DBS and Temasek Forms a Growth Debt Financing Platform for Asian Growth Stage Tech Companies

Posted on 07/30/2021

DBS Bank Ltd and Temasek Holdings entered into an agreement to jointly launch a US$ 500 million growth stage debt financing platform, called EvolutionX Debt Capital (EvolutionX). 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. EvolutionX combines Temasek’s investment expertise and DBS’ global banking networks to leverage and further catalyze the fast growing technology ecosystem in Asia.

The EvolutionX 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.

Singapore’s Temasek Holdings is a major equity shareholder in DBS. Temasek has experience in forming lending platforms such as the formation of Fullerton Financial and its sub-units.

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