Companies like EvolutionX Debt Capital, Stride Ventures, BlackSoil Group and others that traditionally focused on lending to India’s fast-growing new-age companies are deepening their presence in West Asia, Southeast Asia and Europe, even as India remains their core market.
For BlackSoil, the move into Southeast Asia and other global markets is driven by the ‘untapped potential’ these regions offer and the quality of companies emerging in key sectors. “These markets offer strong growth prospects, diverse revenue streams and strategic footholds in rapidly evolving economies,” said Chirag Shah, Executive Director – Fundraising, Investments & Strategy at BlackSoil. He added that the company’s global expansion is in line with its long-term returns strategy and its experience navigating diverse market environments.
India focus
Even as they expand, India-focused exposure remains front and center. “Both markets operate independently and India remains our core focus,” Shah said. “Additional markets provide opportunities to diversify capital and allow our LPs to balance their portfolios for risk-adjusted returns.”
This shift comes amid rising demand for credit from startups and the strengthening of global LPs’ expectations for governance, liquidity and risk transparency. Shah noted that these expectations have pushed companies to take a more disciplined, scalable approach to venture debt, while designing structures with clearer risk-reward visibility and stronger oversight.
Stride Ventures, one of India’s largest venture capital debt platforms, has also taken a major step forward in its global ambitions, securing around $300 million in commitments from sovereign wealth funds, banks, insurers, government bonds and asset managers in the GCC, India and the UK in the past six months. The firm is targeting a final close of $600 million for its three regional funds.
Founded in 2019, Stride has committed more than $1.6 billion to more than 200 companies across fintech, consumer technology, mobility, health technology and SaaS. Its cross-border presence includes local teams in India, the GCC and the UK, working across policy and regulatory ecosystems to support market expansion for founders.
“Growth travels at the speed of trust, and that is the blueprint we are scaling globally,” said Ishpreet Singh Gandhi, Founder and Managing Partner at Stride Ventures. The fund has also committed to the global Principles for Responsible Investment (PRI), underscoring its alignment with international ESG and governance standards.
Cautious outreach
As Indian VC firms expand their geographic reach, they continue to apply the same underwriting discipline abroad. “The markets do not determine the underwriting approach; our organization and its standards do,” Shah said, adding that the focus is on recurring revenue, strong economics and cash flow visibility.
As global LPs increasingly partner with Indian managers and startups seeking more diversified credit pools, the venture debt industry’s international pivot will deepen, giving domestic funds greater reach and raising the bar for governance and global execution standards.
Published on November 21, 2025
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