Venture debt firm InnoVen Capital has announced that CEO of Singapore and Southeast Asia region, Chin Chao will take an additional charge as the interim CEO for its India operations. The appointment is on an immediate basis, while the Board continues to the search for a permanent CEO.
The appointment of Chin Chao comes a month after Ajay Hattangdi and Vinod Murali quit as CEO and deputy CEO respectively to start their own venture debt firm.
Commenting on his appointment, Mr Shantanu Mitra, Chairman of InnoVen, said, “Our shareholders and Board remain committed to InnoVen. We have a strong and dedicated team on the ground in India, and are making good progress in identifying a new CEO to lead the company. Together with the team, Chin Chao will ensure that all our clients and partners remain well supported, and that start-ups looking to grow their business will have access to the strategic support and funding they require.”
Mr Chin Chao has over 15 years of experience in the venture capital and venture debt space, he will succeed Mr Ajay Hattangdi in leading the Group’s business in India, in addition to Singapore and Southeast Asia.
InnoVen is a Pan-Asian venture debt platform jointly owned by UOB and Temasek, with offices in Mumbai, Singapore and Beijing. As India’s oldest and largest venture debt platform, InnoVen has since supported and provided over $225 million in capital to more than 100 high growth and innovative tech startups across India.
The company manage portfolio companies which include Oyo Rooms, Swiggy, Byju’s, Nestaway, Pepperfry, Prizm Payments, Shaadi.com, Shopclues, Myntra, Freecharge, Manthan Software, Firstcry, Practo and Capillary Technologies.
Venture debt has become a greater choice to raise money in the last couple of years. The segment is growing in India even as venture capital activity is seeing a slowdown as it rarely involves stake dilution by the promoters and provides more time to companies to grow. Besides, InnoVen Capital, there are a couple other players such as Trifecta Capital Advisors, Bengaluru-based Capital Float, IFMR Capital, Lendingkart and others in the market.