Analysis of Private Equity and Venture Capital Investments

This assignment involves a comprehensive analysis of private equity and venture capital investments. It provides detailed information on industry-wise investment breakups, trends in Southeast Asia, and the impact of venture capital on innovation behavior and firm growth. The analysis also includes a review of existing research papers and studies on private equity and venture capital, highlighting their importance in promoting economic growth and innovation.

Venture Capital and
Private Equity

Table of Contents
Topic: “As a venture capital financier (early, expansion, buy-out stage provider) seeking to
expand outside domestic market for the first time into the country”...............................................1
INTRODUCTION...........................................................................................................................1
COMPANY OVERVIEW...............................................................................................................1
DECISION TO INTERNATIONALISE.........................................................................................2
Situational analysis......................................................................................................................2
Reasons to internationalise..........................................................................................................5
ANALYSIS OF INTERNATIONAL OPPORTUNITIES .............................................................6
Market selection criteria..............................................................................................................7
International market selection.....................................................................................................8
MARKET APPRAISAL: INTENDED COUNTRY.......................................................................9
Overview of background on type of financier............................................................................9
Sources of opportunity .............................................................................................................10
Nature of competition...............................................................................................................12
Current and expected market size.............................................................................................12
Legal Framework: ....................................................................................................................14
MARKET ENTRY STRATEGY..................................................................................................15
Types of deal to be targeted...........................................................................................................16
Exist route......................................................................................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

Topic: “As a venture capital financier (early, expansion, buy-out stage provider) seeking to
expand outside domestic market for the first time into the country”.
INTRODUCTION
Concept of Venture capital and private equity is considered similar in general context but
there is a significant difference found between both the context (Cumming and Johan,
2013).Main objective of both the concept is to provide funding and financing to start up projects
and entrepreneur for building new business entity. Buy in and buy out procedure in respect of
financing and equity adopted by these organisations. Both advert to firms that invest in
organisations and exit through selling investment in equity financing, like initial public offering
(IPOs). There are two types of funding remain associated with in both the concepts. This report is
prepared to define the concept of venture capital and private equity. There is a venture capital
expansion plans is proposed and defined in this context. Venture capital is a type of private
equity considered as a form of financing.
As a venture capital financier as early, expansion, buy out provider business expansion
plan is proposed. Analysis in terms of business environment, successful or even unsuccessful
venture capital deal in the country intend to enter.
COMPANY OVERVIEW
Hoxton Venture is a $40 million European venture majorly based in London. This
venture capital was formed by two partners Rob Kniaz and Hussein Kanji in December 2013
after relieving form their prior firms Accel and Fidelity Ventures. It has also decided to invest
fund in Ireland. Th e fund was called one of the leading investment firm of the UK by London
and partners the government backed London firms. This venture basically focused on start-ups
investing in new marketing categories, transforming large and existing industries. The firm
mainly invest in mobile, internet and software start-ups. This is also considered as the first
institutional investor in the company following angel investors (Lerner, Leamon and Hardymon,
2012).
Till now it has invested in 17 companies as of February 2016. these investments contains
Deliveroo which is London Headquarter food logistic company, Darktrace (the Cambrige based
cybersecurity firm), Babylon health (the London based health Artificial intelligence firm), yield,
campanja which was acquired by (24/7 media), Immunino, TourRadar, Behavox and Bd4 Travel
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are the organisation in which Hoxton ventures invested the funds. It retain investment of
Stockholm's Companja to 24/7 meadia in 2010. organisation is continuously active on social
media and in the media in the UK, Europe and Ireland. Firm's Activities are cited in the Sunday
Business post with Mr. Collins. In particular. The firm has continuously commented on Brexit
and its effect on the European start-up community in publications such as the economist. It
provides investment help form $250000 to $2000000 seed as an early or initial stage investment.
DECISION TO INTERNATIONALISE
It is seen that the venture has successfully been grown since 2013 and the it achieved lots
of awards and recognitions in technology, internet and mobile industry. There are certain key
aspects are associated with the industry (Groh, Liechtenstein and Lieser, 2011). Hoxton Venture
has established an image of profitable and effective image of Venture capital in international
market. It was awarded by the government of the UK technology sector in autumn statement.
