Venture Debt Fund Innoven Capital raises $100 million towards First close of New Fund
InnoVen Capital, a venture debt firm, has raised Rs 740 crore ($100 million) for the first closure of its new fund. According to the firm, the fund's target corpus is Rs 1,000 crore, with a green shoe option to raise an additional Rs 1,000 crore.
According to the press announcement, Innoven Capital Pte Ltd, a joint venture between Seviora (Temasek) and United Overseas Bank, is the fund's anchor investor. “While the fund is stage and sector agnostic, the primary focus will be on sectors such as consumer internet, B2B commerce, enterprise software, fintech, healthtech and logistics,” the firm said.
With over 180 startups, InnoVen has completed over 250 deals. It has disbursed almost $400 million since 2017. The business claims that its portfolio companies have raised more than $20 billion in outside financing and are now worth more than $70 billion.
Byju's, Swiggy, Oyo Hotels & Homes, Eruditus, DailyHunt, PharmEasy, Infra.Market, Zetwerk, Moglix, FirstCry, BharatPe, boAT, Licious, Blackbuck, Rebel Foods, and OfBusiness are among its portfolio firms.
“India is now home to more than 50 startup unicorns and the third largest venture ecosystem globally. Over the years, we have been fortunate to partner with some of the best founders and startups, including 17 that achieved a unicorn status,” said Ashish Sharma, managing partner at InnoVen Capital.
A venture debt fund invests in businesses alongside equity investors, providing financing to assist them fulfil their working capital and other debt needs. In exchange for the loan, these funds receive a modest equity stake in the company, which provides them with equity upside when the company's valuations rise. Because of the cyclical nature of the capital deployed, a venture debt fund can typically invest more than the total funds received.
“With record fundraising and a vibrant IPO market, we expect a multifold rise in formation of new startups, which will lead to higher demand for venture debt in the future,” said Sameer Mansukhani, partner at InnoVen Capital. “Venture debt is now an integral part of financing rounds and founders have a good appreciation of the product.”
According to the press announcement, Innoven Capital Pte Ltd, a joint venture between Seviora (Temasek) and United Overseas Bank, is the fund's anchor investor. “While the fund is stage and sector agnostic, the primary focus will be on sectors such as consumer internet, B2B commerce, enterprise software, fintech, healthtech and logistics,” the firm said.
With over 180 startups, InnoVen has completed over 250 deals. It has disbursed almost $400 million since 2017. The business claims that its portfolio companies have raised more than $20 billion in outside financing and are now worth more than $70 billion.
Byju's, Swiggy, Oyo Hotels & Homes, Eruditus, DailyHunt, PharmEasy, Infra.Market, Zetwerk, Moglix, FirstCry, BharatPe, boAT, Licious, Blackbuck, Rebel Foods, and OfBusiness are among its portfolio firms.
“India is now home to more than 50 startup unicorns and the third largest venture ecosystem globally. Over the years, we have been fortunate to partner with some of the best founders and startups, including 17 that achieved a unicorn status,” said Ashish Sharma, managing partner at InnoVen Capital.
A venture debt fund invests in businesses alongside equity investors, providing financing to assist them fulfil their working capital and other debt needs. In exchange for the loan, these funds receive a modest equity stake in the company, which provides them with equity upside when the company's valuations rise. Because of the cyclical nature of the capital deployed, a venture debt fund can typically invest more than the total funds received.
“With record fundraising and a vibrant IPO market, we expect a multifold rise in formation of new startups, which will lead to higher demand for venture debt in the future,” said Sameer Mansukhani, partner at InnoVen Capital. “Venture debt is now an integral part of financing rounds and founders have a good appreciation of the product.”
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