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InnoVen Capital eyes doubling loan commitment in 12-15 mths

Press Trust of India  |  New Delhi 

InnoVen Capital today said it has completed eight new venture debt funding this year and expects to double its new loan commitments to USD 50 million in 12-15 months.

The firm, now under the control of Singapore's Temasek, provides debt financing to venture capital-backed early-stage and mid-growth companies.

In a statement, InnoVen Capital said that it has closed venture debt financing to eight high-growth companies in the first four months of 2015.

The companies funded by InnoVen Capital are Capillary Technologies, Collectabillia.Com, eShakti.Com, Faasos, Greendust, Power2SME, Practo Technologies and Zoomcar.

As the debt from InnoVen Capital is used for general corporate purposes, the funds will be used for product improvements, expansion into newer geographies, recruiting key management personnel and funding acquisitions.

Moreover, the company "expects to double its new loan commitments to USD 50 million in next 12-15 months."

InnoVen Capital, formerly known as SVB Finance, have made loan commitments of almost Rs 700 crores for nearly 80 transactions since starting operations in in late-2008.

"We will continue to work with our VC partners in thoughtfully and strategically expanding our operations while deploying capital in a responsible manner," InnoVen Capital Managing Director and CEO Ajay Hattangdi said.

Indian venture debt market, at a nascent stage, is expected to cross USD 1 billion on a cumulative basis in the next five-seven years.

Foraying into venture-debt lending market, Temasek had acquired SVB India Finance for Rs 300 crore and renamed it as InnoVen Capital India.

First Published: Wed, May 27 2015. 15:48 IST