Fri. Mar 29th, 2024

InnoVen Capital, which is one of the largest venture debt firm in India, has appointed Chin Chao as the interim CEO of its India operations. Chin Chao is also the current CEO for InnoVen’s Singapore and Southeast Asia business.

He will take charge of the India operations effective immediately. In the meantime, the board of the company continues the search process for a permanent CEO, which it hopes to complete over the next quarter.

The appointment comes a month after Ajay Hattangdi and Vinod Murali quit from their role as CEO and deputy CEO respectively, to start their own venture debt firm.

Shantanu Mitra, chairman of InnoVen Capital, said, “The shareholders, UOB and Temasek, and the board are deeply committed to InnoVen. We have a strong and dedicated team on the ground in India, and are currently 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 startups looking to grow their business will have access to the strategic support and funding they require. We have also built deep relationships with the wider early-stage tech ecosystem over the years and are positive that the strong business momentum will continue.”

The venture debt fund Innoven Capital has lent funding to some of the largest startups like Byju’s, Swiggy, OYO Rooms, Practo, Snapdeal and Pepperfry with total investments worth Rs 1,500 crore. Since 2015, the firm has doubled the total capital deployed from $110 million to $225 million at the end of March 2017.

By Jeet