InnoVen Capital India Fund announces first close at Rs 740 Cr

While the fund is stage and sector agnostic, InnoVen Capital India Fund's primary focus will be on sectors such as consumer internet, B2B commerce, enterprise software, fintech, healthtech and, logistics.
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InnoVen Capital India Fund, a Category II, SEBI registered AIF (Alternative Investment Fund), recently announced the first close of its new fund at approximately Rs 740 crore ($100 million equivalent).

The fund has a  target corpus of Rs 1,000 crore, with a green shoe option to raise an additional Rs 1,000 crore. The  first close was done with anchor investor Innoven Capital Pte Ltd, a joint venture between Seviora (a wholly-owned subsidiary of Temasek) and United Overseas Bank. 

While the fund is stage and sector agnostic, the primary focus will be on sectors such as consumer internet, B2B commerce, enterprise software, fintech, healthtech, and logistics.

Ashish Sharma, Managing Partner, said,

“India is now home to 50+ unicorns and the third largest venture ecosystem globally. Over the years, we have been fortunate to partner with some of the best founders and startups, including 17 that have achieved a unicorn status. Our portfolio companies  have raised over $20 billion of external capital and are now valued at over $70 billion. We are thankful to our anchor investors for demonstrating their confidence in the team and look forward to bringing in other investors as well.” 

Ashish Sharma, Managing Partner, InnoVen Capital

InnoVen Capital claims to be the first dedicated venture debt provider in India and a venture debt platform in the region. In India, it has executed over 250 transactions with more than 180 startups. Since 2017, the platform has disbursed approximately $400 million into Indian startups. Its portfolio companies have raised over $20 billion of external capital and are now valued at over $70 billion. 

InnoVen has backed some leading startups in the country including BYJU's, Swiggy, Oyo Rooms, Eruditus, DailyHunt, PharmEasy, Infra.Market, Zetwerk, Moglix, FirstCry, BharatPe, boAT, Licious, Blackbuck, Rebel Foods, Ofbusiness, and many more.

Tarana Lalwani, Partner, said,

“At InnoVen, we continue to champion the rise of entrepreneurship and be an active participant in the growth of the venture ecosystem. The new fund will help us to  engage with even more startups and continue to build out a truly, unique platform which  collaborates with the best founders and investors.”

“With record fundraising and a vibrant IPO market, we expect a  multi-fold increase in the formation of new startups, which will lead to higher demand for venture debt in the future. Venture debt is now an integral part of financing rounds and founders have a good  appreciation of the product. We have built a robust pipeline and expect to start disbursing from the  fund soon,” added Partner Sameer Mansukhani.

Edited by Megha Reddy