Alteria Capital
Alteria Capital is India's leading venture debt fund, providing non-dilutive growth capital ($500K–$25M, 12–36 month tenors) to Indian VC-backed startups from Series A through Series D across consumer, fintech, EV, SaaS and other sectors, deployed through SEBI-registered Category II AIFs.
- Company typePrivate
- Founded2017
- HeadquartersMumbai, India
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Alteria Capital does
Alteria Capital is India's leading venture debt fund, founded in 2017 by Vinod Murali and Ajay Hattangdi (both previously senior leaders at InnoVen Capital, the firm that pioneered venture debt in India in 2005–2007). The firm provides customised, non-dilutive debt capital — typically $500K to $25M per ticket, with 12–36 month tenors and monthly repayment — to Indian VC-backed startups from Series A through Series D, layered with equity kickers and warrants. Investments are sector-agnostic across consumer, fintech, EV/mobility, SaaS, healthtech, agritech, edtech, quick commerce, and cybersecurity, and include dedicated structures such as FLDG financing and onward-lending facilities for fintech lenders. Capital is deployed through a sequence of SEBI-registered Category II Alternative Investment Funds — Fund I (2018), Fund II (2020-21), Fund III including the IFC-anchored Shorter Duration Scheme (2022-23; $195M final close March 2024), and Fund IV (FY26) — with cumulative startup debt funding exceeding $750M and AUM at approximately $550M across 200+ portfolio companies including 15+ unicorns (Ather, Zepto, Rebel Foods, BharatPe, Infra.market, etc.).
The firm's core revenue model is fund management fees on AUM, supplemented by net interest spread on debt tickets and warrant/equity-kicker upside on exits. Distribution is relationship-led, driven by a ~22-person team led by Managing Partners Vinod Murali, Punit Shah and Ankit Agarwal out of Mumbai (HQ, One International Center) and Gurugram (WeWork, DLF Two Horizon Centre). Origination flows through direct founder and CFO outreach, repeat VC-sponsor relationships (Accel, Peak XV, Blume, Fireside, Vertex, Sequoia, Omidyar) and the Alteria Activate program, which curates corporate-startup open-innovation mandates. The firm has been recognised as Asia's fastest venture debt firm to $750M of cumulative startup debt funding (Moneycontrol, Sept 2024) and India's Best Venture Debt Fund at the IVCA Alternate Capital Excellence Awards 2026. The business has no proprietary technology stack beyond standard deal-origination, credit underwriting, and portfolio-monitoring workflows.
Alteria Capital firmographics
Firmographics- Name
- Alteria Capital
- Legal name
- Alteria Capital
- Website
- https://alteriacapital.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Alteria Capital is India's leading venture debt fund, providing non-dilutive growth capital ($500K–$25M, 12–36 month tenors) to Indian VC-backed startups from Series A through Series D across consumer, fintech, EV, SaaS and other sectors, deployed through SEBI-registered Category II AIFs.
- Ownership category
- akta.pro rank
Alteria Capital industry classification
Industry- Product category
- Venture Debt Fund
- NAICS
- Other Investment Pools and Funds (5259)
- SIC
- Short-Term Business Credit Institutions (6153)
- akta.pro primary industry
- Direct Lending — Venture Debt (FSAHAJAD)
Keywords
Where Alteria Capital is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Alteria Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Venture Debt Interest & Coupons: Primary revenue stream. Senior debt facilities extended to VC-backed startups with monthly repayment structures, fixed coupon rates, and tenors of 12–36 months. Ticket sizes range from $500K to $25M.
- Equity Kickers / Warrants: Venture debt is structured with some equity kickers alongside the fixed coupon, allowing the fund to participate in upside when portfolio companies exit.
- FLDG Financing & Onward Lending (Fintech): Customized structured finance helping fintech portfolio companies scale lending partnerships with financial institutions through First Loss Default Guarantee (FLDG) structures and onward-lending facilities.
- Fund Management Fees: Management fees on AUM (~$550M) across Alteria Capital Fund I, Fund II, Fund III (Scheme A and Shorter Duration Scheme), and Fund IV (Scheme A), all Category II AIFs under SEBI.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Venture debt ticket size $500K to $25M, tailored to company needs. |
| Other | Pay-as-you-go | Tenor of 12 to 36 months providing flexible timelines. |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels9 records
Alteria Capital product offering
Product offeringCore offering
Alteria Capital is India's leading venture debt fund that provides customized venture debt and structured finance to VC-backed Indian startups from Series A through Series D. It deploys debt tickets ranging from $500K to $25M with tenors of 12-36 months, monthly repayment structures, fixed coupons, and equity kickers. The firm also offers FLDG financing and onward-lending facilities to fintech portfolio companies, and operates the Alteria Activate program that connects portfolio startups with corporates and service providers.
