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India's Alteria Capital raises $120m venture debt fund

Move comes as startups look for alternatives to equity financing

India's Alteria Capital has backed startups such as online restaurant company Rebel Foods and used car platform Spinny. (Source images from Alteria Capital Twitter and Kosaku Mimura)

BENGALURU -- Indian venture debt firm Alteria Capital on Monday announced it has raised 10 billion rupees ($120 million) to back startups in the country, which are increasingly looking for alternative sources of funding as equity investments dry up.

Alteria -- set up in 2017 by former InnoVen Capital executives Vinod Murali and Ajay Hattangdi -- typically provides loans to companies that have already raised equity financing. The latest fund could be extended by another 10 billion rupees, managing partner Murali told Nikkei Asia.

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