InnoVen Capital leans on growth-phase start-ups, doubles debt biz to $85 mn

Nearly half its deals have been with start-ups that have raised series B, and are in growth phase

Venture debt firm InnoVen Capital says it has doubled its business last year to $85 million, as over 45 venture funded start-ups such as Oyo, Swiggy and Nestaway raised debt to build their business.

The firm says entrepreneurs are looking at debt as part of their fund raising so that they don't hand over equity to investors. The biggest venture debt deal done in the country so far is around Rs 55 crore to Oyo, which owns and aggregates standardised hotel rooms.

Nearly half the deals done by InnoVen have been with start-ups that have raised series B,