Temasek-backed venture debt firm InnoVen Capital has increased its lending to Indian startups by USD 8 million in second quarter of FY17.
The company funded deals worth 15 deals worth USD 20 million compared to USD 12 million in the previous quarter. Between July and September this year, InnoVen as a platform has also closed its first two cross-border deals with Capillary Technologies and Simplilearn, in order to cater to their global aspirations and requirements.
It has also been able to leverage its relationship with various partner banks and by extension, has added other debt options such as working capital facilities and operating lease structures to offer capital efficient solutions to their portfolio companies.
During this period, InnoVen added OYO Rooms, RAW Pressery, Rentomojo, HolaChef and Fabhotels, amongst others to its portfolio. The company also provided further funding to existing clients that includes, Voonik, Bluestone, Koye Pharmaceuticals, Faaso’s Foods and ChaiPoint.
Vinod Murali, Managing Director of InnoVen in a statement said, “InnoVen had another strong quarter led by traction in the consumer sector. While the equity environment continues to remain lukewarm, we believe that strong businesses are able to attract capital – both equity and venture debt and in fact venture debt is growing in proportion to equity.”
InnoVen has provided over 120 loans to more than 85 early and mid-growth stage startups, including Byju’s, Snapdeal, Freecharge, Myntra, Practo, Portea, Voonik and Manthan Systems among others. Temasek and United Overseas Bank (UOB) are the investors in InnoVen Capital, and have committed a total of USD 200 million for building out the platform in Asia.
Source: Money Control
