Praxis Global Alliance and EvolutionX Debt Capital (DBS–Temasek's debt platform) have launched a joint report, "Growth Credit: From Alternative to Essential", unveiled on September 30 at the SVCA Annual Gala in Singapore by Rahul Shah and published on October 6, 2026. It is one of the most data-heavy looks yet at how debt is reshaping startup finance.
The report is built on 1,700+ credit deals worth over US$ 60 billion since 2021 across India, Southeast Asia and the GCC, plus founder and fund-manager perspectives. The headline finding: in 2025, expansion and capex accounted for 48% of Growth Credit disbursements, working capital 24% and refinancing 14% — debt is now a growth instrument, not a last resort. Half the founders surveyed seek over US$ 50 million in debt, with capex the top use case (60% of founders).
Private credit AUM across the three markets is projected at ~US$ 109 billion by 2030, up from ~US$ 41 billion in 2025 — with India flagged as the largest and most developed market. That trajectory puts growth credit on a path to rival early-stage equity as a funding channel within the decade.
Why it matters for founders
If you're at growth stage, non-dilutive capital is no longer a niche product — it's a $109-billion-by-2030 market, and India is its centre. Build debt into your planned capital stack from the start: use it for capex and expansion where the ROI is measurable, and keep your equity for the bets where only upside matters.