Monday, August 18, 2008

SVB Launches Debt Lending Services In India

Santa Clara-based SVB Financial Group, the parent company of Silicon Valley Bank, announced this morning that the firm has expanded into India. According to the bank, which serves venture capital-backed technology firms, the non-bank venture lending operation in India, SVB India Finance Pvt. Ltd, will provide debt to domestic, venture-backed, early and mid-stage, high growth companies in India. The firm said the operation will be managed by Managing Director Ajay Hattangdi, with Ash Lilani serving as CEO. The new operation will be based in Mumbai. SVB previously operated an India-focused co-investment fund, and cross-border consulting arm in the country.