StanChart PE invests $10 mn in Innoventive Industries

Standard Chartered Mid-Market Mid-Cap Fund has invested $10 million in Pune-based Innoventive Industries Ltd, which manufactures precision tubes and tube-based auto components, sources close to the development said.

Chandu Laxman Chavan-led Innoventive Industries Limited, formerly Arihant Domestic Appliances Ltd, is a multi-product company catering to automobile, energy, oil and general engineering sector. The company received its first round of PE funding from Lighthouse LLC. The PE firm has William Sean Sovak as Nominee Director in Innoventive.
 
Standard Chartered Mid Market-Mid Cap Fund Managing Director Rahul Raisurana did not respond to a VCCircle query at the time of posting this article. A VCCircle email query sent to Mahesh Bagla, Company Secretary of Innoventive, to confirm the deal remained unanswered at the time of posting the story.

Established in 1991 for manufacturing of domestic appliances, the firm was taken over by a group of first generation technocrats under the leadership of Chandu Laxman Chavan in 2002.  In October last year, Innoventive filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 250 crore. The company is planning to utilise the funds for the expansion of its existing capacity at Pimple Jagtap in Pune and repayment of loans and general corporate purposes. Axis Bank and Avendus Capital are the book running lead managers to the issue.

According to the DRHP, the company