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InnoVen Capital India today said it has completed eight new venture debt funding transactions this year and expects to double its new loan commitments to $50 million in 12-15 months.
The firm, now under the control of Singapore’s Temasek, provides debt financing to venture capital-backed early-stage and mid-growth companies.
In a statement, InnoVen Capital said it has closed venture debt financing to eight high-growth companies in the first four months of 2015.
The companies funded by InnoVen Capital are Capillary Technologies, Collectabillia.com, eShakti.com, Faasos, Greendust, Power2SME, Practo Technologies, and Zoomcar.
As the debt from InnoVen Capital is used for general corporate purposes, the funds will be used for product improvements, expansion into newer geographies, recruiting key management personnel and funding acquisitions.
Moreover, the company “expects to double its new loan commitments to $50 million in the next 12-15 months.”
InnoVen Capital, formerly known as SVB India Finance, have made loan commitments of almost Rs 700 crores for nearly 80 transactions since starting operations in India in late-2008.
“We will continue to work with our VC partners in thoughtfully and strategically expanding our operations while deploying capital in a responsible manner,” InnoVen Capital Managing Director and CEO Ajay Hattangdi said.
The Indian venture debt market, at a nascent stage, is expected to cross $1 billion on a cumulative basis in the next five-seven years.
Foraying into the venture-debt lending market, Temasek had acquired SVB India Finance for Rs 300 crore and renamed it as InnoVen Capital India.
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