InnoVen Capital India Fund announces close of 1st fund at Rs 740 cr
The fund has a target corpus of Rs 1,000 crore. The AIF has a green shoe option to raise an additional Rs 1,000 crore
- Sep 30, 2021,
- Updated Sep 30, 2021 10:50 PM IST
InnoVen Capital India Fund, a Category II, SEBI-registered AIF recently announced the first close of its new fund at around Rs 740 crore ($100 million).
The fund has a target corpus of Rs 1,000 crore. The AIF has a green shoe option to raise an additional Rs 1,000 crore.
InnoVen Capital said in a statement that the first close was done with anchor investor InnoVen Capital Pte Ltd, a joint venture between Seviora (a wholly-owned subsidiary of Temasek) and United Overseas Bank.
While the fund is stage and sector agnostic, the primary focus will be on sectors such as Consumer Internet, B2B Commerce, Enterprise Software, Fintech, Health-Tech, and Logistics, the statement said.
With first close now achieved, the fund will start deploying and already has a healthy pipeline of opportunities, the venture debt provider said.
Speaking about the first close, Managing Partner Ashish Sharma said, "Over the years, we have been fortunate to partner with some of the best founders and start-ups, including 17 that have achieved a unicorn status."
Our portfolio companies have raised over $20 billion of external capital and are now valued at over $70 billion. he added.
"The new fund will help us to engage with even more start-ups and to continue to build out a truly, unique platform which collaborates with the best founders and Investors" said Tarana Lalwani, who is one of the partners of the venture debt provider fund.
Another partner Sameer Mansukhani said: "With record fundraising and a vibrant IPO market, we expect a multi-fold increase in formation of new start-ups, which will lead to higher demand for venture debt in the future."
InnoVen has backed some of the leading start-ups in the country, including Byjus, Swiggy, Oyo Rooms, Eruditus, Daily Hunt, among others.
Also Read: BP leads $25 mn funding round in EV ride-hailing and charging start-up BluSmart
Also Read: Ola Electric raises $200 mn in funding led by Softbank; valuation soars to $3 bn
InnoVen Capital India Fund, a Category II, SEBI-registered AIF recently announced the first close of its new fund at around Rs 740 crore ($100 million).
The fund has a target corpus of Rs 1,000 crore. The AIF has a green shoe option to raise an additional Rs 1,000 crore.
InnoVen Capital said in a statement that the first close was done with anchor investor InnoVen Capital Pte Ltd, a joint venture between Seviora (a wholly-owned subsidiary of Temasek) and United Overseas Bank.
While the fund is stage and sector agnostic, the primary focus will be on sectors such as Consumer Internet, B2B Commerce, Enterprise Software, Fintech, Health-Tech, and Logistics, the statement said.
With first close now achieved, the fund will start deploying and already has a healthy pipeline of opportunities, the venture debt provider said.
Speaking about the first close, Managing Partner Ashish Sharma said, "Over the years, we have been fortunate to partner with some of the best founders and start-ups, including 17 that have achieved a unicorn status."
Our portfolio companies have raised over $20 billion of external capital and are now valued at over $70 billion. he added.
"The new fund will help us to engage with even more start-ups and to continue to build out a truly, unique platform which collaborates with the best founders and Investors" said Tarana Lalwani, who is one of the partners of the venture debt provider fund.
Another partner Sameer Mansukhani said: "With record fundraising and a vibrant IPO market, we expect a multi-fold increase in formation of new start-ups, which will lead to higher demand for venture debt in the future."
InnoVen has backed some of the leading start-ups in the country, including Byjus, Swiggy, Oyo Rooms, Eruditus, Daily Hunt, among others.
Also Read: BP leads $25 mn funding round in EV ride-hailing and charging start-up BluSmart
Also Read: Ola Electric raises $200 mn in funding led by Softbank; valuation soars to $3 bn