Product overview
Alteria Capital operates as a single-platform venture debt fund with a portfolio of SEBI-registered Alternative Investment Funds (Cat II AIFs) rather than a modular software product. Its core product is Venture Debt & Structured Finance — customized debt capital (Series A to Series D, $500K to $25Mn ticket sizes, 12–36 month tenors) that supplements equity for VC-backed startups across sectors such as consumer, fintech, EV/mobility, SaaS, health-tech, agri-tech, and ed-tech. Layered on top is Alteria Activate, an add-on program that connects its 200+ portfolio companies with corporates and service providers through live open-innovation mandates (Consumer Brands, Regulatory Tech, Workflow Automation, Energy Tech, Agriculture Tech). The product is delivered through a sequence of fund vehicles: Alteria Capital India Fund I (maiden 2018 fund), Alteria Capital Fund II – Scheme I, Alteria Capital Fund III – Scheme A (final closed at INR 1,550 Cr in 2024), Alteria Capital Fund III – Shorter Duration Scheme (with IFC as anchor, 2025), and Alteria Capital Fund IV – Scheme A. Together, the Venture Debt & Structured Finance offering and the Activate program constitute the firm's complete investment platform.
Differentiator
Problem solved
Functional benefit
Brands
- Alteria Activate: Program that connects Alteria's 200+ portfolio companies with corporates and service providers to foster partnerships, drive innovation, and create value beyond capital.
Products and services
- Venture Debt & Structured Finance Customized venture debt product providing alternative financing that supplements equity for VC-backed Indian startups from Series A through Series D. Ticket sizes range from $500K to $25M with tenors of 12-36 months, monthly repayment structures, fixed coupons, and equity kickers. Use cases include runway extension, CapEx and project financing, working capital financing, and FLDG financing for fintechs. Sector and stage agnostic.
- Alteria Activate A pioneering program that connects Alteria's 200+ portfolio startups with corporates and service providers to foster collaborations addressing strategic, operational, and technological challenges. The Activate platform hosts live open-innovation mandates across Consumer Brands, Regulatory Tech, Workflow Automation, Energy Tech, and Agriculture Tech where corporates publish challenges and founders apply with solutions.
- Alteria Capital India Fund I Alteria's maiden venture debt fund vehicle (SEBI Registration IN/AIF2/17-18/0388, Category II AIF), which achieved first close at Rs 356 crore in March 2018 and second close at Rs 625 crore in October 2018. Deployed venture debt to early Indian VC-backed startups including Vogo.
- Alteria Capital Fund II – Scheme I Alteria's second venture debt fund vehicle (SEBI Registration IN/AIF2/20-21/0843, Category II AIF), extending venture debt deployment to a broader set of Indian VC-backed startups.
- Alteria Capital Fund III – Scheme A Alteria's third venture debt fund (SEBI Registration IN/AIF2/22-23/1061, Category II AIF), first closed in January 2023 and final closed at INR 1,550 crore (~$195 million) in March 2024.
- Alteria Capital Fund III – Shorter Duration Scheme (SDS) A shorter duration scheme of Fund III (SEBI Registration IN/AIF2/22-23/1061, Category II AIF) with IFC as anchor investor announced in March 2025. SCORES ID AIF00957.
- Alteria Capital Fund IV – Scheme A Alteria's fourth venture debt fund (SEBI Registration IN/AIF2/25-26/1877, Category II AIF), extending the firm's venture debt deployment to a new fund vehicle.
Quantifiable outcome
- Reduces dilution by supplementing equity with structured debt, enabling founders to preserve ownership.
- +4 more outcomes
Companies that use Alteria Capital
Customer profileNamed customers30 records
Segments4 records
Ideal customer profiles3 records
Alteria Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Alteria Capital partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered flagship, minor and major.
- IVCA (Indian Venture and Alternate Capital Association)flagshipIVCA recognised Alteria Capital among India's top private capital players at the 15th IVCA Conclave / Alternate Capital Excellence Awards 2026 in Mumbai, alongside ChrysCapital, Nexus, Accel, Peak XV, Blackstone, Kedaara, Blume and others.
- India's leading consumer goods companyflagshipUnnamed India's leading consumer goods company is using the Alteria Activate platform to invest in or acquire startups in Food & Beverages (healthy focus) and Personal Care — corporate-startup matchmaking partnership.
- MoneycontrolminorMoneycontrol is a primary earned-media outlet publishing milestone coverage on Alteria Capital's $750M AUM crossover, including the September 2024 'Asia's fastest venture debt firm' headline.
- Global analytical and credit rating companyflagshipUnnamed global credit-rating firm is using Alteria Activate to source solutions in risk management (AML/KYC, surveillance, early-warning signals, credit risk) and workflow automation (PDF extraction, auto-authorised reports) — open innovation mandates published on the Activate platform.
- India's leading retail chainmajorUnnamed India's leading retail chain is using Alteria Activate to find solar rooftop solutions for stores in Andhra Pradesh, West Bengal and Gujarat — energy-tech open innovation mandate.
