HIGHLIGHTS OF DAY 3 #MIC

The Indian Venture & Alternate Capital Association (IVCA) hosted the first edition of Maximum India Conclave (MIC) on 6-7-8 October 2021. It aims to add India as an opportunity for LPs looking to invest in India and enhancing investments for LPs who already have exposure.

Thank you to all our SPONSORS for their generous contribution & support for the first edition of Maximum India Conclave 2021

HIGHLIGHTS OF DAY 3 #MIC
8th October 2021

Keynote Address: Net Zero is Net Positive - A Green Frontier Development Model for India

Shri Jayant Sinha, Chairperson, Parliamentary Standing Committee for Finance and BJP Lok Sabha Member of Parliament from Hazaribagh, Jharkhand, graced the event and stated, "The work that I've been doing over the last two years with the world's leading climate scientists, and a number of well-known, economists has indicated that not just for India but for the world, Net Zero is going to be a net positive. Net-zero transformation of the Indian economy is going to open up bigger investment opportunities than we have ever seen before. It's essential that carbon emissions come down to Net-Zero. Green transformation of the Indian economy must happen. Green technologies are going to be cheaper and more cost-effective.

Fireside Chat

Shri Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) addressed the conclave and said "Many of the startups and unicorns are from Tier 2 and Tier 3 cities. Our transformation has happened in the last five years. I thank IVCA for creating such platforms of knowledge exchange. The PLI scheme will provide the required impetus to startups."

"We thank DPIIT for all its initiatives that help resolve bottleneck issues and extend support by boosting domestic companies. There's about 125 billion dollars of capital needed to come into India over the next few years to support the startup ecosystem," said Ms. Anjali Bansal, Founder, Avaana Capital

Keynote Address: Removing Investment Barriers

Prof. K. VijayRaghavan, Principal Scientific Adviser, Government of India said, "The entrepreneurs have come out from our engineering ecosystem but they are not completely connected to it. There is great potential for last-mile interface startups, which interface with the apps on one side and users on the other. There is immense opportunity in clean technology, it's becoming more and more feasible."

Panel Discussion: DFIs role in the Indian Alternatives space - Positively Different or More of the same?

"SIDBI is a pioneer in setting up the microfinance industry. We have covered a tremendous journey in the last 20 years. The time has come for SIDBI to hold hands with AIF and that is the way forward. There is a lot of money which is available and one of the big ticket items that we are pushing forward with the government is the concept of bringing in more information on a single portal. It is really about putting out information.," said Shri. S. Ramann Chairman and Managing Director, SIDBI

"IFC has tried to support the market and that is one of the biggest moves. Though there is a lot of capital which is flowing in the market, there's a huge gap that needs to be addressed especially for SMEs," said Ms. Neha Grover, Regional Lead-IFC South Asia Funds Group, International Finance Corporation (IFC)

"We can play a role which is additional to the market by providing our knowledge in effective mental and social development of people and doing so can transform the market," said Mr. Jaap Reinking Director - Private Equity, FMO

"There are continuous challenges in the market, but I am really positive to see so many have invested in private equity funds in the market. Investing in India has always been expansive," said Mr. Menno Derks Managing Director - Private Equity, Sarona Asset Management

"We are witnessing in India unprecedented levels of start-up innovation and disruptions across sectors. Investors are looking for different asset classes to invest in depending on the risk appetite," said Ms. Sushma Kaushik, Partner, Aavishkaar Capital

Keynote Address: India's Asset Monetisation program, the thought process, and expectations.

Shri Amitabh Kant, CEO, Niti Aayog said, "Over the course of the last couple of years, substantial institutional capacity has been developed in the asset monetization space. A lot of stable revenue-generating infrastructure projects have got structured and monetized. India has developed a solid track record of attracting investment by institutional investors in infrastructure assets, such as toll roads, transmission networks, pipelines, and telecom infrastructure. Capital to the tune of about 2 lakh crores has been churned in Indian infrastructure. Substantial groundwork has been done by the government to deliver on the budget announcements and to meet the targets and vision of the Prime Minister.

Keynote Address - Adhaar, India Stack and the vision behind

"India has a world's largest direct benefit programme. Aadhar has helped in accelerating financial participation and formalisation of the economy. We have seen a fast-track shift in the number of users of digital transactions. Demonetization has given a big push to digital payments and the latest figures last month show 3.6 billion UPI transactions. If we can empower people with their own data, then they can do many things with it. The global adoption of platforms such as BHIM and UPI presents a big opportunity for India," said Mr. Nandan Nilekani, Chairman and Co-founder, Infosys and Founding Chairman UIDAI (Aadhaar)

