Procurement News Notice |
|
| PNN | 8019 |
| Work Detail | Venture debt firm InnoVen Capital has backed social CRM startup Capillary Technologies and ed-tech company Simplilearn Solutions, the latest deals struck by the Temasek-backed specialty finance firm in the ongoing quarter. InnoVen, which also counts Singaporean multinational banking organisation United Overseas Bank as one of its primary backers, has lent about Rs 40 crore in aggregate to both ventures, with the transactions coming a little over a month after it extended $3 million (about Rs 20 crore) to fashion ecommerce platform Voonik. "The idea has been to really create a platform for venture debt across the entire Asian region... a lot of Indian companies have begun to look outside their domestic market, and as they begin to realise their global ambitions, they will need funding alternatives in their new markets as well," said Ajay Hattangdi, group COO for InnoVen Capital. In a departure from its usual lending strategy, InnoVen has invested in both Singapore-headquartered Capillary Technologies as well as in its whollyowned Indian subsidiary. "What we are trying to do is stitch together our presence as we grow across Asia, and create one unified platform that services clients across the board — whether in India, Asia or China," Hattangdi said. In March, the venture debt provider had announced its maiden deals outside its domestic market of India, having backed Malaysia-based KFit Holdings, an ecommerce health and fitness company that has raised funding from Sequoia Capital. It also provided venture debt financing to Thailand-based Pomelo, an ecommerce fashion company which is backed by Jungle Ventures. The deals come after both Capillary Technologies and Simplilearn have closed rounds of equity financing. While Capillary raised $45 million in its Series-C round led by private equity major Warburg Pincus, Simplilearn raised an undisclosed sum from Brand Capital, the investment arm of the Times Group which is the publisher of this newspaper. According to Hattangdi, InnoVen Capital is on course to surpass its first-quarter dealmaking pace. It closed the quarter ended April 2016 at venture debt transactions of Rs 87 crore, having lent to startups such as test preparation firm Byju's, on-demand logistics provider Shadowfax and used vehicles marketplace Credr, among others. In April last year, Temasek acquired SVB India Finance for about Rs 300 crore, and rebranded it as InnoVen Capital. Later in July, it was reported that Union Overseas Bank was in the process of picking up a 50% stake for an undisclosed amount. Both backers have committed to provide paid-up capital of about $200 million in the firm. |
| Country | India , Southern Asia |
| Industry | Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | http://economictimes.indiatimes.com/small-biz/money/innoven-capital-lends-rs-40-crore-to-capillary-simplilearn/articleshow/54041635.cms |
