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The India edition · 2026

Private debt fundscompanies in India

Venture debt, private credit & mezzanine, private equity & debt, SME loans & NPA, investment banks and more: the companies building private debt funds in India, with their founders, funding, team size and business models.

Explore in Radar See the ranked list ↓
59 company profiles11 with reported revenue2 with recorded fundingOctober 2026 edition
India · Photo: Wikimedia Commons (CC BY-SA 4.0)

Recent private debt funds business events in India

Funding, M&A, contract wins and launches involving 65 private debt funds companies in India, last 24 months: 3 M&A deals · 3 funding rounds. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Apr 2026.

M&AAcquisition · Announced

Trifecta capital advisors acquires W.w. grainger

Trifecta Capital Advisors LLC increased its position in shares of W.W. Grainger by 25.5% in the third quarter. Trifecta Capital Advisors LLC now owns 64 shares of the industrial products…

Industrial products
M&AMerger · Completed

Sundaram Alternate Assets acquires Capitalgate Investment Advisors Private Limited (CGIA)

Sundaram Finance Limited has successfully completed the amalgamation of its wholly-owned subsidiary, Capitalgate Investment Advisors Private Limited (CGIA), with Sundaram Alternate…

Business and management consultancy services
FundingThird private credit fund close

Anicut capital

Alternative investment firm Anicut Capital has closed its third private credit fund, Grand Anicut Fund IV (GAF-IV), at INR 1,275 crore.

Private credit / Alternative finance
M&AMerger · Completed

BlackSoil Capital acquires Caspian debt

BlackSoil Capital and Caspian Debt on Wednesday announced the completion of their merger, following approval from the National Company Law Tribunal and the RBI, creating a USD 215…

Financial Services
FundingEquity

Incred capital

InCred Capital, the investment banking, institutional brokerage and asset management arm of the InCred Group, is planning to raise around Rs 500 crore in equity funding, said sources.

Investors Kkr, Adia, Trs, Oaks
Funding

Incred capital

InCred Capital to raise $50 Mn led by family offices

Investors Family offices

Private debt funds companies in India, by funding and team

Few private debt funds companies in India publish revenue, so this list compares what is on record instead: recorded equity funding, team size, revenue model, age and stage. The 50 companies below lead on recorded funding and team size among 59 active companies.

Showing 25 of 50

Financial services firm specializing in asset reconstruction

Private debt funds
US$109.04mSeries A · Sep 2021
198LinkedIn · Oct 2026
Commission on transaction / Fee-for-service
16 yr2010
0none in 3 months

Private debt firm

Investment banks
US$37.39mSeries A · Nov 2018
40-17% 12 mo to Aug 2024recorded Aug 2024
Commission on transaction / Fee-for-service
10 yr2016
0none in 3 months · last posted Jul 2026

Provider of consumer and SME loans

Private debt funds
—None recorded
64-4% 12 mo to Jun 2024recorded Jun 2024
Commission on transaction / Fee-for-service
51 yr1975
—No postings tracked

Provider of customized debt financing to small and mid-market companies

Private debt funds
—None recorded
184+10% 12 mo to Apr 2021LinkedIn · Oct 2026
Commission on transaction / Fee-for-service
13 yr2013
0none in 3 months · last posted Apr 2026

Private debt fund focused on loans

Private debt funds
—None recorded
75+50% 12 mo to Aug 2023LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
—
0none in 3 months

Private equity & debt firm focused on multiple sectors

Private debt funds
—None recorded
51+29% 12 mo to Jul 2024LinkedIn · Jul 2026
Fee-for-service
10 yr2016
0none in 3 months · last posted Jun 2026

Private debt and private equity investment funds

Private debt funds
—None recorded
50+14% 12 mo to Aug 2024LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
11 yr2015
0none in 3 months

Provider of impact investing firm with B Corp certification

Venture capital funds
—None recorded
186+10% 12 mo to Feb 2024LinkedIn · Jul 2026
Commission on transaction / Lending
22 yr2004
0none in 3 months

Provider of a payment services provider that enables convenient, simple, and secure payment experiences for its customers

Private debt funds
—None recorded
6+0% 12 mo to Mar 2023LinkedIn · Oct 2026
Commission on transaction / Fee-for-service
40 yr1986
0none in 3 months

Vardhman Holdings Ltd operates as a non-banking financial company. The firm is principally engaged in the lending and investing activities. The company's portfolio consists of investments in debt, equity, and real estate.

