Karthik Athreya, Managing Director, Sundaram Alternates; Rahul Shah, Partner, EvolutionX Debt Capital; and Sandeep Adukia, Senior Managing Partner, Ascertis Credit, shared insights on the future of private credit, alternative investment funds, underwriting standards and India’s financing ecosystem during a panel discussion at the IVCA Private Credit Summit 2026 in Mumbai.
Mumbai, July 9, 2026: Industry leaders from India’s alternative investment ecosystem came together at the Indian Venture and Alternate Capital Association (IVCA) Private Credit Summit 2026 to discuss how private credit can evolve into a key pillar of India’s financing landscape over the next decade.
The panel discussion, titled “Private Credit 2035: Scaling the Next Trillion in India’s Financing Stack”, featured Rahul Shah, Partner, EvolutionX Debt Capital; Sandeep Adukia, Senior Managing Partner, Ascertis Credit; Karthik Athreya, Managing Director, Sundaram Alternates; Piyush Gupta, Chief Executive Officer, Investec Alternatives; and Vineet Sukumar, Founder and Managing Director, Vivriti Group. The session was moderated by Rajeev Vidhani, Partner, Khaitan & Co.
The discussion explored the future trajectory of India’s private credit market, the evolution of Alternative Investment Funds (AIFs), private credit funds, co-lending models, securitisation platforms and technology-enabled lending. The panellists also examined how regulatory frameworks, governance standards and disciplined underwriting practices can support sustainable growth while strengthening India’s position as a preferred destination for domestic and global private credit capital by 2035.
Speaking during the discussion, Karthik Athreya, Managing Director, Sundaram Alternates, said, “Private credit in India has evolved from an alternative financing solution into an integral part of the country’s capital ecosystem. Today, banks, NBFCs and private credit funds coexist in an increasingly mature market, supported by stronger regulation and broader investor participation. As this momentum continues, private credit is set to play a far more significant role in financing India’s next phase of growth.”
He noted that the ecosystem has matured significantly over the past few years and is becoming an increasingly important source of capital alongside traditional lenders.
Highlighting the financing needs of emerging businesses, Rahul Shah, Partner, EvolutionX Debt Capital, said, “Private credit is playing an increasingly important role in supporting new-age and technology-led businesses whose financing needs are often not addressed through traditional lending channels. For these businesses, underwriting has to go beyond conventional collateral and focus on the long-term strength of the business, its ability to attract future equity capital and its resilience across market cycles. As India’s innovation economy grows, private credit will continue to complement equity capital by providing flexible financing solutions.”
He added that private credit is becoming an important financing option for high-growth businesses that require customised capital structures beyond conventional lending.
Discussing the importance of disciplined lending practices, Sandeep Adukia, Senior Managing Partner, Ascertis Credit, said, “India has a deep and growing base of mid-market businesses that require flexible financing solutions to support their next phase of growth. As the private credit market expands, disciplined underwriting, strong cash-flow assessment and continuous portfolio monitoring will remain critical to protecting investor capital. We are also seeing banks increasingly viewing private credit as a complementary source of capital, enabling fast-growing businesses to access financing structures that go beyond conventional lending.”
He emphasised that strong underwriting standards, continuous monitoring and a supportive regulatory environment will be essential in strengthening investor confidence as the market expands.
The IVCA Private Credit Summit 2026, themed “Building India’s Growth Engine through Private Credit”, brought together policymakers, regulators, institutional investors, fund managers, legal experts and industry leaders to deliberate on developments shaping India’s alternative credit ecosystem and long-term capital formation.
The summit serves as a platform for domestic and international investors, private credit funds, banks, NBFCs, asset management companies, asset reconstruction companies, family offices, wealth managers, regulators and policymakers to exchange ideas on financing innovation, private capital and the future of India’s credit markets.
The 2026 edition of the summit was supported by 360 ONE as Platinum Partner; Avendus, Certus Capital, EAAA Alternatives, NEO Alternative Asset Managers and Vivriti AMC as Gold Partners; and Khaitan & Co. and Sundaram Alternates as Strategic Partners.
About Indian Venture and Alternate Capital Association
The Indian Venture and Alternate Capital Association is the apex industry body representing India’s alternate capital ecosystem. The association represents more than 500 funds with combined assets under management exceeding USD 350 billion and works closely with policymakers, regulators and industry stakeholders to strengthen India’s investment ecosystem, encourage innovation and support long-term capital formation.
At Prittle Prattle News, featuring you virtuously, we celebrate the commitment and innovation. Led by Editor-in-Chief Smruti Bhalerao, our platform is dedicated to sharing impactful stories that inspire change and create awareness. Follow us on LinkedIn, Instagram, and YouTube for more stories that matter.
Add Comment