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Indian VC

Alteria Capital

Alteria Capital is a Mumbai-based venture debt firm founded by Ajay Hattangdi and Vinod Murali in 2017, after both ran InnoVen Capital. The firm lends to startups across early and growth stages in fintech, consumer, healthcare, and logistics, with cheque sizes up to Rs 150 crore. Its three funds have raised close to $525 million, backing more than 100 companies, including Infra.Market, Spinny and Zepto.

Overview

Alteria Capital is a venture debt firm based in Mumbai. Ajay Hattangdi and Vinod Murali founded the firm in 2017. Both had run InnoVen Capital, backed by Temasek, before this move. Hattangdi led InnoVen's India business and its expansion into Southeast Asia. Murali served as deputy CEO of InnoVen's India operations. The two resigned from InnoVen in June 2017 to start Alteria.

Investment Focus and Stage

Alteria Capital lends to startups that have already raised venture equity. It backs companies across early and growth stages, not one fixed round. Cheque sizes on its third fund run up to Rs 150 crore. The firm also makes small equity investments in past debt clients. Sectors span fintech, consumer internet, healthcare, logistics, and B2B commerce.

Fund Size and Portfolio

Alteria Capital raised its debut fund at around $157 million in 2017. A third fund reached a final close of $186 million in 2024. Total assets under management across all three funds sit near $525 million. The firm has backed more than 100 companies with over $600 million in commitments. Infra.Market and Spinny sit among its confirmed investments. Zepto, Chaayos, and WoW Skin Science also feature in its portfolio.

Leadership

Ajay Hattangdi co-founded Alteria Capital and serves as managing partner. He built India's first dedicated venture debt business at InnoVen Capital. Vinod Murali co-founded the firm alongside him and also holds the managing partner title. Punit Shah joined later as a managing partner, having led over 75 debt deals at InnoVen. His past work included companies like Oyo Rooms, Curefit, and Blackbuck.

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