India: InnoVen Capital hits first close of new debt fund at $100m

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InnoVen Capital India Fund, a category II alternative investment fund sponsored by venture debt provider InnoVen Capital, has hit the first close of ₹740 crore. The fund has a target corpus of ₹1,000 crore with a greenshoe option to raise an additional ₹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 Singapore’s state-owned investment arm 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, health-tech, and logistics.

“India is now home to 50+ unicorns and the third-largest venture eco-system globally. Over the years, we have been fortunate to partner with some of the best founders and start-ups, including 17 that have achieved a unicorn status. Our portfolio companies have raised over US $20 Billion of external capital and now valued at over US $70 Billion. We are thankful to our anchor investors for demonstrating their confidence in the team and look forward to bring in other investors as well,” said Ashish Sharma, Managing Partner of InnoVen Capital.

In India, InnoVen Capital has executed over 250 transactions with more than 180 start-ups. Since 2017, the platform has disbursed approximately $400 million to Indian start-ups. Portfolio companies have raised over $20 billion of external capital and are now valued at over $70 billion. InnoVen has backed start-ups in the country including Byjus, Swiggy, Oyo Rooms, Eruditus, DailyHunt, PharmEasy, Infra.Market, Zetwerk, Moglix, FirstCry, BharatPe, boAT, Licious, Blackbuck, Rebel Foods, Ofbusiness, amongst others.

“At InnoVen, we continue to champion the rise of entrepreneurship and be an active participant in the growth of the venture eco-system. The new fund will help us to engage with even more start-ups and to continue to build out a truly, unique platform which collaborates with the best founders and Investors,” said Tarana Lalwani, Partner at InnoVen Capital.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.