InnoVen Capital (formerly SVB India, a venture debt arm of Silicon Valley Bank), which was recently acquired by Singapore government’s investment arm Temasek, has disclosed eight new portfolio companies.
It said it has provided venture debt funding to Capillary Technologies (SaaS), Collectabillia (e-commerce), eShakti (e-commerce), Faasos (food-tech), Greendust (e-commerce), Power2SME (B2B e-commerce), Practo Technologies (health-tech) and Zoomcar (self-drive car rentals) since January 1.
The firms will use the money for product improvements, expansion into newer geographies, recruiting key management personnel and funding acquisitions.
“Over the years, venture debt is becoming a more accepted and critical part of a company’s financing mix as entrepreneurs understand its role and benefits alongside that of venture capital. We will continue to work with our VC partners in thoughtfully and strategically expanding our operations while deploying capital in a responsible manner,” said Ajay Hattangdi, CEO and MD, InnoVen Capital.
Last month, Temasek completed the acquisition of Silicon Valley Bank (SVB)’s Indian venture debt arm for Rs 280 crore and renamed it as InnoVen Capital.
The firm is now looking to double its loan book in the country to $50 million over 12-15 months.
InnoVen Capital India claims to be the largest provider of debt financing to VC-backed early stage and mid-growth companies and says it has so far made loan commitments of almost Rs 700 crore across nearly 80 transactions since starting operations in India in late-2008. It works with over 30 VC partners, including Sequoia, IDG, Norwest, Kalaari Capital, Accel Partners, NEA, Helion, SAIF Partners, Mayfield and LightBox in lending to their portfolio companies.
The firm provides debt to early/growth-stage companies across sectors and stages.
Previously, it has invested in firms like Snapdeal, Freecharge, Manthan, Prizm Payments and Yatra.