Venture debt fund Innoven Capital has reportedly extended debt funding of more than $16 Mn in 13 new startups. As per the statement issued by the fund, the deployment for the year totalled about $58.6 Mn, across 43 loans, to 35 startups. Out of these, 26 investments were new additions to the portfolio.
Few of these new companies include food ordering & delivery startup Swiggy, furniture rental startup Furlenco, online insurance provider Coverfox, apparel rental firm Flyrobe, branded accommodation firm Zelo, product recommendation platform for e-commerce firms Unbxd and advertising firm Surewaves. Apart from these, the quarter also saw repeat deals done in e-commerce logistics firm XpressBees and celebrity fashion brand portal Universal Sportsbiz.
InnoVen Capital also provided cross-border funding to Capillary Technologies and Simplilearn to finance the global operations of these companies.
Speaking about the funding, Vinod Murali, MD of InnoVen Capital said, “Venture debt is steadily getting established as an important component of funding rounds. Our ability to fund cheque sizes ranging from INR 2 Cr–INR 50 Cr allows us to straddle the different lifecycle stages of companies. We are also actively exploring debt funding for growth-stage, non-VC backed companies as well, which have the ability to show differentiation that translates to enterprise value.”
Temasek-backed InnoVen Capital was founded in 2008. Formerly known as SVB India Finance, it was rebranded as a result of being acquired by Singapore-based Temasek Holdings in 2015. The fund has handed over 140 loans to more than 90 early and mid-growth stage startups, including BYJU’s, Snapdeal, Freecharge, Myntra, Practo, Portea, Voonik, etc.