Omidyar in $20m round for Indian venture debt player
Intellegrow Finance, a non-banking financial company (NBFC) and venture debt lender that targets small and growing businesses in India, has raised INR1.34 billion ($20 million) from investors including existing backer Omidyar Network.
Other participants in the funding round included Triodos Investment Management, the investment arm of Europe's Triodos Bank; US-based fund manager Developing World Markets; community development financial institution (DFI) Calvert Foundation; and US government-backed DFI Overseas Private Investment Corporation (OPIC).
Financial details of the transaction have not been disclosed; however, media reports indicate that the investment was made through a combination of equity and long-term debt. The company will use the new capital to offer further loans to start-ups in India.
Intellegrow, founded in 2012 by early-stage GP Intellecap Capital Advisory Services, has supported around 100 companies across a wide range of sectors, including energy, agriculture supply chain, healthcare, sanitation, education and financial inclusion.
It manages a total loan portfolio of around INR3.5 billion, and has lent to such start-ups as ATM management company Electronic Payment System and eye clinic chain Eye-Q Vision, which is also supported by the International Finance Corporation (IFC), Nexus Venture Partners and Helion Venture Partners.
A number of venture debt providers, including InnoVen Capital (formerly SVB India) and Trifecta Capital Partners, have taken root in India, seeking opportunities in a space seen as underserved amid the country's maturing venture capital ecosystem.
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