Bengaluru: Venture debt provider IntelleGrow said on Tuesday that it has raised $20 million ( 134 crore) in equity and long-term debt from Triodos, Developing World Markets (DWM), Omidyar Network (ON) and Calvert Foundation and Overseas Pvt. Investment Corp. (OPIC).

The firm had in February raised $8 million from Calvert Foundation, a US-based community development financial institution.

IntelleGrow, promoted by Intellecap group, gives cash flow-based debt to early-stage, high-risk and under-banked companies in India, especially in the social impact sector.

Venture debt is one way that start-ups that are confident of their business model can raise more capital with no loss of equity, as opposed to giving up equity or raising convertible debt, which is a hybrid part-debt, part-equity model.

IntelleGrow, which started in 2012, has so far lent about 350 crore to 100 companies in various sectors, including technology start-ups such as SEDEMAC, ATM management company Electronic Payment System and ophthalmologic companies such as EYE-Q.

“The Indian early-stage ecosystem has been starved of quality debt providers who could offer cash flow-based lending. IntelleGrow pioneered this concept with an impact thesis and the current fund raise would allow us to provide substantial funds to the start-up ecosystem in India," said Vineet Rai, chairman of IntelleGrow, in a statement.

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