Alteria is India’s largest Venture Debt fund focused on innovative startups backed by strong VC sponsors.

What is venture debt

It refers to a variety of debt financing products offered to early and growth-stage venture capital-backed companies.

How Venture Debt Helps

Venture debt is an alternative form of financing for startups which helps augment equity capital. It enables founders to reduce dilution and improve their ownership as it is predominantly in the form of debt with a small equity kicker.

Fuel Growth

Extend Runway

Increase Enterprise Value

Fund Acquisitions

Create a Track Record

We seek to understand entrepreneurs as individuals, appreciate their originality and play to their strengths.

What We Look for

Capital efficient
business models
Exploration &

Here’s What We Offer

The pace at which innovation is occurring underscores the need for a more holistic approach to supporting companies. Benefit not from Alteria Capital’s customized growth capital debt and equity solutions but also from the connections to investors, corporates, services providers and other industry participants.



Our portfolio companies have used Alteria’s senior secured loans to grow and develop their business during times of high growth inflection points or for end uses that are not readily served by typical financing solutions. Our loans are focused on high-growth companies with strong enterprise value and top-tier investors.



We invest alongside and in partnership with venture capital firms in our portfolio companies where we can provide value add through our network of industry relationships or assist in fundraising and making business connections.



Credit programs built in partnership with some of the country’s leading commercial banks enable our portfolio companies to access traditional financing for their requirements beyond the growth capital that Alteria can provide. The programs can be designed to fund the working capital needs not just for our portfolio companies but also for their vendors and the sales channel.



Our programs are designed to connect large corporations and investors with top startups and emerging technologies in order to unlock business opportunities ranging from strategic customer relationships and partnerships, to investments and acquisitions.

Our Portfolio Companies

We take pride in the companies we’ve helped get bigger and reach their goals in a short span of time. Get to know our portfolio companies

One Team. One Vision

As entrepreneurs, we have learned the value of being surrounded by the right people, the right partnerships and strong financial allies to be on your side through difficult times.

Given our experience spanning over a decade and across 100+ companies, we have experienced many of the scenarios your company might face as you scale. We pride ourselves on being a patient and dedicated capital partner.

Ajay Hattangdi

Managing Partner

Ajay Hattangdi is Managing Partner and Co-founder of Alteria Capital. He has been working with the Indian technology industry for over 20 years and with startups and venture capital for over 13 years. Ajay was an early pioneer in starting the venture debt industry in India when he started the country’s first venture lending program while at Citigroup in 2005. He subsequently founded SVB India Finance in 2007, the first dedicated venture debt firm in the country. SVB India Finance was re-branded InnoVen Capital India following a buyout of the business in 2015. At InnoVen Capital, Ajay served in a dual capacity as CEO of the flagship India business and as Group Chief Operating Officer where he was responsible for introducing venture debt in other markets in Asia, having played a key role in setting up InnoVen's offices in Singapore and Beijing. He was a member of Global Deal Committee at InnoVen Capital in addition to serving on the Boards of the group’s operating companies. InnoVen Capital was awarded Asia’s Best Venture Lending Firm under his leadership in March 2017. Ajay was recognized by Fintech Asia as being among the ‘Top 100 Leaders shaping finance across Asia’ in 2016, and among ‘The 40 Who Matter in the Indian Start-up Ecosystem’ by HT Media’s MINT business newspaper in December 2016. Ajay serves on the Board of Mumbai Angels which is among the largest angel groups in India. In 1998, Ajay co-founded PRAJA Foundation (, a voluntary Mumbai-based non-profit organization committed to re-establishing accountability and transparency in public governance. Ajay holds an MBA from State University of New York in Buffalo and a Masters in Banking & Finance from Mumbai University. Ajay enjoys squash, reading, a staple diet of food shows, and discovering new vacation destinations around the world with his wife Anuradha and teenage twins Maya and Aahir.
Vinod Murali

Managing Partner

Vinod Murali is Managing Partner and Co-founder of Alteria Capital. Vinod has 15+ years of experience spanning Venture Debt, Mezzanine Capital & Structured finance, Corporate Banking and Branding. He has been engaged in the startup ecosystem in India for more than a decade.

