Archive · 4 Nov 2025
Indian Venture Debt Firms Expand to Gulf, SE Asia, Europe for Growth
Imagine some money companies that give loans to new, growing businesses in India, kind of like a piggy bank for startups that don't want to give away pieces of their company.
These companies are now looking to lend money in other parts of the world too, like the Middle East, Asia, and Europe.
They are doing this because there are fewer new opportunities in India, and they want to find more places to help businesses grow and make more money for themselves.
Some of these companies, like Stride Ventures, have already started new funds in these regions.
Another company, BlackSoil, is also creating a special fund for Southeast Asia.
Even a company called EvolutionX, which is backed by a big investment firm, is planning to lend in the Middle East soon.
They see that many new businesses are starting up in these places and need this kind of special loan.
It's like them following the trend of Indian businesses that are also growing and working in other countries.
Indian venture debt firms EvolutionX, Stride Ventures, and BlackSoil are expanding into West Asia, Southeast Asia, and Europe.
This expansion is driven by a desire to diversify exposure, maximize returns, and follow the growth of Indian startups into international markets.
Stride Ventures launched three funds across India, the GCC, and the UK, backed by a $300 million capital raise.
BlackSoil Group launched a $50 million Southeast Asian-focused credit fund, citing synergies between India and SE Asia.
EvolutionX Debt Capital is set to make its first investment in the GCC region, attracted by economic growth and government initiatives.
- Who
- Indian venture debt firms (EvolutionX Debt Capital, Stride Ventures, BlackSoil Group)
- What
- Expanding operations and launching funds in West Asia, Southeast Asia, and Europe.
- When
- In recent months, with funds launched around April and August.
- Where
- West Asia (GCC countries), Southeast Asia, Europe (UK).
- Why
- To diversify exposure, maximize returns, tap into growing startup ecosystems, and follow Indian startups expanding internationally.
Expansionist View
India-Focused View
Market Opportunity
Expansionist View
Expanding to new markets like the Gulf, Southeast Asia, and Europe offers diversification, maximizes returns, and taps into rapidly maturing ecosystems and innovation hubs.
India-Focused View
The Indian market offers sufficient depth and opportunity for venture debt, and expansion should focus on supporting existing portfolio companies with overseas operations rather than direct new market entry.
Strategy for International Expansion
Expansionist View
Directly establishing funds and underwriting in new regions allows lenders to support global operations, tap new ecosystems, and engage with international LPs.
India-Focused View
Supporting portfolio companies' overseas needs through existing relationships in those regions is sufficient, as direct expansion requires local underwriting expertise to avoid long-term stress.
- Venture Debt Definition
- High-interest loans to early-stage companies to raise capital without diluting equity.
- Stride Ventures Capital Raise
- $300 million over past six months, targeting an additional $300 million.
- Stride Ventures Backed Startups
- Approximately 200 in India, including BlueStone, Moneyview, Moove.
- BlackSoil Credit Fund
- $50 million Southeast Asian-focused fund launched in August.
- BlackSoil India Backed Companies
- Yatra, MobiKwik, ideaForge, Moneyview, Curefoods.
- EvolutionX Investment Focus
- Growth-stage tech-enabled businesses in consumer, education, financial services, EVs, healthcare.
- EvolutionX Ticket Sizes
- $20 million to $75 million.
- Stride/BlackSoil Ticket Sizes
- $2 million to $20 million.