Ashwin Damera Invested $32 million in Innoven

The co-founder and Chief Executive Officer of edtech startup Eruditus, Ashwin Damera, has invested $32 million in venture debt firm Innoven Capital India Fund through his personal office. After investing in Innoven Capital, Ashwin Damera is on his way to become the second-largest limited partner (LP) in the fund. LPs are sponsors in an investment fund. Damera and his wife Bhagyashree co-manage his personal investments. Innoven Capital's current fund, in which the CEO of Eruditus invested, has a base corpus of Rs 1,000 crore and a greenshoe option of a further Rs 1,000 crore. Other than Mr.Damera, the fund's other anchor investors include Innoven Capital Pte Ltd.

Innoven Capital Pte Ltd is a joint venture between Temasek subsidiary Seviora and United Overseas Bank. They have committed $100 million to the fund, which Innoven is trying to close by the next quarter of this financial year. Mr. Damera in a statement said, “Venture debt is a great way for growing startups to extend their cash runway so that they can hit bigger milestones and then raise equity funding on the stronger growth momentum.” After the investment, Managing partner at Innoven Capital India Fund, Ashish Sharma said, “While we are raising capital from several classes of investors, it’s always special to have successful founders invest with us, as they bring value beyond the capital.”