Private debt funds
—None recorded
3recorded
Commission on transaction / Fee-for-service
64 yr1962
—No postings tracked

Private equity and debt firm focused on multiple sectors

Services for investment industry
—None recorded
36LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
10 yr2016
0none in 3 months

Venture debt fund providing credit solutions to growth-stage companies

Private debt funds
—None recorded
—Not available
Commission on transaction / Fee-for-service
7 yr2019
0none in 3 months · last posted Jun 2026

Private debt fund focused on e-commerce, D2C, SaaS, and online businesses

Private debt funds
—None recorded
—Not available
Commission on transaction / Fee-for-service
4 yr2022
0none in 3 months

Private debt fund focused on revenue-based financing

Private debt funds
—None recorded
—Not available
Commission on transaction / Fee-for-service
10 yr2016
0none in 3 months

Private debt investment firm offering lending & advisory solutions

Private debt funds
—None recorded
5LinkedIn · Jul 2026
Commission on transaction / Lending
13 yr2013
0none in 3 months

Private debt fund focused on multiple sectors

Private debt funds
—None recorded
11LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
4 yr2022
0none in 3 months

Real estate asset management and investment firm

Private debt funds
—None recorded
—Not available
Commission on transaction / Fee-for-service
7 yr2019
0none in 3 months

Provider of venture debt and structured financial solutions to startups

Private debt funds
—None recorded
28LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
9 yr2017
0none in 3 months

Alternative investment fund

Private debt funds
—None recorded
—Not available
Commission on transaction / Fee-for-service
3 yr2023
0none in 3 months

Private equity investment firm

Private debt funds
—None recorded
2LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
3 yr2023
0none in 3 months

Venture debt firm

Private debt funds
—None recorded
11LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
9 yr2017
0none in 3 months

Private debt fund focused on multiple sectors

Services for investment industry
—None recorded
3LinkedIn · Jul 2026
Fee-for-service
4 yr2022
0none in 3 months

Debt fund focused on early-stage venture debt financing

Private debt funds
—None recorded
—Not available
Commission on transaction / Fee-for-service
9 yr2017
—No postings tracked

Private debt fund focused on multiple sectors

Private debt funds
—None recorded
—Not available
Fee-for-service
63 yr1963
—No postings tracked

Provider of debt syndication, venture capital, private equity, and project financing

Private debt funds
—None recorded
21LinkedIn · Jul 2026
Commission on transaction / Fee-for-service
31 yr1995
—No postings tracked
50 of 59 companies shown here · the full list is on Radar
Fliar Radar

Explore all 59 private debt funds companies in India on Radar

This page shows the top 50. Radar has the complete, filterable list with contacts and live company signals.

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  • Every company, not just 50All 59 private debt funds companies in India, filterable by stage, funding, team size, revenue model and age.
  • Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
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Explore private debt funds companies in India by what you are looking for

Find the top private credit funds in India, from venture debt funds to real estate and mezzanine lenders. Browse private debt funds in India, startups in the space and firms that are hiring.

7 ways to explore private debt funds in India

Venture debt funds & startup lendersPrivate credit & mezzanine financing fundsPrivate equity & buyout funds with debt strategiesSME lenders & distressed debt recovery firmsInvestment banks & advisory firms for investorsPrivate debt funds startups in India

Venture debt funds & startup lenders

Funds that provide venture debt and revenue-based financing to growing companies.

  1. BSAS Infotech

    Venture debt fund focused on multiple sectors

    Private debt funds
    See in list
  2. Caspian

    Provider of impact investing firm with B Corp certification

    Venture capital funds
    See in list
  3. Stride Ventures

    Venture debt fund providing credit solutions to growth-stage companies

    Private debt funds
    See in list
  4. Mount Judi Ventures

    Venture capital investment fund

    Private debt funds
    See in list
  5. ENARR

    Tech & Offline focused Venture debt & PE firm funding companies in India

    Private equity funds
    See in list
13 companies in IndiaAll 897 venture capital funds companies in India →

Private credit & mezzanine financing funds

Private credit funds offering loans and mezzanine financing to mid-sized businesses.

  1. InCred Capital

    Private debt firm

    Investment banks
    See in list
  2. Caspian Debt

    Provider of customized debt financing to small and mid-market companies

    Private debt funds
    See in list
  3. BSAS Infotech

    Venture debt fund focused on multiple sectors

    Private debt funds
    See in list
  4. FinLender

    FinLender is a leading investment banking firm in India that provides financial services, consulting, and advisory solutions to corporates, MSMEs, and startups.

