Indian firms raise $3.76 bn via ECBs in April; Reliance, Air India among prominent borrowers

India sees $3 billion debt fundraising rush as yields slump after RBI moves, bankers say

Indian non-bank lenders raised $3.24 billion in short-term debt this week after RBI's rupee-support measures drove borrowing costs down to 7.34% for three-year tenor, with Bajaj Finance, Muthoot Finance and others accelerating issuances. Cheaper Indian debt markets signal global credit loosening that may reduce capital costs for growth-stage tech startups and fintech players competing for expansion and acquisition capital.