InnoVen Capital, Asia’s leading venture debt and specialty lending business, recently released its quarterly performance report for Q2FY18, which strengthens its position as the market leader and reinforces ability to support a combination of On-shore/Off-shore funding to high growth start-ups in the Indian and South-east Asian region. In the last quarter, InnoVen India has closed deals worth USD 26 million across different sectors including online travel, logistics and SaaS.
Some of the prominent deals include INR 50 crore funded to Blackbuck, a leading marketplace in the highly-fragmented logistics space in India, which helps clients with effective fleet management. InnoVen also extended an on-shore/off-shore funding of INR 100 crore to NASDAQ-listed Indian travel services provider Yatra.com. A similar on-shore/off-shore funding was extended to Ace Turtle which acts as omni-channel partner for brands and retailers in India and South-east Asia.
Commenting on the InnoVen as venture debt partner, Rajesh Yabaji, Co-founder and CEO of Blackbuck said, “We are delighted to partner with InnoVen Capital. We have had a very good experience of working with them through the process and look forward to a deeper collaboration. They are an excellent team of skilled people who are entrepreneur friendly and understand the business and related challenges for new age companies”.
Commenting on the cross-border platform, Nitin Chhabra, CEO, Ace Turtle said, “InnoVen Capital has been closely involved with the start-up ecosystem in India and Singapore. As we look to build on our high growth journey in these regions, they were able to solve our capital requirement problem locally for both regions”.
Commenting on the last quarter performance, Ashish Sharma, CEO, InnoVen Capital, India said, “We are seeing strong interest from start-ups to explore venture debt as a means of financing. Given our Asian footprint across India, South-east Asia and recently, China, we are able to offer a unique value proposition to support Indian companies which have global aspirations. Our combination of on-shore/off-shore funding helps such companies optimize their funding mix & costs”.
InnoVen Capital also launched its operations in China this year aiming to offer multiple debt solutions across geographies. As of end of September, 2017, InnoVen Capital has cumulatively funded venture debt worth over USD 270 million in more than 125 innovative tech start-ups across India and South-east Asia.