Alteria Capital India Fund I — Alteria Capital | wisefolio

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Alteria Capital India Fund I

India's leading venture debt fund focused on innovative startups backed by strong VC sponsors.

Managed by Alteria Capital

IN/AIF2/17-18/0388Cat II

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

Alteria Capital India Fund I is a Category II AIF managed by Alteria Capital Advisors LLP, India's leading venture debt fund. Registered in August 2025, it is the fourth in Alteria's fund series — following Fund I (₹960 crore, 2018), Fund II (₹1,820 crore, 2021), and Fund III (first close ₹1,000 crore, October 2022; target ₹3,500+ crore). The fund is headquartered at 1002A, 10th Floor, Tower 1, One International Center, Senapati Bapat Marg, Prabhadevi, Mumbai 400013. Alteria Capital was co-founded in 2017 by Ajay Hattangdi and Vinod Murali, both veterans of InnoVen Capital (formerly SVB India Finance), which was itself India's first dedicated venture debt firm. Alteria's portfolio spans 100+ startups including Licious, FirstCry, Boat, Eruditus, Country Delight, OYO, Curefit, Blackbuck, Stanza Living, and Toppr. Alteria Activate, the firm's portfolio support vertical, provides non-capital assistance to portfolio companies across talent, business development, and ecosystem access.

Investment Philosophy

Alteria Capital's investment philosophy is built on the thesis that venture debt is a structurally superior financing instrument for VC-backed startups — enabling founders to extend cash runway, reduce dilution, and improve valuations between equity rounds without surrendering board control. The firm focuses exclusively on innovative startups backed by strong VC sponsors, using sponsor quality as a core underwriting signal. Alteria provides a range of speciality debt solutions across early and growth stages, with cheque sizes up to ₹150 crore, and structures transactions to align repayment with milestones and equity round timelines. Risk management is central to the model: the firm avoids businesses with binary outcomes or unproven models, and maintains rigorous credit underwriting across origination, due diligence, disbursement, and portfolio monitoring. Beyond capital, Alteria's 'Activate' platform provides active non-financial support — reflecting the view that the best venture debt partner is one who helps portfolio companies succeed, not merely one that prices debt competitively.

Team— 9

Vinod Murali

Vinod Murali

Co-founder & Managing Partner

20+ years of experience spanning venture debt, mezzanine capital, and structured finance. Pioneer of venture debt in India, having led 200+ transactions. Prior to co-founding Alteria in 2017, spent 9 years at InnoVen Capital (formerly SVB India Finance), ending as Deputy CEO for India. Before that, at Citigroup's Corporate and Investment Banking Group managing large corporate relationships. IIT Madras (B.Tech); IIM Ahmedabad (MBA).

Punit Shah

Punit Shah

Managing Partner

Previously Director at InnoVen Capital India, where he independently led 75+ venture debt investments in OYO, Curefit, Blackbuck, Vedantu, Agrostar among others. Prior to InnoVen, worked in corporate banking at Yes Bank (media & entertainment) and HSBC (SME credit, Western India). Also worked at Ernst & Young in Transaction Support Services (M&A taxation). B.Com from HR College, Mumbai University; Management Degree from Welingkar Institute of Management Studies.

Ankit Agarwal

Ankit Agarwal

Managing Partner

Previously Director at InnoVen Capital India, where he led 100+ venture debt investments in FirstCry, Eruditus, Boat, Licious, Dailyhunt, Medgenome, Ofbusiness among others. Also helped set up InnoVen's lending business in South East Asia in its early days. Before InnoVen, at Yes Bank in Credit Risk Management covering East and South India. Mentor of Change at Atal Innovation Mission (NITI Aayog).

Ajay Hattangdi

Ajay Hattangdi

Co-founder & Senior Advisor

Pioneer of venture debt in India. Started India's first venture debt program at Citigroup in 2005, then founded SVB India Finance in 2007 (later rebranded InnoVen Capital after a 2015 buyout backed by Temasek and UOB). Served as CEO of InnoVen India and Group COO, overseeing expansion into Singapore, Beijing, and South East Asia. InnoVen won Asia's Best Venture Lending Firm under his leadership (2017). Co-founded Alteria Capital in 2017 with Vinod Murali; transitioned to Senior Advisor role in 2023. Board member, Mumbai Angels. Co-founder, PRAJA Foundation. MBA from SUNY Buffalo; M.S. in Banking & Finance from Mumbai University.

Registration

SEBI Registration

SEBI-registered

Reg. NumberIN/AIF2/17-18/0388

VintageNov 2017 · 8 yrs old

Valid ToPerpetual

Address3rd Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Mumbai, Maharashtra, 400030

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Disclaimer

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