India Private Debt Market Surges to $3B in 2025

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India's private debt market has surged to $3 billion in 2025, driven by venture debt and growth credit. The market is gaining momentum, with venture debt deployments reaching $1.3 billion and growth credit at $1.68 billion, signaling a structural shift in startup financing.
India's private debt market is booming, with venture debt deployments reaching $1.3 billion across 187 startups in 2025. Growth credit has also emerged as a key financing tool, with $1.68 billion raised across 32 deals. The market is concentrated in major startup hubs, with Delhi-NCR leading at $617 million. Fintech is the dominant sector, accounting for over $600 million in venture debt and 59% of growth credit. The report highlights a shift towards non-dilutive capital, with venture debt now accounting for 9% of total venture capital deployment. Private debt is expected to play a core role in the capital stack, with over 70% of founders expecting increased usage in the next two years.
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