Temasek acquires Mumbai based SVB India Finance, renames it InnoVen Capital India

SVB India Finance has today announced the completion of its acquisition by Temasek, an investment company based in Singapore. SVB India has been renamed to InnoVen Capital India. SVB India Finance provides venture debt to high-growth, innovative companies. The deal is pegged at approximately INR 300 crores, and is Temasek’s first step towards building a pan-Asian venture lending platform. (read our interview with SVB India MD, Vinod Murli)Till date, SVB India Finance (now InnoVen Capital India) has provided over 75 loans to more than 50 companies in India, aggregating an outlay of more than USD 110 million of venture debt in India. Some of the funded include Prizm Payments, Snapdeal, Myntra, Freecharge, Manthan Software, Firstcry, Faasos, Practo and Capillary Technologies. InnoVen Capital India has built strategic relationships with over 30 international and Indian VC funds across the country, and works closely to support their portfolio companies as they emerge and scale.

InnoVen will continue to fund VC-backed high growth, innovative companies operating across sectors such as technology, consumer, healthcare and cleantech, etc. Commenting on the acquisition, Ong Beng Teck, Managing Director, Enterprise Development Group, Temasek, said, “Temasek is committed to this platform as part of a broader pan-Asian venture debt financing initiative. India is a central piece of that initiative. We believe that the platform will be attractive to the start-up community in India – entrepreneurs, venture capitalists and angel investors – not just in the context of promoting the growth of innovative companies in India but also for their expansion as they seek to venture beyond India.”

Ajay Hattangdi, CEO & Managing Director, InnoVen Capital India said, “InnoVen Capital India has been able to attract a strong investor in Temasek. The funding and support from Temasek, will not only help us continue to remain the dominant player in venture debt business in India but also build a leading debt platform across key markets in Asia. The new board of directors, led by Madhabi Puri Buch, will add valuable experience to InnoVen Capital India in crafting its business in India and beyond.” (check out the top 10 global PE Firms and Hedge funds investing in India)

InnoVen Capital India will be independently managed with a reconstituted board of 5 members, which include:

•  Madhabi Puri Buch, former CEO of ICICI Securities as Chairperson, InnoVen Capital India
• Ajay Hattangdi, CEO & Managing Director, InnoVen Capital India
• Shantanu Mitra, CEO & Managing Director of Fullerton India as Non-Executive Director
• Aftab Mathur, Director, Enterprise Development Group, Temasek as a Non-Executive Director
• Ash Lilani, Managing Partner at Saama Capital and former President of India & China markets at Silicon Valley Bank as an Independent Director

Website: Innoven Capital