InnoVen Capital, Asia’s leading venture debt and specialty lending business has announced deals funded in the second quarter for FY17. The company has provided venture debt worth over $20 million in 15 deals across new clients on-boarded and existing portfolio companies that have exhibited strong performance.
Among the new clients that InnoVen Capital has added to its growing portfolio are: OYO Rooms - Indian hotel brand that owns & operates as well as aggregates standardized hotel rooms, RAW Pressery - fresh cold pressed juices, Rentomojo - onlinefurniture rental platform, Treebo -chain of budget hotels, HolaChef - online restaurant and food delivery platform, Fabhotels- budget hotel chain, and Crownit - a marketing and cashback app. InnoVen has also provided further funding to existing clients:Voonik, Bluestone, Koye Pharmaceuticals,Faaso’sFoods and ChaiPointin tandem with their respective financing needs.
Between July and September this year, InnoVen as a platform has also closed its first two cross-border deals with Capillary Technologies and Simplilearn, in order to cater to their global aspirations and requirements. Further, InnoVen has also been able to leverage its relationship with various partner banks and by extension, has added other debt options such as working capital facilities and operating lease structures to offer capital efficient solutions to their portfolio companies.
Vinod Murali, Managing Director, InnoVen Capital, commented, “InnoVen had another strong quarter led by traction in the consumer sector. While the equity environment continues to remain lukewarm, we believe that strong businesses are able to attract capital – both equity and venture debt and in fact venture debt is growing in proportion to equity. We have also started two new initiatives – InnoVenConnect and InnoVenSupport to contribute to the ecosystem by providing platforms for networking for early stage founders and investors,and also enable assistance in functional areas like Finance, Marketing, Legal, etc.”
Temasek and United Overseas Bank (UOB) are the investors in InnoVen Capital, and have committed a total of $200 million for building out the platform in Asia.