This was the period of uncertainty. Even after getting difficulties it get the reward of best venture
capital firm of the UK. A London based venture capital Hoxton venture capital. It is also said that
the money was said to invest in research and development. All these aspects showed the clear
and fair image of venture capital market and encouraged managers and parties to expand the
venture capital concept in international market.
Situational analysis
Situational analysis is a form of using the financial data and information related to
analysis of an organisation's internal and external environment. Situational analysis reflects the
image of capabilities, customer interest and business environment. This analysis is done to reflect
the market image in terms of exploring the business scope and market strategies. Situational
analysis is one of the essential element of organisation in terms of determining the business plans
and strategies. This approach basically helps to determine the overall aspects and elements in
order to set up the business model. This analysis is basically remain associated with analysing the
internal and external factors related to business expansion plans and determining the performance
of organisation. This not only impact the business environment but also helps to determine the
overall impact of environment within the international business market. There are some essential
aspects are considered in situational analysis such as analysing the strength, weakness,
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opportunities and threats associated with business environment. This analysis basically remain
associated around following elements such as
 Product situational: this element remain associated with analysing and determining the
nature of produce and services of start-up projects. Nature of business plans are
evaluated on the basis of client need and requirement (Light, 2015).
 Competitive situational: this element helps to determine the competitive nature and
environment of business in global market. It reflect the image of competitors associated
with comparing benefits.
 Distribution situation: this analysis helps to analyse the supply chain and possibilities
of distributing the resources in various forms.
 Environmental factors: this element contains the factors related to economic and
sociological factors. There are type of factors are analysed in this context.
 Opportunities and issue analysis: this elements helps to determine the factors in overall
dimensions such as SWOT analysis.
Situational analysis plays important role in terms of building the scope and infrastructure
in of Venture capital. There are some gaps are found in respect of developing the structure of
venture capital structure (Gervasoni, 2014). It is seen that the venture capital basically remain
associated with providing financing and funding facility to start up projects, business plans and
investment plans which remain associated with technological, internet, mobile and Software.
There is a situational analysis done in respect of expanding the venture capital in Asian countries.
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(Source: SOUTHEAST ASIA FINANCING TRENDS, 2017)
There are some rounds are analysed in respect of analysing the venture capital structure
and investment such as
Company Amount ($M) Round Date
1 Grab 2000 Series G 7/24/2017
2 GO-JEK 1200 Series C 42830
3 Tokopedia 1100 Series F 8/17/2017
4 Grab 750 Series F 9/20/2016
5 edotco Malaysia 600 Private Equity 12/14/2016
6 Sea 550 Series E 42952
6 GO-JEK 550 Series B 42468
8 Traveloka Indonesia 500 Series B 7/27/2017
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8 Matahari Mall 500
Corporate
Minority 2/25/2015
9 Grab 350 Series E 8/14/2015
(Source: Investment in South East Asia by country, 2017)
As per analysis it is analysed that the venture capital market in Asian countries are
recorded as below. Singapore $7218, Indonesia $4640, Malaysia $1304,Vietnam $213, Thailand
$92. it is recorded that venture capital in India are some essential parts of start up ecosystem.
There are lots of venture capital investment and private equity firms are working in India. There
is a lack of potential firms in respect of emerging structure of organisation in technological
fields.
Reasons to internationalise
It is analysed that the structure of venture capital is growing and enhancing dramatically
in Asian countries (Rider, 2012). Venture capital industry is trending in south-east Asia. There
are vast number of internet and social media users are founded in Asian counties. These indicates
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favourable results in terms of expanding the venture capital structure in Asian countries. Hoxton
Ventures has also some positive aspects are associated with expanding and improving the scope
of venture capital in Asian counties. It is seen that the South-east Asia. It is seen that the
technological projects and internet services are booming with effective growth rate in Asian
countries such as China, Japan, India. There is a new project jointly formed name Cyberport
projector with Microsoft or Taiwan and Singapore's national program. Domestic market of High
technological and advanced features were spotted in Asian countries and there are vast
opportunities are found in countries like India, China, Honkong, Taiwan, Singapore and Japan.
Venture capital plays crucial role in respect of building the start up ideas and business in
international market (Caselli and Negri, 2018).
