Private Debt Shifting From Bridge Financing to Core Capital Layer in India
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Private debt in India is shifting from bridge financing to a core capital layer, with venture debt and growth credit emerging as key financing tools for start-ups. The venture debt market in India has expanded from $80 million in 2018 to $1.3 billion in 2025, with growth credit also gaining traction as a late-stage financing instrument.
Private debt in India is becoming a core capital layer. Venture debt is used for early-stage funding, while growth credit is used for expansion and pre-IPO capital. The venture debt market has grown from $80 million in 2018 to $1.3 billion in 2025. Growth credit saw $1.68 billion deployed across 32 companies in 2025. Venture debt is used for operational needs, while growth credit is used for larger and more structured needs. Founders are shifting towards larger structured deals, with flexibility and speed being key factors.
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