InnoVen Capital India raises $100m to hit first close of new fund

Venture debt firm InnoVen Capital India has raised 7.4 billion rupees (US$100 million) for the domestically focused fund.

More details

• Stage: First close
• Investor: Innoven Capital Pte Ltd, which is a joint venture between Temasek unit Seviora and United Overseas Bank
• Target size: US$134 million, with a greenshoe option to raise an additional US$134 million
• Sectors: Primary focus on industries such as business-to-business commerce, enterprise software, fintech, healthtech, and logistics

More company updates

• The venture debt firm said it expects to start disbursing credit from the fund soon.
• The company added it has conducted more than 250 transactions involving over 180 startups to date. Since 2017, it has lent out about US$400 million to Indian startups.
• As many as 17 InnoVen Capital-backed startups in India have achieved unicorn status. Its portfolio companies have raised a combined total of over US$20 billion of external capital and are cumulatively valued at over US$70 billion.
• The debt firm has backed the likes of Byju’s, Swiggy, Oyo, Eruditus, DailyHunt, PharmEasy, and Infra.Market, among others.

Currency converted from Indian rupee to US dollar: US$1 = 74.26 rupees.