Covid-19 Information & Resources

COVID-19 Resources

IVCA ran a survey on the initiatives taken by VC/ PE funds and how they are operating. A special thank you to all the fund managers for their quick responses, which we have anonymised and put together as below.

Please note that the below information is from responses collected from the funds that participated in the survey. This may or may not be applicable to all funds.

A] TEAMS/ INTERNAL

I. Work From Home (WFH)
1) Most of the funds have initiated WFH from the week starting 16th March 2020
2) Domestic and international travel banned for 15 days
3) For teams that have to be at work, different timings slotted so that in office attendance remains thin
4) Avoid peak hours in case travel is necessary
5) BCP protocols are in effect
6) For international funds, all India offices are closed and in full WFH mode in accordance with global policy
7) Reduced office attendance to few essential staff attending to staff and payments
8) Initiatives taken by management to make adequate arrangements for essential staff so that they don’t need to take public transport or have any interactions
9) 50% staff in office for two weeks and another 50% after two weeks
10) Fund managers are meeting portfolio companies if and only if it is really important
11) All Business Critical Employees operate from secondary offices closer to their residences
12) Created Disaster Recovery site under Business Contingency Plan to service clients during tough time
13) Employees have been advised to declare any symptoms (existing or if they develop them) for the course of the next few weeks.
14) Employees who have traveled recently, a self-declaration of travel dates, locations, and health conditions to been taken.
15) Employees have health insurance given by the Firm and have tie-ups with hospital chains for any checks.
16) Company is also sourcing and vetting advisories from reputed players the world over and sharing it with the team & portfolio.

II. List of tools used for online collaboration
1) Zoom, 2) Microsoft Teams, 3) Hangouts, 4) Notion, 5) Slack, 6) Asana, 7) Trello, 8) Skype, 9) Dropbox, 10) Google suite 11) t-cons 12) Whatsapp 13) Hiver 14) Screen Leap 15) Atlassian Suite (JIRA/Confluence) 16) 15 Five 16) Time Doctor 17) Document 360 18) InVision 19) Troop Messenger 20) Flock 21) Join me 22) We Transfer 23) Typeform

- All funds are managing data effectively by using cloud services accessible by teams.
- Funds are also using their own tech platforms to track performance of their companies.

III. Office Premises
1) Thermal screenings for associates coming to work is done. Those having fever, cold and cough have been sent back and asked to work from home
2) Offices premises have been sanitised thoroughly – overnight all offices are sanitised on regular basis
3) Adequate Sanitizers in all our offices have been placed to ensure employees can regularly keep their hands clean.

B] WFH Best Practices

IV. Planning
1) Define the work hours and how they will be distributed among different aspects such as goal setting, collaboration, deep work, and reflection
2) Specify daily activities (standups, one-on-ones, logs and reports, etc.) and how they will be managed
3) Tools / Communication tools to be used
4) Weekly planning and documentation communicated
5) Every meetings have an owner, timekeeper and notetaker
6) Ensure employees create a designated workspace with a daily routine set

V. Ensuring seamless collaboration
1) Daily stand ups
2) Team Meetings - People to keep video on in team meetings. Always good to see the faces.
3) Brainstorming sessions
4) Update daily task completions
5) Escalation matrix shared
6) Key metric to measure WFH success - tracking avg response time on slack/phone/whatsapp/email/ @ <15 mins during working hours.

VI. Team Morale
1) Regular check ins/ Open door policy
2) Separate channels where people can discuss non-work related things, latest movies, interesting reads, new hobbies, and more
3) Health and Fitness session - How-tos/ very imp as Avg steps down by multiple factors
4) Trivia challenges
5) Virtually gaming session for team bonding - outside of working hours
6) Team chat sessions during coffee breaks
7) Encourage your teammates to unplug and unwind after work. Because when you are working from home on an on-going basis, the lines between personal life and work-life can get blurry.

