InnoVen receives $200 M funding commitment from existing shareholders
InnoVen Capital has received a new funding commitment of $200 million from its existing shareholders Temasek and United Overseas Bank Limited. The shareholders committed $100 million each. According to a statement by InnoVen, the additional commitment will allow it to tap the immense potential in the venture debt space across Asia.
Operating in India, China and South East Asia, InnoVen Capital has so far supported over 200 startups, disbursing over $500 million in debt funding.
Ashish Sharma, CEO, InnoVen Capital India, said, “As the largest venture debt provider in India and a leading player in Asia, we are excited to continue working with passionate founders to support innovative ideas. Access to additional equity capital along with the ability to leverage the balance sheet will position us well as we drive an ambitious growth agenda.”
The firm recently invested det capital of Rs 12 crore in healthcare platform Docsapp. Over the last two years, InnoVen has been aggressively investing in the Indian startup ecosystem. In the first half of 2018, it announced it had disbursed Rs 300 crore of a committed Rs 418 crore.
Chin Chao, CEO, InnoVen Capital Singapore and Southeast Asia, said in a press statement, “InnoVen has rapidly become the leading venture lender in Southeast Asia, helping entrepreneurs accelerate their company’s growth while minimising equity dilution. The additional capital from our shareholders allows us to engage even more startups and to continue to build out a truly unique platform which allows InnoVen to collaborate with the best VCs, corporates and entrepreneurs from across all of Asia.”
Some of InnoVen India's follow-on funding transactions include Pepperfry, Power2SME, Chaipoint, Capillary, Treebo, Bizongo, Epigamia, and Shadowfax. Of the total disbursements in H1-2018, close to 60 percent was follow-on funding to existing portfolio companies to support them through their growth journey. InnoVen closed 22 transactions in the first half of 2018.
Yingxue Cao, Managing Director, InnoVen Capital China, said, “InnoVen Capital China entered the China market a little over a year ago and has already built a portfolio of nearly 30 leading startups across sectors. With the additional capital commitment from our shareholders, I firmly believe that InnoVen Capital will continue to promote the growth of more innovative companies, and provide more diversified forms of financing for startups in Asia.”