Friday, 30 Jul, 11.16 am The Free Press Journal

DBS, Temasek to launch $500 mn debt financing platform

DBS and Temasek today announced that they have entered into an agreement to jointly launch a $500 million growth stage debt financing platform, called EvolutionX Debt Capital.

Headquartered in Singapore, EvolutionX will provide non-dilutive financing to growth stage technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia.

The growth debt capital space presents a significant opportunity, and EvolutionX will invest in opportunities arising from an increasingly digital economy - across sectors such as financial services, consumer, healthcare, education and industrial development - to accelerate growth and build the next generation of technology leaders.

Beyond creating a financing solution to fulfil capital funding needs within the industry, this partnership also serves as a natural extension and segue to both DBS' and Temasek's existing early-stage debt initiatives and investment activities, bolstering the strength of the extended network and ecosystem through synergies fostered, according to a press statement.

Tan Su Shan, Group Head of Institutional Banking,DBS said, "The investment in EvolutionX provides an opportunity for us to play an integral role in nurturing and financing the growth of Asia's future unicorns, while forging partnerships and ecosystem opportunities with these high-growth technology-enabled companies.."

Rohit Sipahimalani, Chief Investment Strategist, Temasek said, "Technology and digitisation will have a pervasive impact across many sectors, and will continue to transform our economies and communities. With EvolutionX, we can help provide companies and entrepreneurs the support they need as they continue to scale and expand."

The platform will be led by Joint Interim CEOs Amit Sinha, Group Head of Telecoms, Media and Technology, Institutional Banking Group at DBS, and Aftab Mathur, Director, Investment (Innovation) at Temasek, before a full-time CEO is appointed in the next few months.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Free Press Journal