InnoVen names ex-GE executive as new CEO

Sharma will replace Chin Chao, InnoVen's CEO for Singapore and Southeast Asia, who stepped in as interim India CEO following the departure of co-founders Ajay Hattangdi and Vinod Murali earlier this year. His appointment is effective immediately, according to a story in The Economic Times linked from InnoVen's Twitter account.

Sharma has been at General Electric since 1998, when he joined the US-based conglomerate as a financial analyst. He moved to GE Capital, the financial services unit, in 2005, becoming senior vice president and head of strategy for business development and M&A in the global office. GE Capital named him as its CEO for India in 2014.

InnoVen, India's first dedicated venture debt platform, was founded in 2008 as SVB India Finance, the India arm of US-based Silicon Valley Bank (SVB). In 2015 SVB sold the business to Temasek, which changed the name to InnoVen. United Overseas Bank bought a 50% stake in the firm the same year.

Currently InnoVen is seeking to grow its exposure to markets beyond India and become a pan-Asian source of credit. Investments in this vein include a $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.

Following their departure from InnoVen, Hattangdi and Murali launched a new firm, Alteria Capital, that will focus exclusively on venture debt opportunities in India. The firm is targeting $155 million for its first fund, which it plans to close early next year.

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• Topics
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