Ajay Hattangdi
Managing Partner & Co-Founder, Alteria Capital. On 1 show, 1 appearance. The Shows tab opens the full record on each.
1shows
1appearances
13statements
0resolved
0supported
0contradicted
Everything Ajay Hattangdi said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Ajay Hattangdi: Alteria targets slightly above 20% returns on venture debt
“And the expectation is that we will make a slightly upwards of 20% kind of returns in this business to compensate us for the risk we take.”
Hattangdi: Alteria underwrites 12-to-15 month refinancing risk, not five-year winners
“For us on the debt side it's not so important to be able to see, look out five years and pick the winners. That's not how we would underwrite. How we would underwrite is we need to necessarily be more short term in how we think about the next round coming toge…”
Ajay Hattangdi: VC-protected early-stage startups are unusually safe for lenders
“The two safest times to lend in our opinion are one is when the company is a large, you know, it's a mature adult, and the other time is when it's a small startup that is working very closely with the VC and being protected by the VC.”
Ajay Hattangdi: Traditional banking principles fail for venture lending
“Venture lending flew in the face of everything that we knew as a bank. As the underlying trade principles of how you lend to corporates. It didn't work. You had companies that were burning cash. You had companies that had no quote unquote valuable collateral.”
Hattangdi: Fundraising Before Hitting Milestones Severely Damages Startup Valuation
“And the last thing that you want to do as a founder is basically go into fundraise mode for your next round before you've hit those milestones, because then your valuation takes a real knock.”
Hattangdi: Venture Debt Protects Valuation and Founder Dilution by Extending Runway
“So in a sense, we think of venture debt as a way to extend the cash flow runway for the company involved. And in a way it helps to protect dilution and valuation.”
Hattangdi: Startups with unproven, emerging models should not be leveraged with debt
“Sometimes VCs do want to play, ah, in, in, in spaces where they have to explore certain models which are emerging, ah, but there is still some time to go before those models are approved, and, you know, that's not a risk that should be, ah, leveraged, in my op…”
Hattangdi: Strong institutional VC backing is Alteria's essential lending condition
“The essential condition for us is that the company have a strong set of institutional VCs that can sort of guide the company and fund the company through its difficult times.”
Hattangdi: Venture debt is structured as a 2–3 year amortizing loan
“So the debt is generally structured as a medium term loan. It's two years to three years depends with every structure. The loan is always a monthly repayment and monthly amortization, and the intention of that is to lower the burden on the company.”
Ajay Hattangdi: Alteria prices venture debt in mid-teens with equity kickers
“We price the loan in the mid teens and the balance portion of it, the return that we expect, we get it through a contingent sort of a payout as part by taking some equity kickers.”
Hattangdi: Alteria takes company asset liens but no personal promoter guarantees
“The loans are structured without sort of encumbrances on the personal property or the assets of the promoters. We are secured lenders in the company. So we come at the top of the table in that sense. You know, we take the assets of the company as we take a lie…”
Ajay Hattangdi: Venture debt relies heavily on existing investors' pocket depth
“Our, you know, underwriting really starts with looking at, you know, who the investors are and you know, how much has gone into the company? How deep are the investors pockets to keep supporting the company when they need it? What is the path forward for the c…”
Hattangdi: Alteria Engages Startups at Series A Raising $3M to $4M
“The right time to engage for the venture debt, conversation is really when a company is looking to close a series A round or beyond. That's a starting point for us. And a series A for us is anytime a company raises three to four million dollars of institutiona…”
One line per show, most statements first. The link opens Ajay's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
 NEON SHOWLEDGER | Managing Partner & Co-Founder, Alteria Capital | 1 | 13 | — | full record on the Neon Show → |