DMI Alternatives on Thursday announced that it has closed a $120-million capital raise for its corporate private credit fund.
The strategy, which will invest in performing and cash-flowing Indian companies, will be led by Harein Uppal, who has international experience in private credit investing, the firm said in a statement.
With the fund, DMI Alternatives aims to provide bespoke financing solutions to Indian companies across healthcare, technology, business services, manufacturing, and financial services.
“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 companies, which are looking for flexible capital solutions,” said Harein Uppal, head of private credit investments at DMI Alternatives.
“We want to back businesses with strong fundamentals and a clear growth runway—companies that can deliver both economic and social value. This fund is a step towards bridging that capital gap responsibly and strategically,” he added.
Founded in 2008, DMI Group is a pan-India financial services platform with core businesses in digital finance, housing finance, and asset management. It has raised over $1.5 billion of equity investment and is supported by global institutional investors, strategic family offices, and leading Indian and international banks.
“India’s mid-market continues to drive meaningful growth and innovation. With DMI Private Credit, our focus is to complement existing financing channels by providing flexible and responsible capital that helps businesses grow with stability. We see this as a long-term opportunity for investors to participate in India’s evolving enterprise landscape,” said Shivashish Chatterjee, co-founder, DMI Alternatives.
