Vacuum for Indian MSMEs seeking growth finance: Nishu Malhotra, ADM Capital

In India, shift to private credit, Nishu said, started before the Covid era, driven by regulatory reforms including the Insolvency and Bankruptcy code, Real Estate Regulatory Authority (RERA) Act etc.

NISHU MALHOTRA, director at ADM Capital, an Asia Pacific (APAC)-based firm that has nearly $2 billion worth of assets under management (AUM), tells Puneet Wadhwa in an email interview that  in a high interest rate scenario, the ability to differentiate between credit quality is paramount, as highly leveraged companies are subject to more uncertainties. Edited excerpts:

How has the landscape changed for companies seeking and providing private capital in the last few years? What has been the average ticket size in the post-Covid era as compared to the pre-Covid years?

In India, the shift to private credit started before the Covid era,