Prior to starting Alteria Capital, Vinod was Deputy Chief Executive Officer at InnoVen Capital India and Managing Director (2014-2017). During this period, Vinod was responsible for InnoVen India’s Loan business which included Origination, Execution and Portfolio Management. During this period there was aggregate deployment of $150mn+ of venture loans under his leadership and companies funded include Byju’s, Oyo Rooms, Swiggy, Pepperfry, Nestaway, Yatra & Firstcry. Since 2012, Vinod successfully led the deal team at InnoVen India to execute 100+ transactions across sectors like Technology, Healthcare, Education, Fintech, Retail and Clean-tech. He also launched and led the mezzanine debt financing business aimed at providing profitable, lower middle market, bootstrapped companies in India with flexible growth capital options.

Vinod is a Charter Member with TiE Mumbai and has been invited to participate in various expert panels and address gatherings conducted by Vibrant Gujarat Start-up Summit (2016), TiE, VC Circle, IIT Mumbai, Tech Sparks and Forbes India among others. Vinod is also a well recognized blogger and has been invited to contribute to various national media platforms. These include columns for HT Media’s Mint (one of India’s top business publications in collaboration with Wall Street Journal), Entrepreneur Magazine and

Prior to joining InnoVen Capital (then named SVB India Finance) 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.

Vinod holds a PGDBM (MBA) from the Indian Institute of Management at Ahmedabad and a Bachelor’s degree in Technology from the Indian Institute of Technology at Chennai (Madras). Vinod enjoys running and binge-watching TV shows. His interests include Science fiction, Cricket, Psychology and a healthy dose of trivia across all these topics and more.

Sameer Mansukhani


Sameer is a Principal at Alteria Capital and is responsible for identifying investment opportunities for the firm across Enterprise Tech, SAAS, Logistics, Agritech and Consumer Internet.

Sameer has over 15 years of experience in the financial services sector across Corporate & Investment Banking, Private Equity, and Research. Prior to joining Alteria Capital, Sameer was a Regional Head at Axis Bank’s New Economy Group, leading a team of Relationship Managers focused on working with early stage companies and investors in the start-up ecosystem.

He started his career with CRISIL in its industry research subsidiary and then moved on to join Bennett Coleman & Co (Times Group) as part of the investment team when the media house set up Brand Capital in 2005. In 2006 he joined the Investment Banking team at Axis Capital (erstwhile ENAM Securities acquired by Axis Bank in 2010). At Axis Capital, Sameer spent about 9 years as a Coverage Banker advising clients on transactions across Capital Markets, M&A, Private Equity and Structured Finance. In 2015 he moved into Axis Bank’s Strategic Clients Group within the Corporate Banking Division, where he was part of the founding team that helped strategize and set up the New Economy Group for Axis Bank.

Sameer holds an MBA in Finance from Mumbai University’s Welingkar Institute. He has also completed all 3 levels of the Chartered Financial Analyst program from the CFA Institute, Charlottesville (USA).

Sameer is a complete foodie with a special fondness for cheese. He enjoys badminton with his gang, cycling and running which he believes counters the resident foodie within. He also likes reading non-fictional books across a range of topics.

Vivek Pillai

Vice President

Vivek is Vice President at Alteria Capital, and focuses on investments in financial services, food and beverages and related spaces such consumer packaged goods and durables. Prior to joining Alteria, Vivek was with the investment team at InnoVen Capital, where he executed and managed over twenty investments in the portfolio. Vivek began his career in financial services with the regulatory services practice at PwC, where he advised banks, NBFCs, funds, payment companies and policy makers on prudential regulation, corporate and transaction structuring, M&A and regulatory strategy. He is a graduate of the London School of Economics, London and Fergusson College, Pune. Vivek enjoys science fiction, fantasy, history, technology, public markets and speculative debates on the future of everything.
Harsh Gupta

Senior Associate

Harsh is a Senior Associate at Alteria Capital. He assists deal leads on origination, due diligence, structuring and closure of new venture debt transactions. Harsh is also responsible for ongoing portfolio monitoring and maintaining credit quality through consistent checks on business performance and continuous engagement with portfolio companies. In addition to providing support on Venture debt transactions, Harsh also leads Alteria’s outreach program focused on building relationships with companies and entrepreneurs at early stages.

Prior to joining Alteria, Harsh was with the investment team at InnoVen Capital, where he assisted in the execution and management of over twenty investments in the portfolio. Harsh began his career with Vodafone India as a Management Trainee where he worked across Sales, Financial planning & Analysis and Supply chain.

