Ajay Hattangdi and Vinod Murali, who set up venture debt firm Innoven Capital, have quit the firm, reports Economic Times based on four sources aware of the matter.
Earlier, Ajay and Vinod, along with Singapore’s sovereign wealth fund Temasek, set up Innoven Capital, which has become one of India’s largest venture debt provider.
As per the report, both of them are currently on a gardening leave until July end and are expected to launch their own venture debt fund later this year. Hattangdi was the India CEO at Innoven, driving international expansion in Southeast Asia and China as well, while Murali was deputy CEO of India operations.
The report further says that Temasek has roped in an executive search firm to look for a replacement. Sources also mentioned that Temasek has roped in Chicago-based global executive search and leadership consulting firm Spencer Stuart to hire Innoven’s India CEO and have already started reaching out to candidates.
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