Technological factors in Asia is one of the growing sector and there are some essential
figures are found in respect of developing the technological culture in Asian countries.
Frequency of Net users is also increasing in Asian countries. It is seen that the venture capital
and private equity concept is increasing dramatically in international market. Venture capital
market in today's market not only assist the start up projects and business plans but also emerge
the business scope of existing business. Hoxton Ventures has vast opportunities in terms of
building the scope of business in India. Number of internet users, social media and the software
in India. Increasing number of users indicates favourable aspects in terms of building the venture
capital structure in India.
Scope of venture capital and infrastructure is increasing day by day and it is seen that
moreover venture capital formats are increasing in day to day route and business structure. There
are type of business users are increasing dramatically in the UK.
ANALYSIS OF INTERNATIONAL OPPORTUNITIES
Business requirement and need differ form the country to country. It is required for every
organisation in terms of analysing the needs and requirement, nature of venture capital and
private economy structure in international market. There are types of investors and large drives
and competitors are found in international market. There are factors need to clarify and to be
considered while making financial plans and strategies such as non corporations and financial
institutions (Lerner, Sorensen and Strömberg, 2011).
As per above case scenario it is analysed that the Hoxton Ventures is seeking to expand
the venture capital in Asia. India is one of the emerging country and developing country in terms
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of venture capital and private segment of organisation. Venture capital in India is providing long
term stability to early stage, high potential and growth start ups organisations. This generally
helps to invest and procurement of funds in terms of building the growth and development
opportunities in local and interactional market. Hoxton Venture basically provides finance and
funding facility to start up projects, investment plans which remain related to business plans of
technology instalment, technological industries, software engineering, scalable technological or
biotechnology and other industries.
Market selection criteria
There are majorly top 7 venture capital market are found in Indian venture capital and
private equity segment which are as follows.
Leveraging technological in the service economy
It is seen that India one of the developing and emerging country in terms of building the
capital structure in venture capital. It is growing in both the technological and various economic
sectors. The sector is emerging day by day and also assisting the structure of organisation in
various form. There is an opportunities for venture capital funds to invest in India are analysed to
make effective structure of organisation. There are some essential segments are analysed in
which venture capital can grow such as mobile, social and cloud technologies to meet consumer
needs by reducing cost and expanding business reach. There are also some service oriented
organisations are found in respect of financial services, advertising/marketing and publishing,
insurance, travel and logistic, health and care and government (Daniel, 2012).
An opportunity to expand global reach of companies
There is a huge opportunities in respect of determining the penetration in India, B2C
companies are increasing dramatically in Indian market. There is a direct relation found in terms
of start up projects related to internet and technological fields. There are some norms and
conditions are made in order to set up technological and start up projects. Population is also one
of the essential factor which is mainly associated with local boundaries. Social media is also one
of the essential factors which remain associated with improving and booming the sector of
venture capital.
Digital currencies
India also started to invest in digital currencies to improve the market portfolio and
medium scale organisations. It is seen that the organisation are putting interest to adopt the
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digital technology and tools to expand the business. Bitcoin is also one of the enhancing tool in
which start up projects are lead and executed. Block chain technology is the technology behind
the Bitcoin concept in India. This technology presents the image of vast investment opportunity
for Venture Capital funds to invest their money. There is a revolutionary changes seen in respect
of building the digital payment industry. After the demonisation the scope of digitalisation been
increased and demand of digital currency get higher.
Innovative hardware and opportunities
There are also some essential aspects considered in this context to elaborate the
dimensions of change in organisational context. Interest of public and consumers towards
advanced gadgets and technology also been increased dramatically from past decades. Gaming
using gadgets, security software, smart heating vents and gadgets are some essential aspects in
social media. It helps to connect instantly with these electronic gadgets. The investment
opportunities for venture capital solutions are defined in the past few years. With the help of
larger scale forcing investors to take note. There are some products such as JawBone, Beats,
FitBitm the GoPro camera are some products which are used in organisational context. The best
part is considered as good combination of low cost manufacturing and higher financial returns.
Real estate sector and vast growth opportunities
It is seen that there is huge loss and decrement seen in respect of investing in real estate
funds. SIP route the demand for the sector is seeing more increase. Moreover, the opinion in real
estate funds are also been decreased (Demaria, 2013).
