Alteria Capital closes its maiden fund at Rs 960 crore

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Alteria Capital has made the final close of its maiden fund at Rs 960 crore, with the Mumbai-based venture debt firm bringing on board a number of top investors and financial institutions as backers for its first investment vehicle.

Binny Bansal, Azim Premji Foundation and Kiran Reddy, who previously headed SPI Cinemas, are among the Limited Partners for Alteria Capital’s first fund, which also counts private sector lender IndusInd Bank, government-backed development financial institution Sidbi, along with a host of unnamed family offices as backers.

“At Alteria Capital, we are borrowing from our experience of over a decade in building the venture debt business to reinvent the model,” Ajay Hattangdi, managing partner at Alteria Capital, said in a prepared statement.

Sidbi, according to the official statement, has committed capital of Rs 157.5 crore, the largest allocation by it under the government-backed fund-of-funds programme.

The final close comes less than a year after Alteria announced the second close of its maiden fund at Rs 625 crore in October last year. The firm was founded in 2017 by Hattangdi and Vinod Murali, who prior to setting up Alteria headed Temasek-backed venture debt major InnoVen Capital.

Till date, the Mumbai-based firm has committed venture debt of Rs 615 crore, with Rs 540 crore being deployed across 28 transactions. The venture debt firm counts a number of leading domestic startups, such as Faasos, Lendingkart, Vogo, Raw Pressery and Toppr among its portfolio.

“Since we have the ability to recycle capital, we will end up deploying approximately Rs 1,800 crore from this fund and we are seeing a very strong pipeline of startups across technology, healthcare and consumer segments to absorb this capital over the next couple of years,” Murali said.

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ET was the first to report on October 25, 2017 that the venture debt firm had received the green signal from markets regulator SEBI to launch its first fund, with a large domestic family office already committing to about Rs 100 crore as the anchor investor for the vehicle.

Last year, the venture debt firm had also launched Activate, a platform that connects the country’s startups with its large listed corporates, as well as other late-stage ventures, as it looked to provide a portfolio of services beyond credit.

Alteria typically targets early-to-growth-stage startups, and writes cheques of up to Rs 100 crore. In June, it wrote a Rs 80-crore venture debt cheque for Lendingkart, in what has been described as the largest one written to a homegrown company, since rival InnoVen Capital extended Rs 100 crore to online travel operator Yatra in 2017.

 

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