Report Launch Overview

Praxis Global Alliance and EvolutionX Debt Capital launched their joint research report titled “Growth Credit: From Alternative to Essential” at the SVCA Annual Gala & Awards Dinner in Singapore on 30 September 2026. The report was unveiled by Rahul Shah, Partner & Head of EvolutionX Debt Capital.

Scope and Methodology

The analysis covers India, Southeast Asia and the Gulf Cooperation Council (GCC) and draws on more than 1,700 credit transactions amounting to over US$60 billion executed since 2021. Perspectives from private‑credit funds and company founders were incorporated.

Key Findings

  • In 2025, 48% of growth‑credit disbursements across the three regions were allocated to expansion and capital expenditure (capex), 24% to working capital, and 14% to refinancing.
  • Among surveyed founders, 50% are seeking debt commitments exceeding US$50 million, with capex identified as the primary use case by 60% of respondents.
  • Private‑credit assets under management in India, SEA and the GCC are projected to grow from approximately US$41 billion in 2025 to about US$109 billion by 2030.
  • The report positions India as the largest and most mature market for growth credit, while Southeast Asia and the GCC are emerging as significant opportunities as their private‑credit ecosystems deepen.

Commentary from Leaders

  • Rahul Shah emphasized that growth credit is transitioning from a liquidity‑only tool to a strategic instrument that enables companies to fund expansion while preserving equity.
  • Sakshi Shah, Investment Vice President at EvolutionX, noted that as companies move into more capital‑intensive stages, they demand larger, more flexible debt solutions tailored to expansion and capex.
  • Madhur Singhal, Managing Partner and CEO of Praxis Global Alliance, highlighted a fundamental shift in capital‑stack thinking, with growth credit occupying a space between traditional bank financing and equity.
  • Akshat Gupta, Practice Leader at Praxis, pointed out that India’s private‑credit market is more established, whereas Southeast Asia and the GCC are creating new opportunities shaped by local capital needs and financing environments.

Implications for the Financing Landscape

The report concludes that growth credit is moving from being viewed as a “capital of last resort” to a “capital of choice,” becoming an increasingly integral component of the financing mix for growth‑stage companies across Asia.

About the Sponsors

  • Praxis Global Alliance is a next‑generation management‑consulting firm that combines domain expertise, on‑ground research, business advisory and AI‑led capabilities, operating in 40+ countries.
  • EvolutionX Debt Capital is a growth‑stage debt financing platform jointly established by DBS and Temasek, headquartered in Singapore, focusing on providing less dilutive financing to technology‑enabled companies across Asia, particularly in China, India and Southeast Asia.

Access to the Full Report

The complete report can be downloaded from: https://www.praxisga.com/reports-and-publications/private-capital/growth-credit-from-alternative-to-essential

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