It will be led by Joint Interim CEOs Amit Sinha, Group Head of Telecoms, Media and Technology, at DBS, and Aftab Mathur, director, Investment, at Temasek, before a full-time CEO is appointed in the next few months.
DBS said in a statement that EvolutionX will invest in opportunities arising from an increasingly digital economy – across sectors such as financial services, consumer, healthcare, education and industrial development.
Tan Su Shan, group head - Institutional Banking at DBS said, growth debt is fast emerging as an alternative source of financing for high-growth technology companies that traditionally only raised equity as a source of capital.
The growth debt helps founder entrepreneurs avoid dilution of share equity in the company’s initial stages of development. It also serves as a complementary tool to help these companies, which are often cash strapped, tide over unexpected market and economic headwinds.
It will create a financing solution to fulfil capital funding needs within the industry. This partnership also serves as a natural extension to both DBS and Temasek’s existing early-stage debt initiatives and investment activities.
Rohit Sipahimalani, chief investment strategist, Temasek said, partnership with DBS will provide a meaningful alternative for technology-focused growth companies in Asia that may face debt funding needs between the venture debt and late stage debt financing phases.
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