Trifecta Capital, a backer of Indian unicorns like quick commerce startup Zepto and fintech firm BharatPe, has reached the first close of its fourth debt fund that is targeting to raise Rs 2,000 crore ($230 million), including a Rs 500 crore greenshoe option.
The final close is expected in the second half of 2025, co-founder Rahul Khanna told DealStreetAsia.
The fund is Trifecta’s largest yet, as founders increasingly turn to venture debt to avoid equity dilution. Venture debt, which primarily provides financing to VC-backed startups, typically accompanies larger equity rounds.
