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
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.