New Delhi: Venture debt firm InnoVen Capital India Tuesday said it has extended loans worth a total of $6 million to consumer analytics company Capillary Technologies Pvt. Ltd and education technology start-up Simplilearn Solutions Pvt. Ltd.
Backed by Singapore’s sovereign wealth fund Temasek Holdings Pvt. Ltd, InnoVen Capital extends growth capital in the form of debt to start-ups in south-east Asia, in the range of $50,000 to $5 million for an average of 36 months at an interest rate of 13-19%
“Usually, the companies we give loans to are at growth stage, (and) have at least raised series A round of equity and would soon be raising next round of funding, so that their cash flows and (their) capacity to repay (the principal along with monthly interest) is not compromised,” said Ajay Hattangdi, group chief operating officer and chief executive officer (India) of InnoVen..
Bengaluru-based Capillary, which provides customer relationship management software and marketing analytics for retailers, has raised about $80 million in venture funding so far and is backed by Sequoia Capital, Norwest Venture Partners and Warburg Pincus.
“Capillary Technologies is committed to launch industry-first omni-channel innovations for Asian retail market. We continue to grow twofold year-on-year with a strong focus on profitability,” said Aneesh Reddy, a Capillary co-founder.
Founded in 2008 by Reddy, Krishna Mehra, and Ajay Modani, Capillary, until February was present in 30 countries across 20,000 stores, and makes software for offline retailers to manage customer information, drive promotions and derive data insights, Mint had reported.
Simplilearn, an education-technology company founded in 2009 by Krishna Kumar, trains information technology professionals online to help them earn certifications in areas like project management and analytics. As of February, the company had 450 people and training 20,000 people every month on the back of $28 million it has raised from multiple funds, Mint had reported.
“InnoVen Capital’s unified venture debt platform which is integrated across our regional teams helps clients to access growth capital globally. Our ability to provide loans across geographies enables clients like Capillary and Simplilearn to rationalise costs while enjoying more flexibility in their funding options,” said Hattangdi in a statement.
Backed by Temasek and United Overseas Bank, Singapore, InnoVen Capital, have committed a total of $200 million for building out the platform in Asia. The company has extended 120 loans worth Rs.1,100 crore
since 2007, out of which 87 loans were extended tp start-ups, such as Snapdeal, Myntra, Freecharge, among others.
Mint reported in July that the fund had extended loan of around $12 million to eight start-ups in the quarter ending June.