Thu, May 25, 2017 | updated 06:52 AM IST

InnoVen Capital adds 26 new companies to its portfolio

Updated: Jan 09, 2017 15:18 IST      
InnoVen Capital adds 26 new companies to its portfolio

New Delhi [India], Jan 9 (ANI): Asia's leading venture debt and specialty lending business InnoVen Capital has announced the deals done in the last quarter of 2016 and aggregate funds disbursed in the year.

During Q4 2016, InnoVen extended debt funding of more than Rs.110 crore in 13 new deals, whilst its deployment for the year totaled to almost Rs.400 crore across 43 loans to 35 start-ups of which 26 were new additions to the portfolio.

Since its inception, InnoVen has provided over Rs.1260 crore in venture debt across 140 deals from diverse sectors.

Those funded in the last three months include Swiggy (food ordering and

delivery service), Coverfox (online insurance provider), Furlenco (furniture rental-company), Flyrobe (apparel rental company), Zelo (branded PGs), Unbxd (site search and product recommendation solutions), Surewaves (advertising platform) and include repeat deals done with XpressBees (e-commerce logistics) and Universal Sportsbiz (celebrity fashion brands).

InnoVen continues to actively co-invest in diverse sectors such as e-commerce, food-tech, logistics, education, enterprise-tech and healthcare.

Out of the total funding, 55 percent comprised of venture debt to early stage companies whereas 45 percent was growth capital to businesses that are relatively larger. Furthermore, InnoVen also provided cross border funding to Capillary Technologies and Simplilearn to finance the global operations of these companies. Recently, the firm also launched InnoVen Credit Assistance Program (InnoVen CAP) in order to help select portfolio companies meet their working capital or capital expenditure needs in partnership with banks to structure debt solutions that can optimize overall cash flow efficiency for these businesses.

"Venture debt is steadily getting established as an important component of funding rounds. Our ability to fund cheque sizes ranging from Rs. 2 crore-50 crore allows us to straddle 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. In these cases, our underwriting approach is a little bit different but we try and restrict this to new economy sectors where there is familiarity. India continues to be an attractive startup ecosystem but the recent phase of recalibration is a good wake up call to ensure value meets capital appropriately where venture debt, similar to equity, continues to be available in strong supply but the bar for good businesses has gone up sharply." (ANI)

Aviva Life Insurance Bags 'Product of the Year 2017'

Updated: May 24, 2017 20:42 IST     

New Delhi [India], May 24 (ANI-Businesswire India): Aviva Heart Care has been voted as Product of the Year 2017, for product innovation in the insurance category.

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Union Cabinet scraps FIPB

Updated: May 24, 2017 19:07 IST     

New Delhi [India], May 24(ANI): The Union Cabinet on Monday abolished the 25 year old Foreign Investment Promotion Board (FIPB) that oversees Foreign Direct Investment proposals requiring the government's approval.

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Studying bottom of pyramid banking habits

Updated: May 24, 2017 18:40 IST     

New Delhi [India], May 24 (ANI-Businesswire India): T he Institute of Rural Management Anand (IRMA), along with Grameen Foundation India, recently concluded a study entitled "Scaling Digital Financial Services: Research and Innovation". Aimed at gauging savings and banking habits of the Bottom of the Pyramid (BoP) populace - both rural and urban - the study threw up some interesting revelations.

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New Delhi [India], May 24 (ANI): Income Tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017.

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BI Worldwide India wins big at the 31st MAA worldwide globes

Updated: May 24, 2017 16:56 IST     

New Delhi [India], May 24 (ANI-Businesswire India): BI WORLDWIDE India, a global leader in delivering technology-enabled engagement and loyalty solutions, has won the Bronze award in the 'Best Business to Business or Trade Marketing Campaign' at the 2016 MAA Worldwide Globes.

