Strategic Scale Seeker From fintech to climate tech, Alteria Capital backs startups across sectors and stages, typically from Series A to pre-IPO rounds.

Punit Shah, Managing Partner at Alteria Capital, stands at the forefront of India's venture debt ecosystem, leading a firm with an AUM exceeding USD 600 million and a dynamic portfolio of over 200 companies. From fintech to climate tech, Alteria backs startups across sectors and stages, typically from Series A to pre-IPO rounds. Yet, for Shah, the core philosophy behind investing goes beyond capital.

"A startup is either disrupting an inefficient profit pool or aggregating a fragmented one. The believability of building a sustainable profit pool is where our thesis begins," Shah said. For Alteria, founder quality is non-negotiable. "We look for the founder's right to win. Strategic depth, a nuanced approach to scale, and a deep understanding of their market are the hallmarks of great teams."

While largely sector-agnostic, Alteria tracks proprietary KPIs tailored to each space. "Data helps us benchmark scale and profitability, but it's not just about numbers. Understanding the founder's ability to hit key milestones matters just as much," Shah added.

Alteria's approach is unique, offering capital solutions beyond equity. The firm typically deploys USD 20–40 million across a company's lifecycle, playing a strategic role in the growth journey. "Our goal is to solve capital needs creatively, especially when equity may not be the most efficient route."

Geography is not a constraint, but Shah noticed a difference in mindset between metro-based founders and those from tier II and tier III cities. "It's less about location and more about intent—whether they are building a generational business or a high-growth company for the next decade. India's startup ecosystem is concentrated in 5-6 cities, where founders move to access talent, infrastructure, and business ease."

Among the portfolio, Zepto stands out for Shah. "I saw their hoardings promising 10-minute delivery and thought it was just marketing. But their systematic, pin-code expansion was impressive. I texted the founder, and his maturity was startling. He spoke with the clarity of someone far beyond his years."

Alteria supports founders well beyond funding. Through its initiative, Alteria Activate, the firm assists with hiring, branding, corporate partnerships, and capital introductions. "The right founder-investor fit is often underrated. We help ensure those alignments are in place."

According to Shah, defence and solar energy space are currently seeing a lot of investor interest. "Looking ahead, Fintech, B2B supply chain digitisation, and consumer premiumisation are key focus areas, driven by rising digital adoption and evolving preferences," he mentioned. "Domestic capital pools are maturing. As more data and outcomes emerge, the venture ecosystem will only deepen."

For Alteria Capital, it's not just about capital—it's about conviction, clarity, and long-term commitment.

Facts:

• Fund Size: AUM of USD 600 Mn+ across funds
• Current Portfolio: 200+ across fintech, consumer tech, SaaS, healthcare, B2B commerce, agri-tech, EV & climate tech; from Series A to listed startups