The business is sound. It just doesn't fit a standard credit box.
The requirement is real but the structure is unusual — an acquisition to fund, a promoter stake to monetise, a receivable cycle that doesn't fit a working-capital template, or a timeline measured in weeks.
Where most of these mandates start.
The requirement is real but the structure is unusual — an acquisition to fund, a promoter stake to monetise, a receivable cycle that doesn't fit a working-capital template, or a timeline measured in weeks.
Conventional credit says no on policy grounds, not on credit grounds. You need capital that prices risk rather than ticks boxes.
How capital providers actually assess this.
Private credit funds underwrite cash flows, asset cover and enforceability. They accept complexity — bespoke amortisation, cash sweeps, structured security, equity kickers — in exchange for higher pricing and tighter monitoring.
Because these funds underwrite deal by deal, the quality of the structure presented matters more than the borrower's category. A well-built downside case usually moves pricing more than another round of negotiation.
The Indian private credit market is now institutional in scale — AIF Category II credit funds, offshore credit platforms and family offices routinely deploy ₹50–300 Cr per situation across performing credit, structured debt and special situations. Typical structures include senior secured loans, mezzanine and unitranche facilities, acquisition financing, promoter-level funding against share pledges, and bridge facilities ahead of equity events.
The active lender universe breaks into four broad types: domestic AIF credit funds (the most flexible on structure), offshore credit funds (larger tickets, USD-linked return expectations), family offices and HNI platforms (fast, relationship-driven), and structured lending desks of institutional lenders. Each prices risk differently — matching the situation to the right category is where most of the outcome is decided.
The parameters this is assessed against.
- Ticket size
- ₹25 Cr – ₹500+ Cr
- Pricing
- Higher than conventional debt; reflects structure and speed
- Tenor
- 2–7 years, bespoke amortisation and cash sweeps
- Security
- Asset cover, pledge of shares, escrow, corporate guarantee
- Timeline
- 6–10 weeks, faster where diligence is ready
What has to be on the table.
- Audited financials for the last three years plus latest provisional numbers
- GST returns and bank statements for the last 12 months
- Company profile, shareholding pattern and group structure
- KYC of the entity, promoters and directors
- CMA data — historical and projected fund flow, ratios and working-capital assessment
- Existing facility sanction letters, repayment track and security details
- Schedule of collateral with valuation and title documents
- Clear articulation of the use of funds and the exit or refinance path
- Downside case showing coverage under stress
We understand the capital requirement, structure the transaction and take it to the right capital providers.
Understand the requirement
The situation, the timeline and the real constraint — speed, quantum, security or covenant flexibility.
Structure the transaction
Instrument selection, cash-flow waterfall, security and exit design so the fund can see how it gets repaid in both the base and downside case.
Take it to the right capital providers
Domestic and offshore private credit funds, AIFs and structured lending desks matched to the situation type and ticket.
Term sheets, negotiation and closure
We run competing term sheets side by side, negotiate pricing, covenants and security, manage diligence, and stay on the mandate through documentation and disbursement.
Answers before the first call.
What is private credit?
Private credit is non-conventional lending by funds and AIFs that underwrite cash flows and asset cover directly, offering bespoke structures and faster execution than standardised credit at higher pricing.
When does private credit make sense?
When speed, structure or a non-standard situation matters more than the last hundred basis points of pricing — acquisitions, promoter funding, bridges, refinancing and special situations.
What ticket sizes do private credit funds consider in India?
Most funds active in the mid-market look at ₹25 Cr and above, with the deepest appetite between ₹50 Cr and ₹300 Cr.
How does private credit differ from conventional lending in India?
Conventional credit is policy-driven — standardised products, fixed eligibility boxes and collateral-led underwriting. Private credit is negotiated deal by deal: the fund underwrites your cash flows and exit path, then drafts tenor, amortisation, security and covenants around the transaction. You pay more, but you gain speed, structural flexibility and certainty of closing.
Who provides private credit in India?
Four broad groups: AIF Category II credit funds, offshore private credit platforms, family offices and HNI-backed lending platforms, and the structured lending desks of institutional lenders. Each has a different risk appetite, ticket preference and pricing logic.
How long does a private credit deal take to close in India?
With a complete credit file, indicative terms typically arrive in two to three weeks and disbursal in six to ten weeks. Security creation and legal diligence are the usual critical path.
Share the requirement. We will tell you candidly whether it is fundable, and how.
Senior-led review under a mutual NCND. No retainer — engagement is success-linked. Prefer a detailed brief? Use the full funding requirement form.