International market selection
As an international market there are some essential aspects are consider in this context. It
is analysed that there are type of project services and management are covered while build-up the
venture capital in organisational context. International market selection mainly remain associated
with building the structure of business and analysing the corporate needs. It is seen that the
organisation is mainly deals in new market segments remain related to expanding the economic
scale of venture capital management within organisational context. There is a marketing strategy
applied in respect of building the venture capital structure in international market. There are
diverse strategies and market structure in international venture capital market and there is an
analysis of building the strategies are implied in this context.
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All the essential decisions and strategies remain based upon investment projects and
defining the aim and objective of organisation. Mainly the essential aspects are considered with
effective management. It is considered that the venture capital decisions and investments remain
based upon the investment projects. There is a high amount of risk, prospective return and sub
objectives are assigned also remain associated in venture capital management (Samila and
Sorenson, 2011).
MARKET APPRAISAL: INTENDED COUNTRY
Overview of background on type of financier
In this current era, basically in financial market the time is consider more valuable aspects
as money and paying attention is to manage and locate capital in effective manner. “Hoxton
Venture” is a utmost important company which is held responsible for providing maximum
venture capital support to various other companies in order to increase their business growth.
This shows the reason for this company to focusing on tracking the world capital market 24x7
with data collected from various places. The primary objectives is to analyse the optimal capital
structure in such a manner that the firm value can be maximised in more quick time.
An investors is an important person that would be allocates capital with overall
expectation of future financial gain in coming time. Finance is an important field that is
associated with overall study of investments. It consists of dynamic aspects of assets and debts
over time under conditions of respective state of uncertainties and risk factors. Market
participation aims to price assets which is being based on their total level of risk, fundamental
level and future expected return they are going to get in near future time. It an individual that is
associated with management or wide amount of capital on behalf of any regulatory body or other
large business organisation. They are held responsible for handles big clients and wide financial
transactions (Davis and et. al., 2011).
Financiers is high profile persons of a “Hoxton Venture”. It is an individual or firms who
lend capital are said to be venture capital. A capitalist might agree to provide a certain value of
finance which is exchange for maximum % of overall companies shares and can adopt a take it or
leave their methods. There are various types of financiers those are responsible for providing
essential support and funds to an organisations in order to increase their market share. They do
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have certain rules and regulations that are helpful for them to increase overall growth and
profitability for the company in coming period of time. Some of them are discussed underneath:
Bankers: It is known as an individual who outlook to gain through investing money or
financing ventures by taken certain amount of funds from banks. To provide that much capital an
individual consult is needed that is employed through banking institution and other participates in
different financial transactions that can consists of investments.
Venter capitalist: It is known as one of an investors that either provides capital to start-
up ventures or deliver more supports to small companies that intend to expand and at the same
time they do not have any access to equity markets. It is a kind of investment from a venture
capitalists that is responsible to form a equity financing. They used to supply funds in exchange
for taking certain amount of equity position in the company.
Angle brokers: These are known as certain kind of institution which are responsible for
providing short and long term credit facilities to various companies. In accordance with this they
used to taken certain amount of shares (Tykvová and Borell, 2012).
Sources of opportunity
In case of all investments opportunities exists out there it could be overwhelming, as there
are so many options available to the company. It is more difficult to determine which kind of
investments that are held responsible to provide specific return down the line. The entire point of
venture capital is to determine expanding of their operations from domestic nations to developing
countries such as India. By doing so, it assume more risk, but the growth potential for return
which can be fruitful. Professional venture capital investments firms analyse plenty of capital
opportunities before choosing whether to allocate overall funds capital so have access to high
quality that deal with flow in key building of perfect market position as a strong portfolios. As
according to the mentioned case about expanding their operations in other nations.
Before doing so Haxton Venture need to select an appropriate telecom company as they
are only provides funds to telecommunication companies. That's why it is essential to search
India's best telecom company which is more trusted and reliable for plenty of customers is Airtel.
The Haxton venture company would then used to buy certain amount of share in them because of
their popularities. Raising capital in developing nations cannot be sometime effective. But the
point is that it has become more easier to gain maximum attention of people for longer period of
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time. Venture capitalists have certain specific role to play by offering capital to companies which
is facing some sorts of problems in respect to funds.
