After equity it is debt financing for SVB in India. The parent company of Silicon Valley Bank, SVB Financial Group, has announced opening of its non-bank venture lending operation in India, SVB India Finance Pvt. Ltd. The venture lending arm will provide debt capital to domestic, venture-backed, early and mid-stage, high growth companies in India. SVB is active in India through its venture capital arm, SVB India Capital Partners, where it has made co-investments in companies with other funds.
It also operates a cross-border consulting arm, SVB India Advisors Pvt. Ltd. The new venture lending operation will complement SVB’s venture capital operations in India. The venture lending operations will be headed by Ajay Hattangdi, who was leading Citigroup’s venture lending operations in India. Ash Lilani will serve as the firm’s CEO. SVB opened up offices in Bangalore in 2004 and Mumbai in 2007.
“The entrepreneurial environment in India is vibrant,” said Ash Lilani, President, India and China, SVB Financial Group. “Entrepreneurs with high quality ideas are abundant and the number of venture capital firms focused on domestic Indian companies has grown remarkably. We are excited about the opportunity and have brought together an experienced team.”
“Lending to venture-backed, fast growing companies is what we do best. We have been successful in this business for 25 years and our global strategy is extending our expertise to help entrepreneurs succeed worldwide,” said Ken Wilcox, president and CEO of SVB Financial Group.
SVB’s venture capital strategy in India has been to make co-investments and it has invested in companies such as Geodesic Techniques, Genesis Colors etc. from a $54 million equity fund. SVB India Finance will operate as a wholly-owned subsidiary of SVB Financial Group. SVB, which is licensed by the RBI as a non-bank financial
company and will lend growth capital to domestic Indian, venture capital and private equity backed companies, also plans to take a commercial banking licence in the future.
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