    Private debt funds
    See in list
  5. Stride Ventures

    Venture debt fund providing credit solutions to growth-stage companies

    Private debt funds
    See in list
24 companies in IndiaAll 40 private debt funds companies in India →

Private equity & buyout funds with debt strategies

Private equity and buyout firms that invest in both equity and debt.

  1. India Resurgence Fund

    Private equity and debt firm focused on multiple sectors

    Services for investment industry
    See in list
  2. ENARR

    Tech & Offline focused Venture debt & PE firm funding companies in India

    Private equity funds
    See in list
  3. Caspian Debt

    Provider of customized debt financing to small and mid-market companies

    Private debt funds
    See in list
  4. Finman Capital Services

    Provider of debt syndication, venture capital, private equity, and project financing

    Private debt funds
    See in list
4 companies in IndiaAll 241 private equity funds companies in India →

SME lenders & distressed debt recovery firms

Lenders to consumers and SMEs, and firms that manage or buy non-performing assets.

  1. Edelweiss Asset Reconstruction

    Financial services firm specializing in asset reconstruction

    Private debt funds
    See in list
  2. Art Special Situations Finance

    Mumbai-based private debt firm

    Service providers to banks
    See in list
  3. OTS Finance India

    Provider of finance for One Time Settlement of NPA accounts and real estate

    Private debt funds
    Website
  4. Caspian

    Provider of impact investing firm with B Corp certification

    Venture capital funds
    See in list
  5. EDC

    Provider of consumer and SME loans

    Private debt funds
    See in list
5 companies in IndiaAll 912 consumer and sme loans companies in India →

Investment banks & advisory firms for investors

Investment banks and advisers that support funds and fundraising.

  1. InCred Capital

    Private debt firm

    Investment banks
    See in list
  2. FinLender

    FinLender is a leading investment banking firm in India that provides financial services, consulting, and advisory solutions to corporates, MSMEs, and startups.

    Private debt funds
    See in list
  3. Vergent Partners

    Private equity and debt fund investing across multiple sectors

    Grc services
    See in list
3 companies in IndiaAll 928 investment banks companies in India →

Private debt funds startups in India

Newer private debt funds and lenders founded in the last few years.

  1. Parallel Cap

    Private debt fund focused on e-commerce, D2C, SaaS, and online businesses

    Private debt funds
    See in list
  2. VentureSoul

    Alternative investment fund

    Private debt funds
    See in list
  3. Novanttum

    Private equity investment firm

    Private debt funds
    See in list
  4. Nandan Capital

    Provider of debt financing and business expertise to SMEs

    Private debt funds
    See in list
  5. RevX Capital

    Provider of venture debt fund

    Private debt funds
    See in list
10 companies in India

Private debt funds companies hiring in India

Private debt firms with open roles right now.

  1. InCred Capital

    Private debt firm

    Investment banks
    See in list
  2. Caspian Debt

    Provider of customized debt financing to small and mid-market companies

    Private debt funds
    See in list
  3. FinLender

    FinLender is a leading investment banking firm in India that provides financial services, consulting, and advisory solutions to corporates, MSMEs, and startups.

    Private debt funds
    See in list
  4. Stride Ventures

    Venture debt fund providing credit solutions to growth-stage companies

    Private debt funds
    See in list
  5. Mount Judi Ventures

    Venture capital investment fund

    Private debt funds
    See in list
6 companies in India
The business behind the activity

Private debt funds financials in India

Revenue, profit and growth from the filed annual accounts of 9 private debt funds companies in India for FY24-25 — 14 of the 59 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 100% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹285.06 cr

9 companies filing accounts

combined net profit₹4.71 cr

1.7% aggregate margin

are profitable56%

5 of 9 companies

median revenue~₹4.2 cr

the typical company

median revenue growth-11%

into FY24-25

earned by the top five100%

revenue concentration

Six-year view

Combined revenue of filing companies

₹1,251.17 crFY19-206 filers
₹903.15 crFY20-218 filers
₹1,090.23 crFY21-228 filers
₹1,066.00 crFY22-238 filers
₹1,410.70 crFY23-2411 filers
₹285.06 crFY24-259 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 5 companies over three years

-64%
FY22-23₹27.98 cr₹13.81 cr net
FY23-24₹38.28 cr₹20.27 cr net
FY24-25₹10.16 cr₹15.55 lakh net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr450% profitable
₹1–10 cr333% profitable
₹10–100 cr0—
₹100–1,000 cr2100% profitable
Over ₹1,000 cr0—

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking4
0–20%1
20–50%1
50–100%0
Doubled+2

8 companies with accounts for both years; median growth -11%.

