DBS Partners with Temasek to Launch Growth Stage Debt Financing Platform

DBS, a leading financial services group in Asia headquartered in Singapore, announced that it has partnered with Temasek, a globally diversified investment company, to launch a US$500 million growth stage debt financing platform, called EvolutionX Debt Capital (“EvolutionX”).

According to the announcement, the new platform will be based in Singapore, providing non-dilutive financing to growth stage technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia.

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.

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.

“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,”said Tan Su Shan, Group Head of Institutional Banking, DBS.”As a purpose-driven bank, we believe in investing in solutions that democratise financing access to companies of all sizes and stages of development to give them the best opportunity to achieve their endeavours.”

“We’re therefore pleased to partner with DBS to provide a meaningful alternative for technology-focused growth companies in Asia that may face debt funding needs between the venture debt and late stage debt financing phases. With EvolutionX, we can help provide companies and entrepreneurs the support they need as they continue to scale and expand,”Rohit Sipahimalani, Chief Investment Strategist, Temasek added.