Mumbai, July 9: At Indian Venture and Alternate Capital Association Private Credit Summit 2026, a panel discussion titled “Private Credit 2035: Scaling the Next Trillion in India’s Financing Stack” featured industry experts discussing how private credit can evolve into a core pillar of India’s financing architecture over the next decade.
Rahul Shah, Partner, EvolutionX Debt Capital, and Sandeep Adukia, Senior Managing Partner, Ascertis Credit, joined the panel, along with Karthik Athreya, Managing Director, Sundaram Alternates; Piyush Gupta, CEO, Investec Alternatives; and Vineet Sukumar, Founder and Managing Director, Vivriti Group. The panel discussion was moderated by Rajeev Vidhani, Partner, Khaitan & Co.
The session focused on the growth trajectory of India’s private credit market over the next 10 years, as well as the evolution of alternative investment funds , private credit funds, co-lending models, securitisation platforms, and technology-enabled credit markets. Panellists also examined how regulatory frameworks, underwriting standards, and governance practices could play a part in supporting sustainable growth in this segment. Their perspectives touched upon India’s potential to emerge as a leading destination for domestic and global private credit capital by 2035.
“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,” said Karthik Athreya, Managing Director, Sundaram Alternates.
He highlighted how India’s private credit ecosystem is steadily evolving into a more mature and integral component of the country’s financing landscape.
“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,” said Rahul Shah, Partner, EvolutionX Debt Capital.
Drawing attention to the role of private credit in addressing the evolving financing needs of Indian businesses, he highlighted the structural trends shaping its next phase of growth.
“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,” said Sandeep Adukia, Senior Managing Partner, Ascertis Credit.
He emphasised the importance of strong underwriting, innovative financing, and a supportive regulatory environment in strengthening investor confidence in India’s private credit market.
IVCA Private Credit Summit 2026, themed “Building India’s Growth Engine through Private Credit”, convened policymakers, regulators, institutional investors, fund managers, legal experts, and industry leaders to deliberate on the developments that could strengthen the private credit ecosystem and support India’s long-term economic growth.
The IVCA Private Credit Summit is an industry platform that brings together leading domestic and global investors, private credit funds, banks, NBFCs, Asset Management Companies , Asset Reconstruction Companies , family offices, wealth managers, institutional investors, policymakers, regulators and industry practitioners to deliberate on the evolving landscape of private credit in India. The 2026 edition of the Summit is supported by 360 ONE as the 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. Through thought-provoking discussions and cross-sector collaboration, the Summit aims to strengthen India’s alternative credit ecosystem, encourage innovation in financing solutions and support the country’s long-term capital formation.