Profitability

Profit is concentrated at the top

5profitable
4loss-making
1.7%aggregate margin
0.8%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
InCred CapitalINCRED CAPITAL FINANCIAL SERVICES LIMITED+24%₹164.91 cr
Caspian DebtCASPIAN IMPACT INVESTMENTS PRIVATE LIMITED+6%₹103.60 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Caspian DebtCASPIAN IMPACT INVESTMENTS PRIVATE LIMITED3.2%₹103.60 cr
InCred CapitalINCRED CAPITAL FINANCIAL SERVICES LIMITED0.8%₹164.91 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Private debt funds6₹114.48 cr~₹2.2 cr50%3.3%
Leaders

Largest private debt funds companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
InCred CapitalINCRED CAPITAL FINANCIAL SERVICES LIMITED₹164.91 cr₹1.29 cr0.8%+24%
Caspian DebtCASPIAN IMPACT INVESTMENTS PRIVATE LIMITED₹103.60 cr₹3.35 cr3.2%+6%
Twentyfirst Century Management ServicesTWENTYFIRST CENTURY MANAGEMENT SERVICES LIMITED₹6.35 cr−₹9.90 lakh-1.6%-82%
CaspianCASPIAN IMPACT INVESTMENT ADVISER PRIVATE LIMITED₹5.63 cr−₹42.44 lakh-7.5%-84%
FinLenderFINLENDER CAPITAL PRIVATE LIMITED
Stride VenturesSTRIDE CAPITAL CONSULTANTS PRIVATE LIMITED₹21.87 lakh−₹2.54 lakh-11.6%-71%
Luharia GroupLUHARIA E-SOLUTIONS PRIVATE LIMITED₹10.23 lakh−₹0.03 lakh-0.3%-27%
SkandishSKANDISH VENTURES PRIVATE LIMITED₹3.24 lakh₹1.82 lakh56.1%—
Parallel CapPARALLEL CAP PRIVATE LIMITED₹0.90 lakh₹0.25 lakh28.2%>10×
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

Industry landscape report

Accounting and Tax Software Industry Landscape of India

The financials above are one chapter. The full private debt funds landscape of India maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.

  • Market map of every sub-sector
  • Funding & company formation by year
  • Revenue, profit & financial strength
  • Digital footprint: traffic, apps, releases
  • Hiring, skills & pay
  • Founders & leaders
  • News & sentiment
  • Where demand runs ahead of supply
Read the private debt funds landscape of India
For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Private debt funds funding and M&A across India

7 recorded equity rounds have gone to 65 private debt funds companies in India — how much, at which stage, into which sub-sectors, from whom, and how India compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months0

US$0k

equity rounds, last 24 months0

US$0k

raised over five yearsUS$0k

1 rounds in India

M&A deals, India3

last 24 months

Capital by year

Equity funding into private debt funds in India

amount rounds
$58m20182
$020211

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2018, with US$57.99m across 2 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

Where the money went · five years

Most-funded sub-sectors

Private debt fundsUS$0k1 rounds · 1 companies
Corporate activity · last 24 months

M&A in India

2Merger
1Acquisition

Most active acquirers

  1. Trifecta capital advisors1
  2. Sundaram Alternate Assets1
  3. BlackSoil Capital1

Most acquired or merged

  1. W.w. grainger1
  2. Capitalgate Investment Advisors Private Limited (CGIA)1
  3. Caspian debt1

Each deal appears in the events strip at the top of the page.

Go deeper in the private debt funds landscape reports:

Accounting and Tax Software Industry Landscape of India AdTech Industry Landscape of India Aerospace, Maritime and Defense Industry Landscape of India

Founders and momentum in India

Meet the people behind private debt funds companies in India. 27 of 59 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore India private debt funds companies by sub-sector

The most common specialisations among private debt funds companies in India. Open a company to see what it sells, who runs it and how far it has come.

Keep exploring private debt funds in India and nearby markets.

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