InnoVen Capital

InnoVen Capital is Asia’s leading venture debt provider, headquartered in Mumbai with offices across India, China, and Southeast Asia, deploying $1M-$5M cheques at Series A, Series B, and Series C as strategic non-dilutive growth capital, including for health-tech and digital care platforms. The firm operates as a debt provider rather than equity investor, which makes it a structurally different counterparty than most venture funds and a complementary partner alongside equity rounds. For founders, InnoVen is best positioned as a venture debt counterpart to extend equity runway, fund growth capex, or smooth working capital without further dilution. The right founder profile is a Series A-or-later Indian or Asian digital health or health IT operator with $3M+ ARR or revenue, predictable revenue cohorts, and an existing equity sponsor base willing to support a debt facility. Pre-revenue founders, consumer wellness brands without working capital needs, and asset-light pure software at very early stages are a poor fit. The cleanest entry path is via an existing equity sponsor that has previously syndicated debt with InnoVen, an InnoVen portfolio CFO, or sell-side debt advisers with venture debt practice depth. In the pitch, lead with revenue predictability, gross margin profile, cash conversion, existing equity sponsor commitment, and a clear use-of-debt-proceeds plan. Caveats: as a debt provider, InnoVen will price for downside protection and term sheets carry standard venture debt provisions including financial covenants, MAC clauses, and warrants. AI focus is not stated, so AI-heavy founders should expect commercial rather than technical diligence. Confirm facility size, draw schedule, amortisation, and warrant coverage explicitly given the structural complexity of debt versus equity instruments.