PE investments in Jan-Feb touch $2.3 bln: Thornton

Private equity investments witnessed a two-fold jump in February with transactions worth USD 1.3 billion taking the deal tally for the first two months of this year to USD 2.3 billion, says a report.

According to assurance, tax and advisory firm Grant Thornton, in February, there were 62 PE deals worth USD 1,330 million, while in the corresponding period last year there were 45 such transactions worth USD 588 million.

Investments in start-ups dominated the February deal tally, as this sector contributed 47 per cent of total investment volumes garnering USD 278 million.

Besides, fintech and discovery platforms attracted significant attention from investors with 5 deals each followed by health tech space with four investments.

The top deal in February was Bigbasket raising USD 300 million in its Series E round. Another major funding in food delivery space was Swiggy's USD 100 million fund raise.

India Grid Trust's (IndiGrid) acquisition of three transmission assets from its sponsor Sterlite Power Grid Ventures for a consideration of Rs 1,410 crore was the other major deal of the month.

Meanwhile, PE investments in January-February witnessed a sturdy 67 per cent year-on-year growth to USD 2,313 million on account of increased big ticket investments rounds.

"The deal activity is expected to continue on the growth trend driven by subsequent round of investments in start-ups and e-commerce companies," said Pankaj Chopda Director at Grant Thornton India LLP.