C] PORTFOLIO

VII. Steps taken by portfolio companies
1) Using tools mentioned in (A - II. above) to connect with founders/ management
2) Initial reactions from portfolio companies for WFH are mixed
3) All those employees in portfolio cos who are not directly involved in operations are being asked to work from home
4) Wherever necessary, portfolio companies are breaking up into teams and rotating attendance at work in their respective offices
5) Essential staff is following a typical sanitization protocols at work
6) Splitting the shift timings to ensure reduced contact with fellow workers and more social distancing
7) Shift timings are also being changed to non peak hours to minimize contact while being in transit
8) Delivery personnel have to follow strict non touch delivery processes
9) Companies helping employees set up at home as needed, especially when high end tools are required
10) Manufacturing companies have gone down to essential staff only and very diligently and repeatedly educating floor teams on hygiene and behavioral (social distance) practices

VIII. Advice given to portfolio companies
1) Advised companies to use cash diligently
2) To begin negotiations on rent free periods if malls closed, etc. if needed
3) To give a thought and go ahead with Capex plans as required, keeping fund managers in loop
4) Portfolio companies to redo/ modify marketing strategies requiring in person visit
5) Encouraging portfolio companies to attend results board meetings by Video Conference per recent MCA advisory
6) Weekly cadence call to share updates
7) Follow all advisory and precautions on health safety as necessary and not to delay the enforcement of WFH for all non-essential personnel and other necessary policy changes
8) For business continuity purposes, segment personnel absolutely necessary for business continuity in shifts only
9) Assess the nature of business and ensure adherence to local, state, and national government advisories as applicable to business.
10) Deep dive analysis of balance sheet and P&L to work on increasing cash runway, review cash balances and treasury investments
11) Work with financial advisors to understand impact and route investments in safer avenues if necessary.
12) Ensure that the rout in the market doesn’t affect your cash balances and runway in a significant way
13) Based on assessment of burn and runway availability, work with existing stakeholder for interim fundraises with simple documentation, with the aim of ensuring that time can be spent in combating this situation
14) Share Business Continuity Plans, Contingency Plans, Cashflow Management Plans with all necessary stakeholders of the company
15) Work with customers to inform of delays if any. Align with the team and ensure work delivery for the priority of customers based on the nature of their business.
16) Offer descriptions & subscriptions to tools and help integration of such tools into the workflow of the teams to ease this transition and keep up the productivity.

D] LIMITED PARTNERS

IX. LP connects and concerns
1) GPs using video conferencing tools to connect with LPs and vice versa
2) Fundraising is down
3) Funds planning to close rounds in next 3-4 months are concerned
4) LPs are worried about their portfolio and funds have instituted continuous engagement with them at present

IVCA has partnered with Invest India on its Business Continuity Platform to get the latest updates and address the issues at hand. We suggest you bookmark the link for regular and easy access.

IVCA is backing the business continuity platform with investor support. We have started reaching out to member funds to check how their portfolio companies can help government in procurement of critical medical supplies and increase capacities at a time when there is a massive shortfall.

INVEST INDIA BIP - LINK

Why is India the best place for Japanese investments in the post Covid-19 world - LINK

Understanding India’s Digital-First Fight Against COVID-19 - LINK

Invest India BIP Report 5 May 2020 - LINK

Invest India BIP Report 4 May 2020 - LINK

Invest India BIP Report 3 May 2020 - LINK

Invest India BIP Report 02 May 2020 - LINK

Invest India BIP Report 23 April 2020 - LINK

Invest India BIP Report 18 April 2020 - LINK

Invest India BIP Report 15 April 2020 - LINK

Invest India BIP Report 13 April 2020 - LINK

Invest India BIP Report 11 April 2020 - LINK

Invest India Supply Solutions Report 10 April 2020 - LINK

Invest India BIP Report 10 April 2020 - LINK

Invest India BIP Report 09 April 2020 - LINK

Invest India Supply Solutions Report 08 April 2020 - LINK

Invest India BIP Report 08 April 2020 - LINK

Invest India BIP Report 07 April 2020 - LINK

Invest India Supply Solutions Report 06 April 2020 - LINK

Invest India BIP Report 06 April 2020 - LINK

Invest India Supply Solutions Report 05 April 2020 - LINK

Invest India BIP Report 05 April 2020 - LINK

Invest India BIP Report 04 April 2020 - LINK

Invest India BIP Report 03 April 2020 - LINK

Invest India BIP Report 02 April 2020 - LINK

Invest India BIP Report 01 April 2020 - LINK 

UPCOMING WEBINARS

  • July 31, 2020 - IVCA Unplugged e-Conference: On Crisis, Leadership Amidst Chaos - LINK