Panel Discussion: Governance Reforms in the AIF Industry

"Indian institutions tend to respond better to crises. Wherever you have extractive institutions, you have challenges of their own kind. A holistic approach is required, where industry needs to come up and work with the government. Do it more systematically through dialogue. Industry is there to support the Government. We need to distinguish between what the legislative functions are and let legislators act without the pressures of the executives. We should also bring the best practices from around the world and show it to the government to analyse," said Mr. Gaurav Dalmia, Chairman, Dalmia Group Holdings

"Tech providers are going to be the real big game changers. CBDT should be responsible for collection compliance. Private Capital allocations are going substantially higher," said Mr. Gopal Srinivasan, CMD, TVS Capital Funds ane Board member, IVCA

"We have to work with government to create a framework, earn trust, educate everyone and bring up regulations. We need to work with the government to bring up a change. IVCA should interact with the ministers and do research and create public opinion. We must interact more, that is the key", said Mr. T V Mohandas Pai, Co-Founder & Chairman, Aarin Capital, Chairman, 3one4 Capital and Chairman, Manipal Global Education

Panel Discussion: Business Case for Positive Macro Economic Scenario

"India has no dearth of entrepreneurs. Availability of risk capital is no longer a constraint in India. The surge in private equity investments in India is visible in other countries as well. The domestic capital available for venture capital and private equity will only go up and we should allow" said Mr. Neelkanth Mishra Managing Director, Co-head of Asia Pacific Strategy and India Strategist, Credit Suisse

"It's good for the economy to divesify the risk away from dead capital. Digital currency can change the rules of the game. We need to create jobs at the low-end of the market. PLI Scheme is already showing good amount of traction, and that’s the way to go forward. India must occupy the manufacturing space," said Mr. Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India

"This new engine of innovation architecture and capital growth that we are creating is new for India and we should have embraced this in 1992, but, better late than never," said Mr. Sharad Sharma Co-Founder, iSPIRT Foundation

"There are a lack of opportunities in the blue collar economy. People are also changing their aspirations and opting for technology much faster. People will start looking at localised opportunities more than they did in past. While migration will continue forever in some way or the other, but it will start reducing and people will start looking at localised opportunities," said Mr. Pravin Agarwala Co-Founder and CEO, Betterplace Safety Solutions Pvt. Ltd

"Credit growth has been very tepid. Most of the credit has been from retail. 90% of the risk capital that is funded is actually foreign capital," said Mr. S. Sriniwasan Managing Director, Kotak Alternate Assets

"Throughout the pandemic the role of technology has now become paramount. Private equity has very strong role to play because of the depression we have seen in terms of interest rates, movement of capital etc," said Mr. Siddarth Pai Founding Partner and CFO, 3one4 Capital

Panel Discussion: From Idea to IPO: The Zomato Story

"Earlier we had the confidence of ignorance.. to shake hands in 72 hrs and sign a term sheet in 10 days - with Zomato. They experiment a lot with ideas - not all work - but the ones they do - they stick with it. DP's is very ambitious. Understands the product and is unafraid of calling a spade a spade. Zomato was a blockbuster in many ways. It is a cult brand. Zomato 10 years from now is hard to predict. I see inorganic growth and DP with slightly grey hair," said Mr. Sanjeev Bikhchandani Founder and Vice Chairman, Info Edge

"We always were supposed to be a food delivery startup but we could not have imagined that we would be doing the last-mile delivery as well. Our DNA changed from being a content company to an operations company. I thought that the cold email from Sanjeev Bhikchandani was from a Naukri guy and I archived it. Zomato was a play on the word Tomato - which was a part of our Foodiebay logo. The option to start deliveries was simple - we just had to else we were done. In my head, I am always thinking if we will survive the next 10 years. Always. Even after the IPO, we thought that we have just started and hence, went back to work. We were suddenly the rich spoilt brats post IPO. Grateful for my relationship with my team, grateful for my background," said Mr. Deepinder Goyal Founder & CEO, Zomato

"We didn't even do a term sheet with Zomato. We broke all the rules to get it rapidly. DP's (Deepinder Goyal) X factor is that he dreams big. I would love to see DP lead the startup ecosystem and show everyone that when you win and win big, you have to give back. You learn about yourself as you go through a journey with Deepinder," said Mr. Mohit Bhatnagar Managing Director, Sequoia India.

The third day of the Maximum India Conclave ended with discussions and deliberations on various key themes in alternate asset investing – ranging from etc. Smt. Nirmala Sitharaman, Hon'ble Finance & Corporate Affairs Minister graced the event on Day 1 with her keynote addresses where she stated that "Best corporate governance practices will have to be highlighted. The more transparent and more good governance takes over our boards- it's sure to give greater opportunity for all stakeholders." Mr. Sujoy Bose, MD & CEO, National Investment and Infrastructure Fund (NIIF), Dr. Krishnamurthy Subramanian, Chief Economic Advisor, Government of India, and Mr. Deepak Bagla, Managing Director & CEO, Invest India also graced the three days virtual events with their presence.

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