Alteria Capital

Alteria Capital is India’s largest venture debt fund, headquartered in Mumbai, deploying $5M-$25M cheques at Series B, Series C, and growth as strategic non-dilutive growth capital for deep-tech and digital health platforms alongside its broader tech book. The firm operates as a debt provider rather than an equity investor, which makes it a meaningfully different counterparty than most venture funds in this directory. For founders, Alteria is best positioned as a complement to equity rounds for revenue-stage businesses that want to extend runway, fund growth capex, or smooth out working capital without additional dilution. The right founder profile is a Series B-or-later Indian digital health or AI healthcare operator with $5M+ ARR, predictable revenue cohorts, and an existing equity sponsor base willing to support a debt facility alongside their investment. Pre-revenue founders, consumer wellness brands without working capital needs, and asset-light pure software plays at very early stages are a poor fit. The cleanest entry path is via an existing equity sponsor that has previously syndicated debt with Alteria, an Alteria portfolio CFO, or sell-side debt advisers. In the pitch, lead with revenue predictability, gross margin profile, cash conversion cycle, existing equity sponsor commitment, and a clear use-of-debt-proceeds plan; come prepared to discuss financial covenants, security packages, and warrant coverage. Caveats: as a debt provider, Alteria will price for downside protection and term sheets carry standard venture debt provisions including financial covenants, MAC clauses, and warrants. The firm’s AI focus is real but commercial, and AI-heavy founders should expect commercial rather than technical diligence. Confirm facility size, draw schedule, and amortisation explicitly given the structural complexity of debt versus equity.