What stage does Alteria Capital invest at?

Alteria Capital invests at the Seed, Series A, Series B and Growth stages.

What sectors does Alteria Capital invest in?

Alteria Capital focuses on Sector-agnostic, Fintech, Consumer, Healthtech, E-commerce and SaaS.

Who are the partners at Alteria Capital?

Key people include Ajay Hattangdi (Co-founder & Managing Partner) and Vinod Murali (Co-founder & Managing Partner).

Where is Alteria Capital based?

Alteria Capital is headquartered in Mumbai.

Does Alteria Capital invest in women founders?

Alteria Capital is a generalist fund and backs strong founders regardless of gender, women founders included. For funds with an explicit women-founder mandate, see our women-focused funds list.

Venture debt · Seed–Growth · Mumbai

Alteria Capital

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Snapshot

Firm type: Venture debt
Founded: 2017
Headquarters: Mumbai
Fund / AUM: ~₹4,350 Cr (~$522M) AUM across three funds; Fund III final close $186M (2024)
Geographies: India
Leads rounds: Yes
Last updated: 23 July 2026

About Alteria Capital

India's largest venture-debt fund. It provides structured debt financing, term loans and working capital with equity warrants, rather than equity, to early and late-stage VC-backed startups.

Alteria Capital is a venture debt based in Mumbai, founded in 2017, investing in India. It backs companies at the Seed, Series A, Series B and Growth stages, with a focus on Sector-agnostic, Fintech, Consumer, Healthtech and E-commerce. It usually leads the rounds it joins.

On fund size, the firm reports ~₹4,350 Cr (~$522M) AUM across three funds; Fund III final close $186M (2024). Its portfolio includes Zepto, Rebel Foods, Spinny, Mensa Brands, Dunzo and Infra.Market.

Investment focus

Stages

Seed Series A Series B Growth

Sectors

Sector-agnostic Fintech Consumer Healthtech E-commerce SaaS

Notable investments

6 of Alteria Capital’s better-known bets, grouped by sector. Names in coral open the company’s profile or founder story on this site.

Quick commerce

Zepto

Foodtech

Rebel Foods

Auto marketplace

Spinny

Consumer roll-up

Mensa Brands

Delivery

Dunzo

Construction materials

Infra.Market

How to pitch Alteria Capital

Practical pointers drawn from what Alteria Capital says it backs. Always confirm the current focus and process with the firm before you reach out.

They invest at Seed, Series A, Series B and Growth. Approach them when your company is with an early product and first signs of traction, through to companies already scaling with strong metrics.
Their focus is Sector-agnostic, Fintech, Consumer, Healthtech and E-commerce, so lead with why you fit there.
The strongest way in is a warm introduction, ideally from a founder they have backed, such as Zepto, Rebel Foods and Spinny.
You can find the team and their current focus on their website, linked below.

Partners

Ajay Hattangdi

Co-founder & Managing Partner

Vinod Murali

Co-founder & Managing Partner

Website & links

Website ↗

Frequently asked questions

What stage does Alteria Capital invest at?: Alteria Capital invests at the Seed, Series A, Series B and Growth stages.
What sectors does Alteria Capital invest in?: Alteria Capital focuses on Sector-agnostic, Fintech, Consumer, Healthtech, E-commerce and SaaS.
Which companies has Alteria Capital invested in?: Notable investments include Zepto, Rebel Foods, Spinny, Mensa Brands, Dunzo and Infra.Market. See the full list on this page.
Who are the partners at Alteria Capital?: Key people include Ajay Hattangdi (Co-founder & Managing Partner) and Vinod Murali (Co-founder & Managing Partner).
Where is Alteria Capital based?: Alteria Capital is headquartered in Mumbai.
Does Alteria Capital invest in women founders?: Alteria Capital is a generalist fund and backs strong founders regardless of gender, women founders included. For funds with an explicit women-founder mandate, see our women-focused funds list.