Cat II · Managed by Alteria Capital
India's leading venture debt fund focused on innovative startups backed by strong VC sponsors.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
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.
Vinod Murali
Co-founder, Managing Partner
PGDBM (MBA), IIM Ahmedabad; B.Tech, IIT Madras
Vinod is Managing Partner and Co-founder of Alteria Capital. Vinod has 20+ years of experience spanning Venture Debt, Mezzanine Capital & Structured finance. He has been engaged in the startup ecosystem in India for 15 years and is acknowledged as a pioneer of Venture Debt in India having led 200+ transactions in this period. At Alteria Capital, Vinod has led several high profile deals including Spinny, Mensa Brands, Rebel Foods, One Card, Jupiter, Country Delight, BharatPe, Lendingkart, Toppr, Portea, Sunstone Eduversity, Kissht, Dunzo, Wrogn, Loadshare, Haber, Fisdom, Raw, Clover, Samunnati, LBB, Zeno Health, Cropin, Mfine, Euler Motors, Nua, Ayu Health, Kaleidofin, Fingerlix, TurnO, Intangles, Cityflo, Happay, Instamojo and Damensch among others. Prior to starting Alteria Capital, Vinod spent 9 years with Innoven Capital (erstwhile SVB India Finance), ending his stint with the role of Deputy Chief Executive Officer for the India business. As Managing Director (2014 onwards), Vinod was responsible for Innoven India's venture debt business which included Origination, Portfolio Management and oversight of the Investment team. Prior to joining Innoven Capital in 2008, Vinod worked in Citigroup as part of the Corporate and Investment Banking Group where he managed large Corporate relationships across Auto, Healthcare and Consumer industries besides starting Citigroup's Media lending practice. Prior to Citigroup, Vinod worked in ICICI Bank with stints across Corporate Branding, Rural and Agri Business & Corporate Banking.
Punit Shah
Managing Partner
Bachelor's in Commerce, HR College, Mumbai University; Management Degree, Welingkar Institute of Management Studies
Punit brings 12+ years of transaction experience involving both commercial lending and financial consulting for middle-market companies. Prior to joining Alteria Capital, Punit was a Director at InnoVen Capital India (formerly SVB India Finance) where he independently led 75+ venture debt investments in companies like Oyo Rooms, Curefit, Blackbuck, Vedantu, Agrostar amongst others. Prior to InnoVen, Punit worked with the Corporate Banking team in Yes Bank and originated and executed deals in the Media and Entertainment space. He has also worked with HSBC Ltd in India where he was responsible for providing credit facilities to SMEs in Western India, and Ernst & Young where he worked with the Transaction Support Services Department on M&A taxation.
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Ankit Agarwal
Managing Partner
Chartered Accountant; Company Secretary; Bachelor's in Commerce, St. Xavier's College, Kolkata; Management Degree, IMT Ghaziabad
Ankit has been part of the Venture Lending space since early days of the Venture ecosystem in India. Ankit carries over 11 years of experience in managing and leading Venture Debt investments including leading equity investments into portfolio companies. At Alteria Capital, Ankit has led various investments including Dealshare, Good Glamm Group, Pratilipi, Jumbotail, Wizfreight, Alpha Vector, Exotel, Cars24, Believe, Loadshare, Supertails, Superbottoms, Early Salary among others. Prior to joining Alteria Capital as Partner, Ankit was a Director at InnoVen Capital India (formerly SVB India Finance) where he led 100+ venture debt investments in companies like Firstcry, Eruditus, Boat, Licious, Dailyhunt, Medgenome, Ofbusiness amongst others. Ankit also helped set up and support InnoVen's lending business in South East Asia in its early days.
Ajay Hattangdi
Co-founder & Senior Advisor
MBA, State University of New York at Buffalo; Masters in Banking & Finance, Mumbai University
Ajay is one of the early pioneers of the Indian venture industry. He has worked with startups for more than 20 years. He was acknowledged as being among 'The 40 Who Matter in the Indian Start-up Ecosystem' and among 'Top 100 Leaders shaping finance across Asia' by LiveMint and FintechAsia respectively. Ajay developed India's first Venture Debt program in 2005 when he created a path-breaking lending group within Citibank to lead the first of several debt deals ever done for startups in the country. He leveraged that experience to launch InnoVen Capital, formerly known as SVB India Finance, the country's first specialty venture debt business in 2007. Following a buyout of the business in 2015, Ajay led the Group's expansion into Singapore and China. Ajay left InnoVen in 2017 to start Alteria Capital along with co-founder Vinod Murali.
Jinal Gandhi
Director - Finance, Head - IR; Compliance Officer
Masters in Commerce, Mumbai University
Jinal is Director, Finance and Head of Investor Relations at Alteria Capital. She is responsible for managing finance, operations, taxation, treasury and investor relations. Prior to joining Alteria, Jinal was a Vice President at InnoVen Capital and has extensive experience in finance and operations. Jinal has also worked with Haribhakti & Co., one of the country's largest accounting and auditing firms as a part of their risk assurance practice where she led and managed projects for due diligence, internal audits, concurrent audits, process reviews as well as business outsourcing assignments.
Deepak Malik
Director - Head, Capital
Akshat Saxena
Principal
Jasdeep Bhatia
Senior Vice President
Previously Associate Director at Northern Arc Capital (origination, financial institutions sector). Before that, at EY's Restructuring and Turnaround team, working on some of India's largest IBC cases. Also worked at a boutique investment firm in Delhi. MBA; CFA Level 2.
Vivek Pillai
Principal
Focuses on investments in financial services, food & beverages, consumer packaged goods, and durables. Previously on the investment team at InnoVen Capital (20+ investments). Began career at PwC's regulatory services practice, advising banks, NBFCs, funds, and payment companies. Graduate of the London School of Economics and Fergusson College, Pune.
Yash Jain
Senior Vice President
Atul Sanadi
Vice President - Finance & IR
Rohit Kanodia
Vice President
Darsh Jain
Vice President
Shailesh Kumar
Associate Vice President
Moxwi Jain
Senior Associate
Janhavi Jasani
Senior Associate
Salil Chadha
Associate
Pulkit Bajaj
Associate
Chiraag Kochhar
Associate
Richa Phirke
Associate
Pinal Gohil
Manager - Finance
Pallavi Bagdi
Assistant Manager - Credit Operations
Ananya Gurung
Analyst
Sunny Mehta
Assistant Manager - Finance & Credit Operations
Jessica Pereira
Office Manager
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