Chao to Man the CEO Seat here at In­noVen in the Mean­time

Move comes a month af­ter co’s CEO and deputy CEO quit to start their own firm

The Economic Times - - Disruption: Startups & Tech - Supraja.Srini­vasan @times­group.com

Mumbai: In­dia’s largest ven­ture debt firm In­noVen Cap­i­tal has ap­pointed Chin Chao, chief ex­ec­u­tive of­fi­cer of In­noVen, Sin­ga­pore and South­east Asia, as the in­terim CEO for its In­dia op­er­a­tions.

The ap­point­ment will be ef­fec­tive im­me­di­ately, even as the board con­tin­ues the search process for a per­ma­nent CEO, which it hopes to com­plete over the next quar­ter.

Chin Chao’s ap­point­ment comes a month af­ter Ajay Hat­tangdi and Vinod Murali quit as CEO and deputy CEO re­spec­tively to start their own ven­ture debt firm, as re­ported by ET in June.

Chin Chao has over 15 years of ex­pe­ri­ence in the ven­ture-cap­i­tal and ven­ture-debt space and will lead the group’s busi­ness in In­dia, in ad­di­tion to Sin­ga­pore and South­east Asia. “The share­hold­ers, UOB and Te­masek, and the board are 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,” said Shan­tanu Mitra, chair­man of In­noVen.

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 .₹ 300 crore in a quasi-man­age­ment buy­out.

Af­ter the buy­out, SVB In­dia Fi­nance was re­named as In­noven Cap­i­tal Group.

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