ICRA

Alteria Capital has made a structured debt investment of ₹300 million in Stashfin (Akara Capital Advisors Private Limited). Khaitan Legal Associates advised Alteria Capital in this investment. The transaction team consisted of Varsha Jalan (Partner), Aditi Chandak (Senior Associate), Srishti S. (Associate) and Vir Aditya Nanda (Associate).

Khaitan Legal Associates acts on Alteria Capital investment in Stashfin

Stashfin, a neobanking platform, recently announced that it has secured $100 million in debt funding from InnoVen Capital, Trifecta Capital, and a group of other investors. The startup, which provides financial products and services to millions of borrowers with limited credit footprints, plans to utilise the funds to optimise its portfolio for potential securitisation, enhance customer experience, and further improve financial inclusion.

Stashfin secures $100 million debt funding for neobanking platform

Financial services platform Stashfin said its parent company AKARA Capital Advisors has become the first fintech NBFC to offer Non-Convertible Debentures (NCDs) at a face value of Rs 10,000 on BSE, as it aims to raise Rs 100 crore through the bond issuance. This offering follows a recent regulatory amendment by market regulator SEBI in July, which lowered the minimum face value of debt securities from Rs 1,00,000 to Rs 10,000, enhancing financial inclusion and accessibility for retail investors across the country, The first tranche, valued at Rs 6.5 crore and launched on the retail platform, was fully subscribed. Commenting on the announcement, Tushar Agarwal, founder and CEO of Stashfin, said the move by SEBI is a game-changer for the financial markets, significantly lowering the entry barriers for retail investors and broadening the scope of participation in debt securities.

Stashfin Parent AKARA Capital Becomes 1st Fintech NBFC To Offer NCDs At Face Value Of Rs 10,000

As of Dec 2024, 79% of ACAPL’s funding came from top three lenders, with 54% from parent MTPL. In 9MFY25, it raised ₹622.5 crore, including ₹153.9 crore from MTPL at 10%. Other borrowings cost ~13.8%. Funding diversification remains crucial.



ACAPL’s asset quality remains a concern with early delinquencies rising to 31.3% in Dec 2024. GNPA declined to 4.0% due to write-offs of ₹371.2 crore in FY24 and ₹254.4 crore in 9MFY25. Asset quality trends remain crucial.



Digital lenders face regulatory risks, with RBI raising risk weights on unsecured loans (Nov 2023) and revising P2P norms (Aug 2024), amid a rapidly evolving regulatory landscape.


The issuer has made timely interest payments.

Tushar Aggarwal, Managing Director

ACAPL, backed by MTPL and strong investors, had a standalone net worth of ₹786.5 crore and 31.6% capital adequacy as of Dec 2024. It received ₹90.8 crore equity in FY24. Further equity infusions from MTPL will be needed as operations scale.


Security Name: 11.90% Akara Capital Advisors Private Limited 03 Dec 2026

ISIN: INE08XP07217

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