PAST WEBINARS/ VIDEO LINKS

  • July 24, 2020 - Hunt Partners - IVCA Webinar on Value of Interim Managers in a post Covid World - LINK
  • July 15, 2020 - Duff & Phelps – IVCA Webinar On Impact Of Covid 19 On Investment Valuations - LINK
  • July 09, 2020 - Taking Stock of India Investments - Domestic and Foreign Lens - LINK
  • July 04, 2020 - Bridging the Digital Divide Between Bharat and India - LINK
  • June 26, 2020 - IVCA e-conference on Future Workplace - Safety & Trends - LINK
  • June 24, 2020 - Khaitan & Co. - IVCA Webinar - For Fund Managers: Dealing with COVID-19 and its Impact - LINK
  • June 18, 2020 - IVCA E-Conference on: Logistics and Supply Chain that moves 1 Billion Indians and Businesses - LINK
  • June 10, 2020 - IVCA's Imagine Webinar - Consumer Behavior Post Covid - LINK
  • June 05 2020 - IVCA & Nishith Desai Associates' E-conference On: AIFS: PPM Standardisation And Recent Developments In PE/ VC Deals - LINK
  • June 04 2020 - IVCA & SVB Present: India VC Trends 2020 and Beyond - LINK 
  • May 14 2020 - Thought Leadership session with Nobel laureate Prof Mohd. Yunus and Nishith Desai - LINK
  • May 13 2020 - IVCA's E-Conference on Managing Portfolio Companies & Internal Goals - PE, VC Dynamics - LINK
  • April 30 2020 - Deal-making in turbulent times - LINK
  • April 29 2020 - 12.00 p.m. to 01:00 p.m.:  LP view on change in investment landscape post COVID - What GPs should be preparing for? - LINK
  • April 24 2020 - Bordering in Borderless World: Understanding 'indirect' FDI( or Investment?) from China and neighbouring countries - LINK
  • April 24 2020 - Increased Role of debt funds due to disruptions caused by COVID-19 & various legal-regulatory considerations - LINK
  • April 23 2020 - Pledge Enforcement in Today's World: Challenges for Credit Funds in light of the COVID -19 crises and beyond - LINK
  • April 22 2020 - Webinar on Impact of Covid-19 on Managing Dealflow and Portfolio Selection - LINK
  • April 20 2020- Universal Legal Webinar on Managing Fund Raising- LP, GP Negotiation and Relation through the Corona Virus Chaos and Regulatory Landscape - LINK
  • April 11 2020 - 11am to 12:30pm : WHATS BIG NEXT? A Webinar on future of Investment and next big opportunity in post Covid-19 times. Perspectives for Startups, Incubators, Accelerators & Investors - Digital Futurists Angels Network ( DFAN ) - LINK
  • April 9 2020 – 3.00 p.m. to 4.30 p.m. - Preserving business value in the face of the COVID-19 challenge - EY - LINK
  • April 8 2020 – 02.00 p.m EDT (11.30 p.m. IST): Coronavirus-Impact on Valuing Venture Capital Investments at March 31, 2020 - Duff & Phelps - LINK
  • April 8 2020 – 2.30 pm to 4:00 p.m.: Learning from China & Future Investment Outlook - IVCA - LINK
  • April 8 2020 – 2.30 pm to 3.30 p.m.: Start-ups and the COVID-19 Crisis – Navigating Employment, Contractual, and Cybersecurity Issues - Khaitan & Co. - LINK
  • April 7 2020 – 6.30 p.m. to 8.00 p.m.: Pandenomics: Wading through the tough waters' Live Webinar Series for Investors – IVCA & Praxis Global Alliance - LINK
  • April 7 2020 – 12.00 p.m EDT (9.30 p.m. IST): Coronavirus-How Should Institutional Investors be Valuing Fund Interests at March 31, 2020? - Duff & Phelps - LINK
  • 7th April 2020 - COVID-19 and what you should be doing – Bain & Co. – LINK
  • 31 March 2020 - COVID-19 – Impact on Valuing Investments in Private Debt and Equity - Duff & Phelps - LINK
  • 30 March 2020 - “The Corona Effect" with Mr Jayant Sinha & Mr Tej Kapoor - LINK
  • 30 March 2020 - PPT for Webinar – The Corona Effect: Business Impact, China Lessons & Future Repurcussions - LINK 
  • 27 March 2020 - IVCA E-Conference on Coronavirus - LINK

