Temasek, UOB invest $200m in venture debt provider InnoVen Capital

Chin Chao at the Asia PE-VC Summit 2016 in Singapore. Photo: DEALSTREETASIA

Singapore-based venture debt provider InnoVen Capital has announced raising an additional $200 million in capital commitment, with the city state’s investment arm Temasek and United Overseas Bank each contributing $100 million.

InnoVen Capital, which has offices in India, China, and Singapore, said the additional commitment will help it tap the potential in Asia’s venture debt space.

“The additional capital from our shareholders allows us to engage even more start-ups and to continue to build out a truly, unique platform which allows InnoVen to collaborate with the best VCs, corporates and entrepreneurs from across all of Asia,” said InnoVen Capital Singapore and Southeast Asia CEO Chin Chao.

InnoVen Capital was formed in 2015 with the acquisition of Silicon Valley Bank’s business in India by Temasek Holdings and UOB where both had committed $100 million each to the paid up capital of InnoVen Capital.

The firm provides debt financing to high growth and innovative tech startups, and has since supported over 200 start-ups, with over $500 million in financing. It offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, working capital facilities, and others. Some of its notable investments include Swiggy, Oyo, Byju’s, UCommune, Momenta, Akulaku, Carsome and RedDoorz.

“Access to additional equity capital along with the ability to leverage the balance sheet will position us well, as we drive an ambitious growth agenda,” added InnoVen Capital India CEO Ashish Sharma.

The venture lending firm entered China a little over a year back and has already built a portfolio of nearly 30 leading startups across sectors. “With additional capital commitment from our shareholders, I firmly believe that InnoVen Capital will continue to promote the growth of more innovative companies, and provide more diversified forms of financing for startups in Asia,” added InnoVen Capital China managing director Yingxue Cao.