Hillhouse-Backed India Startup’s Founder Taps Private Credit

A founder of Indian workspace startup Table Space raised about 2 billion rupees ($23.3 million) from private credit funds to finance the purchase of a stake in the company ahead of its planned initial public offering, according to people familiar with the matter.

Kunal Mehra, president and co-CEO of the Bangalore-based company, is buying the stake from an angel investor, the people said, who asked not to be identified because the information is confidential. Mehra raised the funds from creditors including Avendus Group, the largest lender to the deal, and InCred Alternative Investments Pvt, they added.

Table Space, which ...