Infradebt

What Infradebt does

India Infradebt Limited (Infradebt) is a privately held non-banking finance company (NBFC) operating as India's first Infrastructure Debt Fund (IDF), incorporated in February 2013 under a structure formulated by the Government of India and regulated by the Reserve Bank of India. The company provides long-term refinancing and takeout financing to operational infrastructure projects across at least 11 verticals including roads, ports, airports, renewable energy, power transmission, healthcare, hospitality, education, agricultural warehousing, water/sanitation, waste management, and telecommunications. Its core products are Rupee-denominated Non-Convertible Debentures (NCDs) with maturities exceeding five years and Rupee Term Loans, both priced at fixed rates aligned to project cash flows. Capital is sourced from the domestic bond market and placed with project developers, operators, and sponsors on a deal-by-deal basis under multi-year contracts.

The business is backed by a consortium of four major Indian financial institutions: ICICI Bank (42.3%), Bank of Baroda (41%), Citicorp Finance India (10%), and Life Insurance Corporation of India (6.7%). Infradebt has maintained AAA long-term credit ratings from CRISIL, ICRA, and India Ratings since inception, enabling low-cost bond market access. As of December 2025, the company reported Q3 FY2025-26 sales of Rs 714.02 crore (+19.78% YoY) and standalone net profit of Rs 156.85 crore (+31.31% YoY) at a 96.25% operating margin, with assets under management exceeding USD 3.30 billion and outstanding borrowings above USD 2.90 billion.

Revenue is generated primarily through interest income on the infrastructure debt portfolio, with terms negotiated on a project-specific basis considering credit risk, tenor, and borrower profile. Distribution is entirely business-to-business and institutional, conducted through direct relationships with infrastructure developers and operators on the asset side and with life insurers, general insurers, provident funds, pension funds, and debt mutual funds on the liability side. The company has recorded no losses over the past decade, and the IDF-NBFC sector as a whole has maintained a clean loss record on an approximately Rs 600 billion portfolio. There is no disclosed AI/ML capability, technology platform, or digital product offering; the moat is built on regulatory first-mover status, AAA credit quality, promoter-bank origination, and institutional liability access rather than on proprietary technology.

Name

Infradebt

Legal name

India Infradebt Limited

Website

https://www.infradebt.in

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

India Infradebt is an RBI-regulated Infrastructure Debt Fund NBFC providing long-term refinancing to operational infrastructure projects via Rupee NCDs and term loans, backed by ICICI Bank, Bank of Baroda, Citicorp, and LIC with AAA credit ratings.

Ownership category

akta.pro rank

Product category

Infrastructure Debt Financing

NAICS

Credit Intermediation and Related Activities (522), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Infrastructure & Project Finance Private Debt (FSANADAH)

akta.pro secondary industries

Infrastructure Debt Funds (FSANAEAL), Private Credit — Infrastructure Debt & Project Finance (FSAHAJAJ)

Keywords

• Infrastructure debt financing
• Project refinancing
• Non-convertible debentures
• NBFC infrastructure fund
• Long-term institutional lending

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Interest Income on Infrastructure Debt: India Infradebt generates revenue primarily through interest income earned on its portfolio of infrastructure debt instruments, including Non-Convertible Debentures (NCDs) and Rupee Term Loans provided to operational infrastructure projects. The company invests in operational infrastructure projects that have completed minimum 1 year of successful commercial operations, providing refinancing and takeout financing to enhance project viability.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

India Infradebt Limited operates as India's first Infrastructure Debt Fund (IDF) under NBFC format, providing long-term refinancing and takeout financing to operational infrastructure projects through Non-Convertible Debentures (NCDs) and Rupee Term Loans. The company targets infrastructure projects that have completed at least one year of commercial operations, offering fixed-rate, long-tenor debt at competitive rates with flexible repayment schedules aligned to project cash flows, funded by domestic capital markets.

Product overview

India Infradebt operates as a single unified Infrastructure Debt Fund (IDF) NBFC product, providing long-term debt financing and refinancing services for operational infrastructure projects. The core offering combines Non-Convertible Debentures (NCDs) issued to institutional investors with direct Rupee Term Loans extended to project operators. All funding is structured as fixed-rate, long-tenor instruments aligned to project cash flows, targeting sectors including transportation (roads, ports, airports), energy (renewable, power transmission), social infrastructure (hospitals, hotels, agriculture), water/sanitation, and communications.

Differentiator

Problem solved

Functional benefit

Products and services

• Infrastructure Debt Fund (IDF) NBFC Services An Infrastructure Debt Fund operating under NBFC format, formulated by the Government of India, that creates an alternative class of funding infrastructure by bringing in long-term domestic and offshore institutional investors like insurance companies, provident/pension funds.
• Re-financing Services

Quantifiable outcome

• Operating profit margin expanded to 96.25% in Q3 FY2025 from 92.33% in Q3 FY2024
• +3 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• IDBI Trusteeship Services LimitedminorOthersIDBI Trusteeship Services Limited acts as the Debenture Trustee for both secured and unsecured NCDs issued by India Infradebt, providing independent oversight and investor protection services.
• MUFG Intime India Private LimitedminorOthersMUFG Intime India Private Limited (formerly Link Intime India Private Limited) serves as the Registrar and Transfer Agent for debentures, handling bond holder records, transfers and corporate actions.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• L&T Infrastructure Finance (LTIF): Private-sector NBFC specializing in infrastructure lending across roads, renewables, and transmission; the most direct private-sector competitor to Infradebt in long-tenor infrastructure refinancing.
• Indian Renewable Energy Development Agency (IREDA): Government-owned NBFC focused on renewable-energy infrastructure financing; competes with Infradebt for solar, wind, and hydro refinancing deals and shares the NBFC/Debenture-based capital raising model.
• PTC India Financial Services (PFS): NBFC promoted by PTC India providing infrastructure debt to the power sector, sharing the IDF/NBFC-style refinancing model and competing for renewable and transmission assets.

Emerging players

• National Investment and Infrastructure Fund (NIIF): Government-backed sovereign wealth-fund-style vehicle investing in Indian infrastructure equity and debt; overlaps with Infradebt on infrastructure financing though oriented more toward equity than long-tenor debt.
• India Grid Trust (IndiGrid): India's first power-sector InvIT that acquires operational transmission assets; relevant peer as an alternative institutional buyer of operational infra assets that compete with Infradebt's refinancing take-out proposition.

Broad incumbents

• Bank of Baroda (Infrastructure Lending): Second-largest promoter shareholder of Infradebt and a leading public-sector infrastructure lender in India; comparable through overlapping infrastructure book and through shared origination pipeline into Infradebt.
• REC Limited: Central public-sector enterprise financing power and infrastructure projects across India with similar long-tenor refinancing capability and comparable institutional investor base, overlapping with Infradebt across energy and infrastructure sectors.
• Power Finance Corporation (PFC): India's largest government-owned power-sector financier that has expanded into broader infrastructure lending, directly comparable in long-tenor infrastructure credit and a key rival for transmission and power project refinancing.
• ICICI Bank (Infrastructure Lending): Largest promoter shareholder of Infradebt and a major source of project-finance refinancing takeouts; competes and collaborates simultaneously as both a parent and a direct infrastructure lender.
• India Infrastructure Finance Company Limited (IIFCL): Government-owned infrastructure finance company providing long-term debt to infrastructure projects in India, the closest public-sector counterpart to Infradebt's IDF-NBFC mandate, though operating under a sovereign rather than NBFC regulatory perimeter.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/india-infradebt-limited

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Infradebt