DMI Alternatives has announced the successful closure of a $120 million raise for its new corporate private credit fund, aimed at providing bespoke financing solutions to performing and cash-flowing Indian companies. The strategy will be led by Harein Uppal.

The raise comes at a time when India — the world’s fastest-growing major economy — is witnessing a surge in demand for flexible, non-dilutive capital. Corporates are increasingly looking beyond traditional bank financing and public markets to fund expansion, strengthen balance sheets, and accelerate growth.

Backing India’s Most Resilient and Scalable Sectors

With this fund, DMI Alternatives aims to address the financing needs of mid-market businesses across sectors benefiting from long-term structural tailwinds, including:

• Healthcare

• Technology & Digital Services

• Business Services

• Manufacturing & Industrial Growth

• Financial Services

These sectors continue to outperform due to rising domestic consumption, strong governance frameworks, and India’s accelerating economic formalization.

The fund’s mandate is to invest in high-quality, cash-flowing enterprises with robust fundamentals — offering them tailored capital through debt and hybrid structures that support sustainable growth.

Private Credit Rising as a Core Pillar of India’s Capital Market

India’s financing ecosystem is undergoing a major shift. With structural reforms, improved credit discipline, and increasing capital allocations from both domestic and global investors, private credit has emerged as a critical and complementary source of institutional financing.

As businesses diversify funding channels, private credit is increasingly filling the gap between traditional banking and equity capital — offering companies speed, flexibility, and customized solutions.

DMI’s latest fund is well-positioned to capitalize on this momentum, tapping into strong demand across India’s mid-market economy.

About DMI Alternatives

DMI Alternatives is an alternative asset management platform operating across three core strategies:

• Real Estate (OKAS)

• Venture Capital (DMI Sparkle Fund)

• Private Credit

The private credit vertical focuses on providing growth-oriented financing to mid-market Indian companies with durable cash flows and strong business fundamentals. Through a combination of debt and hybrid instruments, it supports companies on sustainable and scalable growth trajectories.