India's private debt market is witnessing a substantial surge, with total deployments reaching $3 billion in 2025, as reported by Stride Ventures. Venture debt has become a key player, with $1.3 billion deployed among nearly 187 startups, indicating a shift towards non-dilutive financing. Major startup hubs such as Delhi-NCR led with $617 million in venture debt, followed by Bengaluru and Mumbai. Fintech startups dominated this space, securing over $600 million in funding. Growth credit is also on the rise, with $1.68 billion raised through 32 deals, primarily in Mumbai. This form of credit is increasingly seen as a vital tool for late-stage companies, with fintech accounting for 59% of total growth credit. The report highlights a growing acceptance of private debt, with over 70% of surveyed founders anticipating increased usage in the coming years, signaling a transformative shift in the capital landscape for startups.