All those organisations that are seeking backing from capital are basically small but
commonly carries high risks for longer period of time. Venture capital opportunities assist in
launch of a new business in the actual market in more successful manner (Acharya and et. Al.,
2012). It would offers business that resources that are acquires by the company in order to make
sure that it can growth utmost potential growth for the company. It insure that requirements of
their business is generating more business future in advance through using innovating aspects. It
can ensure that all requirements of their business which is being recruiting great business talent
and advance and latest machinery in setting creative technology. A common possibility for
venture capital investments which is integrated so that venture capitalists can retain convertible
preferred stock in favour of the company. The inventory used to provide venture capitalist as a
predilection over the common shareholders in relation to any investments made in some other
countries.
Illustration 1: Industry wise investment breakups
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Illustration 2: Industry wise venture capital
(Source: VC investment detail, 2018)
Nature of competition
A natural increase is to make investments about additional factors such as the nature of
demand and conduct of firms overall resources that cost consideration which in examine the
scope of venture capital. The investment idea is that imperfect competition in developing nations
for an individual products which often leads to firms overall excess capacity. Competition is
a kind of important aspects which would make huge impacts on the overall position and
sustainability of an organisation. There are largely believed that economic developments in many
progress nations were displace by different entrepreneurial information done by policy
formulators. The primary objectives venture capitalist to investigate major challenges that are
being faced by developing nations with specific focus on environmental and other legal
frameworks factors that are applicable in developing countries.
 High: In case there is very tough competition in the developing market then venture
capitalist would not be able to make appropriate amount of capital investments in their
share capital. In would increase maximum burden over the upcoming growth and stability
in the market for very longer period of time.
 Medium: In accordance with the medium competition there are various opportunities are
available to the venture company. They do have the option to make their capital
investments in order to enhance their markets share other crucial benefits in near future
time.
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 Low: This seems to be more valuable time to allocate specific funds to increase
profitability for the company. In this particular time low prices and maximum discounts
are available to them. All risks are transfer to suppliers and other parties those associated
during the period of time.
Current and expected market size
It has been seen that before making any kind of investment decision a company need to
make analysis of every crucial aspects. The current and expected market size would be
essentially helpful to manage and control their additional benefits in coming future time. The
international capital investments market can grow at more faster rate with 27% during the
forecasted period of time (Lerner and Tåg, 2013). Increase of local authorities focuses towards
investing in venture capital assets is predicted to be one of the major aspects for growth of
venture capital planning in developing market. Popular perception regarding the Indian venture
capital and equity sectors will probably recommended that it is a marginal aspect of wide capital
market in developing nations. At current time a total of 120GBP of venture capital and other
funds deployed in India representing total average equity ownership of 40% funded enterprise
which can be huge as 15% or more of market capitalisation on NSE.
The venture capital in India that has been taken off in the coming next period of time.
This hope is to build on the facts that is drop in sentiment of investors in coming future time.
Sizing the market is utmost important activity for business and marketing planning for expanding
their businesses in other companies. Even through their investment may differ from angel
investors which would likely to determine overall investing in market with a wide potential size.
The starting point for estimating market size is to understand specific issues that are solve for
customers and potential value regarding maximum generation of profit for the company
(Peneder, 2014).
In order to analyse future market capacity of developing nation, it is essential to examine
total market potential venture capital. The initial step is to estimate their target customers which
is equals the person or company for whom your technology used to solve particular problems.
Identification of penetration rate is an important functions of the nature of any venture capital
investment is being made for the growth and profitability of the country.
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Illustration 3: Venture Capital investments
(Source: Venture Capital investments, 2017)
Legal Framework:
The another important aspects associated before making capital investment in developing
nations is their legal obligations. According to the Security Exchange board of India is help
responsible for determining certain right and laws to make outside companies to invest capital in
specific capital. As per the section 12(1B): No an individual would sponsor or clause to carry on
to be carried on any venture capital funds. SEBI(Venture capital investments) regulation act 1996
need to follow certain rights and regulations.
