Singapore-based investment firm Temasek on Tuesday announced its entry into the venture debt segment via acquisition of InnoVen Capital India, formerly known as SVB India Finance, for Rs 300 crore.
InnoVen Capital provides debt financing to venture capital-backed companies like Snapdeal, Myntra, Freecharge and Practo.
InnoVen Capital India said it has provided over 75 loans to more than 50 companies in India, aggregating an outlay of over $110 million of venture debt in India.
“The company will continue to fund VC-backed high growth, innovative companies operating across sectors such as technology, consumer, healthcare and cleantech”, it said in a statement.
InnoVen Capital India will be independently managed with a reconstituted board of 5 members, comprising Madhabi Puri Buch, former chief executive officer of ICICI Securities, as chairperson.
Ajay Hattangdi, chief executive and managing director of InnoVen Capital, said the transaction will enable them to retain their market share.
“The funding and support from Temasek, will not only help us continue to remain the dominant player in venture debt business in India but also build a leading debt platform across key markets in Asia,” Hattangdi said.
Temasek has assets under management to the tune of $177 billion as at 31 March, 2014, and has actively invested across sectors like financial services, telecom, media, technology, life sciences, consumer and real estate.
* InnoVen Capital provides debt financing to VC-backed companies like Snapdeal, Myntra, Freecharge and Practo
* Has provided over 75 loans to over 50 companies in India, aggregating an outlay of over $110 million of venture debt
* Singapore’s Temasek has assets under management to the tune of $177 billion as at 31 March, 2014