Co-founders depart India VC debt provider InnoVen

The two are currently serving their notice period, which will end in mid-July, Hattangdi told AVCJ. At their new firm, they plan to pursue the venture lending strategy that they originated at InnoVen. Speaking to The Economic Times, InnoVen confirmed that the two had departed and that the firm was currently seeking replacements.

Hattangdi and Murali launched the firm, then called SVB India Finance, in 2008 as the India arm of US-based Silicon Valley Bank (SVB). It was the first dedicated venture debt platform in India, though other players have since joined the field including Intellegrow and Trifecta Capital Partners. SVB India’s clients included the likes of Snapdeal and Freecharge.

Singapore’s Temasek Holdings acquired SVB India for INR3 billion ($48 million) in 2015, changing the name to InnoVen and planning to expand the firm into a pan-Asian source of credit. Investments since the acquisition have aimed to push this regional focus, such as the $6 million commitment last year to Indian software provider Capillary Technologies and educational technology start-up Simplilearn, both of which were seeking to expand into Southeast Asia.

Before joining SVB, Hattangdi and Murali worked at Citibank. Murali was a manager and later assistant vice president for corporate banking in India, while Hattangdi was head of venture lending and head of strategy for corporate and investment banking.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• People
• GPs
• India
• Innoven Capital
• Venture
• Appointments