VMPL
New Delhi [India], October 6: Praxis Global Alliance and EvolutionX Debt Capital have launched their joint report, “Growth Credit: From Alternative to Essential,” at the SVCA Annual Gala & Awards Dinner in Singapore on September 30, 2026. The report was unveiled by Rahul Shah, Partner & Head, EvolutionX Debt Capital, at the event.
The report examines the evolution of Growth Credit across India, Southeast Asia and the GCC, drawing on analysis of more than 1,700 credit deals worth over US$ 60 billion since 2021, alongside perspectives from private credit funds and founders.
The report finds that Growth Credit is increasingly being used not simply to address liquidity requirements, but to support expansion, capex, working capital and other growth-led investments. In 2025, expansion and capex accounted for 48% of Growth Credit disbursements across the three markets, followed by working capital at 24% and refinancing at 14%.
Commenting on the shift in how growth-stage businesses are approaching debt, Rahul Shah, Partner & Head, EvolutionX Debt Capital said:
“Growth Credit is entering a new phase. Businesses are increasingly looking at debt not merely as a source of liquidity, but as a strategic tool to fund growth while preserving equity for the long term. As this market develops, the ability to structure capital around specific business needs will become increasingly important.”
This changing demand is also reflected in the way businesses are approaching the size and structure of their financing needs. Sakshi Shah, Investment Vice President, EvolutionX Debt Capital, said:
“As companies enter more capital-intensive stages of growth, financing needs are becoming larger and more specific. We are seeing greater demand for flexible debt solutions that support expansion and capex, creating greater scope for Growth Credit to become a more integral part of the financing mix.”
The report also points to growing demand among businesses for larger and more flexible debt solutions. Among the founders surveyed, 50% were seeking more than US$ 50 million in debt, while capex emerged as the leading use case, cited by 60% of founders.
Taking this shift beyond individual financing decisions, Madhur Singhal, Managing Partner and CEO, Praxis Global Alliance, said:
“The evolution of Growth Credit reflects a fundamental shift in how companies think about their capital stack. As businesses become larger and their financing needs more complex, there is increasing room for capital that sits between traditional bank financing and equity. We believe Growth Credit will increasingly become part of the planned financing journey for businesses across Asia.”
The evolution of the market is also beginning to take shape differently across India, Southeast Asia and the GCC. Akshat Gupta, Practice Leader, Praxis Global Alliance, said:
“While India has a more established Private Credit ecosystem, Southeast Asia and the GCC are creating new opportunities for Growth Credit as these markets deepen, with local capital needs and financing environments shaping the opportunity.”
The report identifies India as the largest and most developed of the three markets, while Southeast Asia and the GCC are emerging as important growth markets as their Private Credit ecosystems deepen. Across India, SEA and GCC, Private Credit assets under management are projected to reach approximately US$ 109 billion by 2030, from around US$ 41 billion in 2025.
The report concludes that Growth Credit is shifting from “capital of last resort” to “capital of choice,” becoming an increasingly integral part of how growth companies across Asia finance their next phase of scale.
About Praxis Global Alliance
Praxis Global Alliance is a next-gen management consulting firm that combines domain expertise, on-ground research, business advisory and AI-led capabilities to solve complex business problems. Praxis Global Alliance works with enterprises, investors, founders and public-sector leaders across sectors and has experience across 40+ countries. Its Business First AI approach combines business context with technology and execution to help organizations accelerate growth, improve performance and unlock long-term value. For more information, visit https://www.praxisga.com/
About EvolutionX
EvolutionX Debt Capital (“EvolutionX”) is a growth-stage debt financing platform jointly set up by DBS and Temasek. Headquartered in Singapore, we provide less dilutive financing to technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia. By investing into promising technology founders and entrepreneurs who are transforming large traditional industries, we aim to accelerate the digitisation of Asia’s economy and further catalyse the fast-growing technology ecosystem in the region. For more information, visit https://evolutionx.com.sg/
To Download the report, click: https://www.praxisga.com/reports-and-publications/private-capital/growth-credit-from-alternative-to-essential
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