBITDA Multiple: 8.45
Total Debt: ₹109.88 Cr. PAT Multiple: 20.48
Cash & Cash Equ: ₹0.15 Cr.
Book Value/Share: N/A
Price/Share: N/A Price to Book: N/A
 Bill Forge (Listed)
Industry: Manufacturing | Sector: Auto Components

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 50.00% Stake Amount: ₹496.25 Cr.
Revenue Multiple: 5.11
Date of Investment: Feb - 15 EBITDA Multiple: 27.4
Exit Status: Fully Exited PAT Multiple: 90.82

Amount – Round – Stage Post Money Valuation

Amount: $50 Mn | ₹300 Cr. Amount: ₹600.00 Cr.
Round: N/A Revenue Multiple: 5.11
Stage: Late EBITDA Multiple: 27.4
PAT Multiple: 90.82
Bill Forge
Financials Enterprise Valuation
Revenue: ₹498.76 Cr. Amount: ₹666.87 Cr.
EBITDA: ₹92.95 Cr. Revenue Multiple: 37.76
PAT: ₹28.04 Cr. EBITDA Multiple: 125.17
Total Debt: ₹174.92 Cr. PAT Multiple: 20.48
Cash & Cash Equ: ₹4.3 Cr.
Book Value/Share: N/A
Price/Share: N/A Price to Book: N/A
 Bill Forge (Listed) - Exit

Company Valuation:
PE Firm(s): Kedaara Capital
Amount: ₹1331.2 Cr.
Investor Type: India-dedicated
Revenue Multiple: 2.29
Deal Type: Strategic sale
EBITDA Multiple: 11.05
Acquirer: Mahindra CIE
PAT Multiple: 25.9
Deal Date: Sep-16
Deal Amount: $200 Mn
Financials:
Exit Status: COMPLETE Exit
Revenue: ₹581.31 Cr.
Total Investment Amount: ₹200.00 Cr.
EBITDA: ₹120.47 Cr.
Total Realized Amount: $200 Mn
PAT: ₹51.4 Cr.
Return Multiple: 2.22x Book Value/Share: N/A
Price/Share: N/A
 AU Small Finance Bank
Industry: BFSI | Sector: Banking - Small Finance Bank

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 9.98% Stake Amount: N/A
Revenue Multiple: N/A
Date of Investment: Dec - 14 EBITDA Multiple: N/A
Exit Status: Partially Exited PAT Multiple: N/A

Amount – Round – Stage Post Money Valuation

Amount: $31.32 Mn | ₹198 Cr. Amount: ₹1983.63 Cr.
Round: 6 Revenue Multiple: 2.88
Stage: Late EBITDA Multiple: 4.00
PAT Multiple: 14.22
AU Small Finance Bank
Financials Enterprise Valuation
Revenue: ₹689.41 Cr. Amount: N/A
EBITDA: ₹495.8 Cr. Revenue Multiple: N/A
PAT: ₹139.45 Cr. EBITDA Multiple: N/A
Total Debt: N/A PAT Multiple: N/A
Cash & Cash Equ: N/A
Book Value/Share: ₹173.87
Price/Share: ₹450 Price to Book: 2.59
 AU Small Finance Bank - Exit

PE Firm(s): Warburg Pincus, IFC, ChrysCapital, Company Valuation:

Motilal Oswal, Kedaara Capital Amount: ₹4628.48 Cr.
Revenue Multiple: 4.4
Investor Type: Co-Investment EBITDA Multiple: 5.93
Deal Type: Secondary sale PAT Multiple: 18.73
Acquirer: N/A Price to Book: 4.63
Deal Date: Jun-16
Deal Amount: $110.79 Mn Financials:
Exit Status: PARTIAL Exit Revenue: ₹1051.93 Cr.
Total Investment Amount: N/A EBITDA: ₹780.52 Cr.
Total Realized Amount: N/A PAT: ₹247.12 Cr.
Return Multiple: 13.09x (for Motilal Oswal) Book Value/Share: ₹227.01
Price/Share: ₹1050
 AU Small Finance Bank - Exit

PE Firm(s): Warburg Pincus, IFC, ChrysCapital, Company Valuation:

Kedaara Capital Amount: ₹10176.18 Cr.
Revenue Multiple: 7.11
Investor Type: Co-Investment EBITDA Multiple: 10.07
Deal Type: Public Market Sale PAT Multiple: 29.93
Acquirer: N/A Price to Book: 5.09
Deal Date: Jul-17
Deal Amount: $246.79 Mn Financials:
Exit Status: PARTIAL Exit Revenue: ₹1430.52 Cr.
Total Investment Amount: N/A EBITDA: ₹1011.00 Cr.
Total Realized Amount: N/A PAT: ₹340.00 Cr.
Return Multiple: Warburg Pincus, 9.16x Book Value/Share: N/A
IFC, 13.34x Price/Share: N/A
ChrysCapital, 6.78x
Kedaara Capital, 4.37x
 AU Small Finance Bank - Exit

PE Firm(s): Warburg Pincus, Kedaara Capital Company Valuation:

Amount: ₹18504.17 Cr.
Investor Type: Co-Investment Revenue Multiple: N/A
Deal Type: Public Market Sale EBITDA Multiple: N/A
Acquirer: N/A PAT Multiple: N/A
Deal Date: Aug-18 Price to Book: N/A
Deal Amount: $248.2 Mn
Exit Status: PARTIAL Exit Financials:
Total Investment Amount: N/A Revenue: N/A
Total Realized Amount: N/A EBITDA: N/A
Return Multiple: Warburg Pincus, 14.07x PAT: N/A
Kedaara Capital, 5.96x Book Value/Share: N/A
Price/Share: N/A
 Mahindra Logistics
Industry: Shipping & Logistics | Sector: Logistics Services

Investors – Stake Pre Money Valuation

Investors: Kedaara Capital – 22.99% Stake Amount: ₹770.00 Cr.
Revenue Multiple: 0.44
Date of Investment: Mar - 14 EBITDA Multiple: 13.37
Exit Status: Partially Exited PAT Multiple: 21.03

Amount – Round – Stage Post Money Valuation

Amount: $33 Mn | ₹200 Cr. Amount: ₹870.00 Cr.
Round: 1 Revenue Multiple: 0.5
Stage: Growth-PE EBITDA Multiple: 15.11
PAT Multiple: 23.76
Mahindra Logistics
Financials Enterprise Valuation
Revenue: ₹1756.97 Cr. Amount: ₹682.82 Cr.
EBITDA: ₹57.57 Cr. Revenue Multiple: 0.39
PAT: ₹36.61 Cr. EBITDA Multiple: 11.86
Total Debt: N/A PAT Multiple: 18.65
Cash & Cash Equ: ₹87.17 Cr.
Book Value/Share: N/A
Price/Share: ₹122.29 Price to Book: N/A
 Mahindra Logistics - Exit

Company Valuation:
PE Firm(s): Kedaara Capital Amount: ₹3050.06 Cr.
Investor Type: India-dedicated Revenue Multiple: 1.14
Deal Type: Public Market sale EBITDA Multiple: 35.5
Acquirer: N/A PAT Multiple: 66.9
Deal Date: Nov-17
Deal Amount: $63.76 Mn Financials:
Exit Status: PARTIAL Exit Revenue: ₹2676.25 Cr.
Total Investment Amount: ₹200 Cr. EBITDA: ₹85.91 Cr.
Total Realized Amount: ₹414.42 Cr. PAT: ₹45.59 Cr.
Return Multiple: 3.51x Book Value/Share: N/A
Price/Share: ₹429
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