Prohibition by MOA and AOA for making an invitation to the public to subscribe their
applicable securities. In case of body corporates in must been set up under central or state
legislations. The regulatory aspects by an appropriate foreign regulation is an income tax payers
or a certificate from their bankers of their promoters tracked record in order to increase
profitability position of the company (Ozmel, Robinson and Stuart, 2013). Venture capital
amount should have firm commitment for at least 5crores from investors before the initial start of
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operations done through venture capital that shall have firm commitment of at least 5crores from
investors before making any vital decision by the venture capitalists. It is essential to make
disclosure of investments strategies to SEBI before any decision-making regarding capital
investments in specific company. Managers of venture capital funds are needed to follow
regulatory and compliances design as other funds managers.
MARKET ENTRY STRATEGY
There are various crucial entry modes that are available to the venture capitalists.
International market entry modes or participation planning is differ in degree of risk they are
present control and commitments of resources they needed. Some of them are discussed
underneath:
Joint venture: Cooperation among two or more important aspects with mutual interest
that can or cannot be important to be shareholding and usually associated to an individual
market. It will assist the another companies to increase market position and future growth in
coming period of time (Bloom, Sadun and Van Reenen, 2015).
Strategic Alliance: In accordance with partner that come close and develop a future
period of planning to cooperate rather than completing in other important aspects. This seems to
be important share of capital cost accessing new business through getting funds from venture
capital.
Merger and Acquisition(M&A): It is said to be consolidation of companies. A merger is
helpful aspects which is related with connection of two companies to form a new company. The
attraction and benefits of M&A consist of almost immediate access to the new host with new
capacity and incoming knowledge those are gain through proper allocation of capital done of
capital investors.
International agents and international distributors:
Agents are more often held responsible for taking crucial steps into global market. Make
it in simple scene which an agents are individual or organisation that are related with increasing
market share and position in coming future time. Agents are consider low cost and have
minimum control options.
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Types of deal to be targeted
Venture capital sectors are associated with certain kind of investments in a handful
consideration that are having specific characteristics and features. Venture capitalists are more
selective in deciding total amount of investments in and that will be selected by the company
between so many options carries with them. It is more effectively related with the combination of
ideal feature that are seen as more rare. The companies need to follow certain concepts that are
lacking in digital technology are required to be grown successful. The company is mainly usually
consider more effective for increasing maximum profitability and stability for the company in
near future time (Schertler and Tykvová, 2011).
Idea targets are firms to have products or services that are catching up at the initial stage
of growth. Venture capital amount is then used to fund internal stability of information
Technology that are taken into account as more strong aspects for every nation. Maximum
number of transactions are done in respect to increase future aims and growth by using suitable
data in their accounts. VC funds are delivering appropriate returns from very certain investments
that are having enormous returns. Huge potential means that are not only seen faster rate of
growth, but also carries certain substantial target market size, scalability and particular
competitive benefits. Other sectors consists of energy, media and digital techniques, IT Services
and business services are consider more specific in venture capital to increase proper growth of
the company as well as that nations at the same point of time.
Exist route
It has been seen that there are certain venture capital tend to favour the trade sales exit
route over the period of IPO. It has been realised their total investments in cash or shares in
which company used to sell shares in respect to earn cash. Some important exist options are:
Trade sale: It is consider more reliable planning which is done by private company that
is sold or merged with an individual for stock, cash or combination of these two.
IPO: In case the company has done sufficient growth the venture capital investors will
take the IPO route through issuing share registered fro public offering. The venture capitalists
and other private investors will get their portion of shares that can put them into the open
marketplaces in respect for trading after an beginning lock-in period gets completed.
Write-offs: These are said to be voluntary liquidisation aspects that can or cannot be
essentially in near future time (Cumming, 2011). Although there are certain aspects that are taken
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into account as exist option in venture capital in accordance with expanding their operations in
developing nations. Such as;
Buy-back: Under this method, the entrepreneur used to buys-backs the investments share
from venture investments and take it back that are being privately kept by the company.
CONCLUSION
There is a venture capital and private equity firm's expansion plan is elaborated in this
context. Possible market conditions and specifications are defined in this context top elaborate
the dimensions of venture capital market structure. The expansion plan is proposed in respect of
expanding the venture capital other countries from domestic market. Background on type of
competition, current and source of opportunity, nature of competition, current and expected
market size, legal framework, mode of entry and types of deal to be targeted defined in this
context.
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