Venture debt firm InnoVen Capital announced its Q4 results along with the year-end performance for FY 2016-17.
According to Venture debt firm, it has doubled its business last year to $85 million, as over 45 venture funded start-ups such as Oyo, Swiggy and Nestaway raised debt to build their business. Out of the 45 ventures, 31 are the new addition to their portfolio.
According to these numbers, InnoVen have doubled the growth as they have deployed close to $43 million during FTY 2015-16. Till now, the venture firm has funded over $225 million in 150 transactions to over 100 companies in India.
It is the first and leading venture debt provider to investor-backed startups across sectors and stages. In India, InnoVen Capital is positioned as the first and largest venture debt provider to venture capital backed start-ups in India across stages of growth and sectors. The Company has a credit rating of ‘IND AA-’ for its term borrowing and ‘IND A1+’ for its commercial paper issuances.
Vinod Murali, Deputy CEO India, InnoVen Capital explains: “It is difficult for conventional lenders to embrace loss-making, high growth startups but there is a clear need for alternative sources of capital for founders with minimal dilution. It is heartening to see that the focus on most startups has shifted decisively towards profitability and better unit economics vs expensive growth, which allows for sustainable businesses to be built on better foundations.”
InnoVen has its offices in Mumbai and Singapore. It was started in 2008 and the platform was re-branded InnoVen Capital following a buyout of the business led by Temasek Holdings and UOB Group in 2015. It currently has investor commitments of US$200 million.
InnoVen has invested in early- stage companies such as Flyrobe, Unbxd, Bizongo, Zoomin, Peppertap, Voonik, Hotelogix and Cloudcherry among others, but also the likes of Byju’s, Swiggy, Oyo Rooms, Practo and Pepperfry, which have raised anything between $75 million and $150 million in equity funding.
Ajay Hattangdi, Group COO and CEO India, InnoVen Capital, said in a statement that, “It is satisfying to see how the acceptance for our debt-funding product has grown over the years to a point where InnoVen has been among the most active participants in the Indian venture capital scene in 2016-17.” Read more about Indian Startup Ecosystem.