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Uttarakhand/Noida, Uttar Pradesh, [India], May 24 (ANI- Business WireIndia): CETPA Infotech, one of the most preferred technical and industrial training companies in the country, offering multi-location training solutions, expert training that is tailored to the requirements of students, corporate and colleges, and virtual training technologies, has announced its updated list of training programmes for this summer.

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New Delhi [India], May 23 (ANI): Largest fertiliser cooperative IFFCO on Tuesday announced its collaboration with Bank of Baroda to launch its co-branded debit card for farmers at a card distribution ceremony organized at their corporate office in New Delhi.

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New Delhi [India], May 23 (ANI): Indian markets are growing at a rapid pace, involving new stakeholders whom until a few years ago did not have any visible and significant presence as far as supply chain space was concerned.

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New Delhi [India], May 23 (ANI-NewsVoir): Adding a new strength to Khadi India's fashion power-house, Aditya Birla Fashion and Retail Ltd. and Khadi and Village Industries Commission, Ministry of MSME, Government of India today announced a strategic collaboration to strengthen the synergies between the two iconic Indian brands.

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BYJU'S unveils personalized learning experience for students

Updated: May 23, 2017 18:05 IST     

New Delhi [India], May 23 (ANI): Education company BYJU'S has launched a major update to its learning app focused at revolutionizing personalized learning experiences for students across grades.

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Maharashtra [India], May 23 (ANI-BusinessWireIndia): Rajiv Gandhi Global Excellence Award Foundation presented 'Rajiv Gandhi Global Excellence Award' in the category - Philanthropy and Entrepreneur to Arun Muchhala, Chairman of ArunMuchhala Group on Sunday 21st May 2017 at The Ashoka Hotel, New Delhi.

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New Delhi [India], May 23 (ANI-NewsVoir): Mahindra First Choice Wheels Ltd., India's number one multi-brand used car products and services company extended its leadership position in the used car industry with a strong performance in F17 in all areas of the business.

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New Delhi [India], May 23 (ANI-NewsVoir): Indian miniature artist Suvigya Sharma makes a new mark in history - does a hyper real portrait of Hon. PM Narendra Modi and present it to him at the Prime Minister's Office in Delhi.

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Avanse Financial Services appoints Amit Gainda as CEO

Updated: May 23, 2017 15:47 IST     

New Delhi [India], May 23 (ANI): New-age education finance Non Banking Financial company Avanse Financial Services on Tuesday announced the appointment of Amit Gainda as its Chief Executive Officer.

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Entertainment Services under GST to have lower tax incidence

Updated: May 23, 2017 15:29 IST     

New Delhi [India], May 23 (ANI): Taxes on entertainments and amusements (covered by the erstwhile entry 62 of State List of the Constitution) have been subsumed under Goods and Services Tax (GST) except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

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New Delhi [India], May 23 (ANI): Taxation on commodities such as packaged cement, medicaments, smart phones, and medical devices shall come down under the Goods and Services (GST) Tax as the government has reduced its rates on these items.

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Tax incidence on entertainment services under GST lowered

Updated: May 23, 2017 12:57 IST     

New Delhi [India], May 23 (ANI): Taxes on entertainments and amusements were subsidised under the Goods and Services Tax (GST), except to the extent of taxes on entertainments and amusements levied by a Panchayat or a Municipality.

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Acko General Insurance raises USD 30 million

Updated: May 23, 2017 12:00 IST     

New Delhi [India], May 23 (ANI): Acko General Insurance on Tuesday received it's in principle regulatory clearance to launch a General Insurance business in India. In a regulated business, Acko raised USD 30 million.

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Gandhinagar (Gujarat), May 23 (ANI): With the changing global landscape for agriculture and food security, Union Finance Minister Arun Jaitley said that India and Africa can emerge as key partners in these areas.

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New Delhi [India], May 23 (ANI): Digital payment aggregator Paytm on Tuesday unveiled the Paytm Payments Bank, a first-of-its-kind bank that will offer cashbacks on deposits. Customers will also be entitled to zero charges on all online transactions and no minimum balance requirement.

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