AlphaGrep raises ₹200 crore in follow-on NCD issue
Kalpana Maurya
1 Oct 2026 · 2 min read
AlphaGrep has raised ₹200 crore through a second issue of secured, redeemable non-convertible debentures, less than a month after its first. The money will fund AI and machine-learning research and the firm's push into retail investment products in India.
Quantitative investment management firm AlphaGrep has raised ₹200 crore through a follow-on issue of secured, redeemable non-convertible debentures (NCDs), bringing its total NCD funding to ₹400 crore. The company announced the raise in a statement on Wednesday, 30 September 2026, PTI reported.
The follow-on came less than a month after AlphaGrep's debut ₹200 crore NCD issue, which the company said drew more than 15,000 investors in under two weeks. It said the second issue was a response to continued demand from mass-affluent investors, family offices and high-net-worth individuals.
What the money is for
AlphaGrep said it will use the proceeds to speed up its artificial intelligence and machine learning research and infrastructure, and to grow its retail-facing business in India.
That retail push is already under way. The firm's quantitative mutual fund business has launched three schemes in India, with more in the pipeline. Managing director and CEO Mohit Mutreja said AlphaGrep also plans to add products such as GIFT City-based offerings and market-linked debentures (MLDs).
"The demand we saw for our first issue far exceeded our expectations," Mutreja said, calling it an endorsement of the firm's business model and the discipline with which it is run.
The first issue
When AlphaGrep raised its first ₹200 crore in early September, 5paisa reported that those NCDs carried a 10.5% annual coupon, had a one-year tenure and were to be listed on the debt segment of the National Stock Exchange. That raise followed an upgrade of AlphaGrep's credit rating to CRISIL A+, the report said. The terms of the follow-on issue were not disclosed in the reports reviewed.
About AlphaGrep
AlphaGrep began as a high-frequency proprietary trading firm and has since moved into asset management. It runs asset management operations across India, GIFT City, the UK and China, and manages more than $2 billion in assets globally.
Using retail-friendly debt to fund growth is a notable choice for a trading firm. Rather than raising equity, AlphaGrep is borrowing from a broad base of individual and family-office investors, while building products aimed at the same retail market.
Key facts
- Company: AlphaGrep
- MD and CEO: Mohit Mutreja
- Instrument: secured, redeemable non-convertible debentures (follow-on issue)
- Amount: ₹200 crore
- Total NCD funding to date: ₹400 crore
- First issue: ₹200 crore, more than 15,000 investors in under two weeks
- Use of funds: AI and ML research and infrastructure; retail business in India
- Assets under management: more than $2 billion
- Announced: 30 September 2026
Frequently asked questions
How much did AlphaGrep raise?
₹200 crore through a follow-on NCD issue, taking its total NCD funding to ₹400 crore.
Is this an equity funding round?
No. NCDs are debt instruments; AlphaGrep borrowed the money and did not sell shares.
Who leads AlphaGrep?
Mohit Mutreja is the firm's managing director and CEO.
What will AlphaGrep do with the money?
Invest in AI and machine-learning research and infrastructure, and expand its retail-facing business in India, including its quant mutual fund schemes.