SEBI

  • 24 April 2020 - Clarification on Know Your Client (KYC) Process and Use of Technology for KYC - LINK
  • 15 April 2020 - Update on 24th March SEBI Notification on COVID 19 - LINK
  • 30th March, 2020 - SEBI relaxation in compliance requirements for AIFs and VCFs - LINK
  • 30th March, 2020 - Extension of deadline for implementation of the circular on Stewardship Code for all Mutual Funds and all categories of AIFs due to the CoVID-19 pandemic – LINK
  • 24th March, 2020 - SEBI Notification COVID 19 - LINK
  • 23rd March, 2020 - Relaxation from compliance to REITs and InvITs due to the CoVID -19 virus pandemic – LINK
MINISTRY OF COMMERCE & INDUSTRY
  • 17 April 2020 - Review of Foreign Direct Investment (FDI) policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic - LINK
SIDBI
  • COVID-19 Startup Assistance Scheme (CSAS) - LINK
OTHERS 
  • Prior approval for all chinese FDI investments: Khaitan & Co. - LINK
  • Corporate Compliance Relaxations Introduced By MCA: Khaitan & Co. - LINK
  • COVID – 19 Preparedness | Direct Tax Perspective: Khaitan & Co. - LINK
  • DoT liberalising Work From Home for call centres/ ITES sector: Khaitan & Co. - LINK
  • E-Contract in times of Covid-19: Khaitan & Co. - LINK
  • 21 Day Lockdown - Ministry of Home Affairs Order Copy - LINK
  • 21 Day Lockdown – Guidelines - LINK
  • Department for Promotion of Industry and Internal Trade (DPIIT) on the Food processing industry and delivery of food items to facilitate uninterrupted supply - LINK
  • COVID-19: Projected Impact on Indian PE/VC - EY : LINK
  • 6 May 2020: Reopening India: Implications for economic activity and workers - McKinsey & Co. : LINK
  • 3 May 2020: Reopening India: Implications for economic activity and workers - KPMG : LINK
  • Getting ahead of coronavirus: Saving lives and livelihoods in India: McKinsey - LINK
  • Investor Sentiment Survey Report: April 2020 – Praxis and IVCA - LINK
  • Potential Impact of Covid-19 on the Indian Economy: KPMG - LINK
  • Bain & Co. report on 'Impact on India economy and implications for PE/VC and portfolio companies' - LINK
  • McKinsey & Co. briefing note on Covid-19 - LINK
  • Discussion document: Responding to COVID-19 – Tax and Regulatory Impact: EY - LINK
  • Insights from Bain & Co. on Coronavirus - LINK
  • 'Private equity and the new reality of coronavirus' by McKinsey & Co. - LINK
  • Best Practices for Founders in the wake of COVID-19 - Authored by: Accel, Bessemer Venture Partners, Chiratae Ventures, Kalaari Capital, Lightspeed, Matrix Partners India, Nexus Venture Partners, Omidyar Network India, SAIF Partners, Sequoia Capital India - LINK
  • CB Insights - How Coronavirus Could Impact Startup Funding - LINK
  • 10 Ways to Defend Yourself Against Covid-19 – By Mapmygenome - LINK
  • Covid: To test or not to test, is that a question? – By Mapmygenome - LINK
  • Navigating your start-up in uncertain times – Stellaris Venture Partners - LINK
  • COVID-19: Advantages of remote site auditing from a business continuity perspective – Grant Thornton - LINK
  • What you do in the next 100 days will define your startup's future – 100x.vc - LINK

Covid-19 Information & Resources

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