Temasek completes acquisition of SVB India
Singapore's Temasek Holdings has completed its acquisition of SVB India Finance for INR3 billion ($48 million) and renamed the company. It will now be known as InnoVen Capital India.
The completion of the deal, which was first announced in January, represents Temasek's entry into India's venture debt market and the first step in building a pan-Asian venture lending platform, according to a release. Temasek appointed a five-member board chaired by former ICICI Securities CEO Madhabi Puri Buch to run InnoVen independently.
US-based Silicon Valley Bank launched SVB India in 2008. The company was the first dedicated venture debt platform in India, and has backed such prominent startups as Snapdeal and FreeCharge. It provides collateral-free loans of up to INR150 million on terms of six months to three years.
Temasek enters the venture debt sector at a time when the field is attracting increasing amounts of interest. Recently established players include IntelleGrow, founded in 2012 to target pre-Series A companies, and Trifecta Capital Partners, which unlike the other two invests out of a fund structure rather than as a non-banking finance company (NBFC).
Though InnoVen is Temasek's first Indian venture debt asset, it does participate in the country's financing sector though its subsidiary Fullerton India Credit Company (FICCL), one of India's largest foreign-controlled NBFCs. FICCL mainly lends to small and medium enterprises.
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