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MamaEarth, Encube Ethicals and 19 others join Hurun’s best PE-backed companies list

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  • Practus Hurun India PE Performers 2022 evaluated 125 PE backed companies and only 21 made it to the list.
  • Topping the top-performing list is Honasa Consumer, which owns the MamaEarth brand, which delivered an average growth of 491%.
  • Sequoia Capital India, Ravishankar GV is the top investor according to the Hurun report.

Only 21 companies made it to the list of best performing PE-backed companies released by Hurun today. And Practus Hurun India PE Performers 2022 had evaluated 125 companies that received a single round of funding in excess of $25 million in 2021.

The list chose only those companies that delivered improved revenues, profitability and operating cash flows in the year. Topping the list is Honasa Consumer, which owns the MamaEarth brand, which delivered an average growth of 491%. It is followed by pharmaceutical company Encube Ethicals and logistics company Ecom Express.

The report, Hurun says, celebrates high-performing companies that showed growth after funding and the investors who are closely managing those investments.

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“The next stage of India’s value creation must be driven by the combination of capital and intellect. Private Equity funds and their managers are one such catalyst that could accelerate value creation in the Indian economy,” said Anas Rahman Junaid, MD and principal investigator of Hurun India.

Top 10 Invested Companies on Practus Hurun India PE Performers 2022 List

Company Weighted Average Performance Growth* Main investors
Honasa Consumer (Mamaearth) 491% Sequoia Capital IndiaSofina Ventures
Encube ethics 343% Quadria Capital
Eco Express 283% CDC GroupPartners Group
Desiderata Impact Ventures (Progcap) 224% Tiger Global ManagementSequoia Capital IndiaCreation InvestmentsCapital Management
Acme formulation 172% PAG
ShipRocket 161% Temasek Holdings Lightrock
Clean Max Enviro energy solutions 149% Augment Infrastructure DSDG Holding
typesetting 81% Greenoaks CapitalSequoia Capital IndiaLightspeed VentureD1 Capital PartnersSteadview Capital
of business 59% SoftBankFalcon Edge Capital Tiger Global ManagementMarshall Wace
Five Star Business Finance 53% Sequoia Capital India TVS Capital

*Weighted average performance growth takes into account growth in revenue, EBITDA and operating cash flow.

Sequoia Capital is the largest PE investor: Hurun

The report also lists the top-performing PE investors and only 35 made the cut, of the 103 that invested in the companies evaluated for the report.

Sequoia Capital India, Ravishankar GV is the top investor according to the Hurun report. Not only has this PE invested in four companies that made it to the list, it also has two unicorns among them.

Norwest Venture Partners led by Niren Shah and Tiger Global Management led by Alex Cook took second place with investments in three companies each.

“The list celebrates PE fund managers who made the decisions to support these powerful companies and those who actively influenced and managed the improved performance,” said Deepak Narayanan, CEO and founder of Practus.

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