Innoven Capital executives quit firm to start up on their own
    Innoven Capital executives quit firm to start up on their own - Economic Times
    The duo are currently on a gardening leave till July end and are expected to launch their own venture debt fund later this year.

    BENGALURU: Ajay Hattangdi and Vinod Murali , two executives who set up India 's largest venture debt provider Innoven Capital along with Singapore's sovereign wealth fund Temasek, have put in their papers, according to four sources briefed on the matter.The duo are currently on a gardening leave till July end and are expected to launch their own venture debt fund later this year, even as Temasek has roped in an executive search firm to look for a replacement, said these sources.The development comes a little over two years after Temasek, along with Singapore-based bank UOB, acquired SVB India Finance, an arm of Nasdaq-listed SVB Financial Group, for about Rs 300 crore in a quasi-management buyout.Hattangdi, who was later joined by Murali, launched US-based SVB Financial's venture debt business in India in 2008 and were part of the buyout.It is not clear yet if any of the other Innoven team members will join the duo, and if their stake in Innoven will be bought back by Temasek.“Temasek wanted Innoven to remain a captive fund, while the team wanted to bring in external capital as well,“ said one of the venture industry sources on why Hattangdi and Murali quit.

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