E27: InnoVen Capital, a Mumbai-based venture debt fund which recently got acquired by Singapore government-backed Temasek Holdings for INR 300 crore (under $50M), is planning to expand its operations to Singapore, says a report by The Economic Times, citing its Managing Director Vinod Murali.
InnoVen, which till date has backed around 40 companies that include Snapdeal, Practo, Myntra and FirstCry, is also looking at other Southeast Asian markets such as Indonesia and the Philippines to launch its operations.
Started in 2008, InnoVen is a non-banking finance corporation (NBFC) — formerly known as SVB India Finance – that has committed loans to the tune of almost INR 700 crore ($110M) across 80 transactions. A sector-agnostic fund, it works with more than 30 VC partners including Sequoia, IDG, Norwest, Kalaari Capital, Accel Partners, NEA, Helion, SAIF Partners, Mayfield and LightBox, lending to their portfolio companies. The fund typically chips in after an equity round in a company.
According to Murali, India, however, continues to be InnoVen’s growth engine since it has a much more vibrant startup market. The fund has earmarked credit of up to $50M for investments in the current fiscal. Read the full article
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