- Corn manufacturing and processing companymajorUnnamed corn manufacturer is using Alteria Activate to source agri-tech solutions across farm selection, input productivity, machinery, farming techniques, farm-management software, yield monitoring and post-harvest logistics.
- Khaitan & Co.minorKhaitan & Co. is repeatedly cited as legal counsel on Indian venture debt and VC deals involving portfolio companies (e.g., Credilio Series A), indicating an external advisor relationship supporting Alteria's deal flow.
Scale indicators9 records
Recent moves11 records
Expansion highlights6 records
Alteria Capital competitors and assessment
Company assessmentDirect peers
- Stride Ventures: Active Indian venture debt firm focused on growth-stage startups. Co-invested alongside Alteria in ZILO's Series A and Swish's Series B, competing for the same consumer and consumer-tech debt tickets.
- Trifecta Capital: Leading Indian venture debt provider with overlapping Series A-D mandate. Co-invested with Alteria on Euler Motors Rs 250 Cr debt and BharatPe Rs 125 Cr debt, directly competing for the same growth-stage deal flow.
- Oxyzo (formerly CapSave Finance): Oxyzo is the credit arm of OfBusiness and provides structured and venture debt to SMBs and VC-backed startups in India. Operates in an overlapping segment with Alteria on growth-stage and working-capital financing tickets.
- BlackSoil: Indian alternative credit and venture debt platform that participated in Euler Motors' Rs 250 Cr debt syndicate alongside Alteria. Targets similar VC-backed companies with structured debt and venture debt products.
- InnoVen Capital: India's pioneering venture debt firm (formerly SVB India Finance), co-founded by Ajay Hattangdi before he started Alteria. InnoVen and Alteria co-invest in the same startups (Rebel Foods, Novio, Euler Motors) and compete head-to-head for VC-backed debt tickets.
Others
- Lightrock: Global impact-focused growth equity investor that led Euler Motors' Series E equity round in which Alteria provided venture debt. Not a direct debt competitor, but a repeat equity co-investor whose deal flow anchors Alteria's venture debt pipeline.
Broad incumbents
- Northern Arc Capital: Diversified Indian NBFC platform spanning retail, MSME and alternative credit. Less specialized in venture debt than Alteria, but its capital markets and structured credit teams overlap in serving the same VC-backed universe (Rohit Kanodia of Alteria previously originated deals here).
Emerging players
- Velocity (Innoven revenue-based financing): Revenue-based financing platform for digital-first Indian startups. Adjacent rather than directly competitive with Alteria's senior secured venture debt, but targets the same 'non-dilutive capital for VC-backed startups' pain point.
- GetVantage: Revenue-based financing and growth capital marketplace for Indian startups. Multiple Alteria team members (Moxwi Jain, Pinal Gohil) came from GetVantage, indicating overlapping talent and product space.
- Klub Works: Recurring revenue-based financing platform for Indian consumer and SaaS brands. Adjacent non-dilutive capital provider competing for some of the same D2C and consumer-internet founders Alteria serves.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
Alteria Capital social profiles
Digital presenceAlteria Capital compliance and trust
Trust signalCompliance5 records
Alteria Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Alteria Capital leadership team
Management profileNumber of profiles
Profiles11 records
Alteria Capital subsidiaries and ownership
Company hierarchySubsidiaries5 records
Alteria Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Alteria Capital M&A and investment
M&A and investmentM&A
Investments186 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Alteria Capital
What does Alteria Capital do?
Alteria Capital is India's leading venture debt fund that provides customized venture debt and structured finance to VC-backed Indian startups from Series A through Series D. It deploys debt tickets ranging from $500K to $25M with tenors of 12-36 months, monthly repayment structures, fixed coupons, and equity kickers. The firm also offers FLDG financing and onward-lending facilities to fintech portfolio companies, and operates the Alteria Activate program that connects portfolio startups with corporates and service providers.
Is Alteria Capital a public or private company?
Alteria Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Alteria Capital founded?
Alteria Capital was founded in 2017. It employs 11 to 50 people.
Where is Alteria Capital based?
Alteria Capital is headquartered in Mumbai, India, in the Asia region.
How does Alteria Capital make money?
Four revenue lines are on record. Venture Debt Interest & Coupons are the primary driver. The others are equity Kickers / Warrants, FLDG Financing & Onward Lending (Fintech) and fund Management Fees.
Who are Alteria Capital's main competitors?
Direct peers on record are Stride Ventures, Trifecta Capital, Oxyzo (formerly CapSave Finance), BlackSoil and InnoVen Capital. Lightrock is listed as an others. Northern Arc Capital is listed as a broad incumbent. Emerging players are Velocity (Innoven revenue-based financing), GetVantage and Klub Works.
Does Alteria Capital have an API?
No public API is recorded for Alteria Capital.
What industry is Alteria Capital in?
Alteria Capital's product category is Venture Debt Fund. Its primary akta.pro industry code is FSAHAJAD, Direct Lending — Venture Debt. Its NAICS code is 5259 and its SIC code is 6153.