IntelleGrow, Venture Debt firm owned and operated by Jain Sons Finlease Ltd, has announced that it raised $20 Million (INR 1340 Million) in the latest round. The round was led by its existing investor, Onidyar Network with participation from a bunch of new investors such as Triodos Investment Management, Developing World Markets, Calvert Foundation and Overseas Private Investment Corporation.
In a statement, the venture firm stated that the funds were raised as a mix of equity fund raise as well as long term debt. However, specific details of how much goes in what and from which company, were not disclosed.
Speaking on the development, Vineet Rai, Chairman – IntelleGrow stated that the raised funding will help the firm strengthen its presence in the country along with allowing them to explore more options in the time to come.
Prior to the latest round, it had raised $4.5 million from Omidyar Network and Michael & Susan Dell Foundation in 2014. The priority sectors where the firm is looking to invest, include modern energy, agriculture supply chain, water & sanitation, healthcare and education.
Till date, the firm has landed over INR 350 crores to over 100 enterprises. Some of the notable names being SEDEMAC, an Indian tech startup and an ATM management company.
The concept of Venture debt is not as popular in India, however, the startup ecosystem in United States and Europe has been experiencing and making use of it since a while. For the growing period of startup ecosystem in India, this concept surely holds a great significance.