InnoVen raises $200m from Temasek, UOB
InnoVen Capital, a venture debt firm active in India, China, and Southeast Asia, has raised $200 million from its primary shareholders Temasek Holdings and United Overseas Bank (UOB).
The new commitment was split evenly between Temasek and UOB, each of which has owned a 50% stake in the firm since 2015. InnoVen will use the capital to expand its lending portfolio across Asia. The firm claims to have made 14 investments so far in 2019 and plans to complete at least four more deals by next month.
InnoVen was launched in 2008 as SVB India Finance, the India arm of US-based Silicon Valley Bank and the first dedicated venture debt platform in India. SVB sold the business to Temasek in 2015 for INR3 billion ($48 million); the new owner changed the platform's name to InnoVen and brought in UOB as a joint sponsor the same year.
Initially active only in India, InnoVen now has offices in Southeast Asia and China and has committed over $500 million to more than 200 companies. Its portfolio includes a number of prominent regional technology players such as Indian food delivery app Swiggy and hotel-booking platform Oyo; Southeast Asian enterprise software provider Deskera; and Chinese autonomous driving technology developer Momenta.
InnoVen is credited with pioneering a venture debt market that has seen a growing number of providers step forward in recent years, particularly in India. The firm's competitors in its oldest market include Trifecta Capital, Intellegro Finance, and Alteria Capital, which was launched in 2017 by InnoVen co-founders Ajay Hattangdi and Vinod Murali and is currently raising its debut fund.
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