Harsh is a Chartered Accountant (ICAI) by qualification and a Bachelors in Commerce with Distinction from N.M College of Commerce and Economics, Mumbai University. Harsh loves to play badminton and table tennis.

Jinal Gandhi

Head - Investor Relations & Vice President - Finance

Jinal is Head of Investor relations & Vice President, Finance 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. She has been recognized for her excellence in work and was the lead trainer for MS-Excel workshops while at the Firm. Jinal has a Masters in Commerce from Mumbai University. Besides crunching numbers, she loves to paint and explore new places.
Vishal K Ramaswamy

Vice President - Venture Building & Strategic Initiatives

Vishal is Vice President of Venture Building and Strategic Initiatives at Alteria Capital and is responsible for leading the firm’s effort in building a collaboration platform designed to help startups, corporates and investors connect with each other to achieve a range of successful outcomes through partnerships, vendor relationships, and investments.

Vishal has multi-sectoral and functional experience ranging from automobile ancillaries manufacturing at Bosch, to the construction sector at Henkel, and an entrepreneurial experience in the education space. Prior to joining Alteria, Vishal was heading one of the business development teams focused on the European markets at Tracxn. Vishal is also active in the startup ecosystem and contributes as a mentor, speaker and community builder.

Vishal has an MBA from XLRI, Jamshedpur and a B.Tech from MNIT, Jaipur.

Vishal is a fitness freak and enjoys swimming and crossfit. He loves playing multiple sports such as tennis, squash, basketball, football and cricket. He loves different genres of music and plays the drums and tabla.

Mokshita Shah


Mokshita is an Analyst at Alteria Capital. She works with the transactions team on portfolio monitoring and other support functions covering risk management and client satisfaction. She assists Alteria’s outreach program focused on building relationships with companies and entrepreneurs at early stages and unfunded companies. She also assists with the ‘AlteriaActivate’ program on activities including mapping startups, background research, curation of service providers, and coordinating and managing client deliverables.
Mokshita holds a Bachelors in Management Studies (BMS) with Finance as her elective from H.R. College of Commerce & Economics, Mumbai University. She’s a sports enthusiast, loves a good debate & reading, especially mythology. Her love for dogs and babies is unparalleled!
Sakshi Rathi


Sakshi is an Associate at Alteria Capital. She works with the transaction team to support origination, due diligence, credit underwriting, and closure of new debt transactions as well as portfolio monitoring. Sakshi also assists with building the firm’s early engagement with entrepreneurs and startups prior to venture funding.   Prior to joining Alteria Capital, Sakshi was with the Deals Advisory team at PwC, where she assisted in diligence and management of engagements in the financial services space. She began her career as an Article Assistant with PwC’s Assurance team focused on financial services.   Sakshi is a Chartered Accountant by qualification and did her B.Com (Accounting & Finance) from IGNOU. She loves reading and listening to music
Preeti Salgaonkar

Manager - Finance & Admin

Preeti is a Finance & Operations Manager at Alteria Capital where she provides support for payments and HR operations. Preeti has broad and indepth work experience in the banking and finance sector. She has worked for 34 years at Sumitomo Mitsui Banking Corporation and thereafter as a consultant to Siemens India for export LC and documentation at their power transmission division. Her career has taken her on training and project assignments within India as well as overseas.   Preeti has studied Financial Management from NMIMS at Mumbai after completing BCom from Mumbai University. She has obtained her CAIIB qualification from the Indian Institute of Bankers.   Preeti is a foodie who equally loves to cook. Her hobbies include Sudoku, scrabble and oil painting.
Sansha Cornelio


Sansha is an Associate at Alteria Capital. She works with the transaction team to support origination, due diligence, credit underwriting, and closure of new debt transactions as well as portfolio monitoring. Sansha also assists with building the firm’s early engagement with entrepreneurs and start-ups prior to venture funding. Prior to joining Alteria Capital, Sansha was a part of Transaction Advisory at EY, where she worked on due diligence of companies in the financial services industry, majorly micro-finance institutions, insurance companies and NBFCs. She began her career as an Article Trainee with EY’s Risk Advisory team focused on financial services.  Sansha is a Chartered Accountant by qualification and is currently pursuing her CFA. She completed her M. Com and B. Com from N.M. College of Commerce and Economics.  She is extremely passionate about teaching and has been a part of Angel Xpress for 2 years. She also loves dancing, writing and trying out new restaurants and cuisines.

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