InnoVen Capital, now under the control of Singapore's Temasek, is firming up plans to step up debt financing and provide a pan-Asian platform for early-stage companies.
Foraying into venture-debt lending market, Temasek has acquired SVB India Finance for Rs 300 crore and renamed it as InnoVen Capital India.
The firm provides debt financing to venture capital-backed early-stage and mid-growth companies.
It has extended funding for various firms, including Snapdeal, Myntra and Freecharge.
Innoven Capital's CEO and Managing Director Ajay Hattangdi told PTI that it would seek to increase debt financing activity and help Indian entities looking to expand within the country and overseas.
Noting that the momentum has picked up in the past 12-18 months, he said the focus would be on having a pan-Asian platform for providing growth capital to companies.
It plans to sharpen the venture debt market in India and South Asia.
Asked about immediate investment plans, he did not elaborate, but said the company is not particularly focused on any specific sector.
Till now, SVB India has provided over 75 loans to over 50 companies in India, aggregating an outlay of more than USD 110 million of venture debt in India.
"Some of the high-growth, innovative companies funded include Prizm Payments, Snapdeal, Myntra, Freecharge, Manthan Software, Firstcry, Faaso's, Practo and Capillary Technologies," it said in a statement.
Indian venture debt market, at a nascent stage, is expected to cross USD 1 billion on a cumulative basis in the next 5-7 years.
Madhabi Puri Buch, former CEO of ICICI Securities, has been appointed Chairperson of InnoVen Capital.
