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Alteria Capital, the Mumbai-based venture debt firm, said in 2023, it concluded 107 transactions across 91 companies, including a commitment of Rs 1,510 crore, where Rs 1,307 crore was disbursed to the startups, and the residual is likely to be provided in 2024.

Founded in 2017 by Vinod Murali and Ajay Hattangdi, Alteria Capital has assets under management of Rs 4,250 crore across three funds.

“2023 was a testing phase for Indian startups, which required founders to demonstrate their resilience and discover their real steel. Global liquidity flows have contracted but India continues to be an attractive investment destination with increasing domestic flows coupled with leaner and more attractive startups,” said Murali, Co-founder and Managing Partner, Alteria Capital.

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Alteria Capital Managing Partner Vinod Murali

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Alteria has cumulatively funded Rs 5,000 crore to Indian startups since 2018. Its portfolio companies include Rebel Foods, Spinny, Mensa Brands, Zepto, Captain Fresh, The Sleep Company, Exotel, Sunstone Eduversity, and CropIn, among many others.

Alteria Capital said despite significant contractions in VC involvement globally, venture debt continued to flourish in India.

“Venture debt has now been established as an all-weather product, wherein founders have opted to use this capital for extending runway during funding winters or for fueling growth. The market share for this asset class is now at lifetime highs in India, thanks to enhanced awareness and better understanding of use cases by founders,“ said Ankit Agarwal, Managing Partner, Alteria Capital.