New Delhi, Dec. 4 -- Delhi-based DMI Alternatives, the alternative investment arm of non-bank lender DMI Finance Pvt Ltd, has raised $120 million (around Rs 1,079.7 crore) for its maiden corporate private credit fund, as it expands its operations beyond real estate play.
The fund is aimed at providing bespoke financing solutions to performing and cash-flowing Indian companies. The strategy will be led by Harein Uppal, head of private credit Investments, who brings international experience in private credit.
"India's corporate credit markets represent a significant opportunity to back high-quality companies that will shape the country's future. Traditional banking and capital markets alone cannot meet the ambitions of today's businesses, which are seeking flexible capital solutions," Uppal said.
The fund targets sectors including healthcare, technology, business services, manufacturing, and financial services. The company identifies these areas as benefiting from secular tailwinds supporting India's economic expansion.
"We want to support companies with strong fundamentals and clear growth potential-those that can deliver both economic and social value. This fund bridges that capital gap responsibly and strategically," he added.
Shivashish Chatterjee, co-founder of DMI Alternatives, said India's mid-market continues to drive meaningful growth and innovation. "Our private credit fund aims to complement existing financing channels by providing flexible and responsible capital that supports sustainable business growth. We see this as a long-term opportunity for investors to participate in India's evolving enterprise landscape," he said
The company aims to partner with strong Indian companies scaling sustainably and seeking flexible capital to fuel long-term value and resilience. "Private credit has a long runway in India, and this fund positions us to back enterprises building long-term value and resilience," said DMI co-founder Yuvraja C Singh.
Besides private credit, DMI Alternatives also invests via its real estate strategy. The firm is currently deploying its second real estate fund, for which it was planning to raise $500 million. The fund was anchored by Liechtenstein-based asset management company New Investment Solutions (NIS). It had raised $230 million for its maiden real estate fund in 2018.
DMI Finance was launched in 2008 by former Citigroup executives Singh and Chatterjee. The firm built its business in real estate financing early and continues to operate in the property lending space. In 2013, the Burman family, promoters of Dabur India, acquired a stake in DMI Finance. The company also counts on backing from global institutional capital, family offices, Indian banks, and public market creditors.
Published by HT Digital Content Services with permission from VC Circle.