EvolutionX Debt Capital, the growth-stage debt platform launched by Singapore’s Temasek and DBS Bank (the largest bank in Southeast Asia by assets), has announced its expansion into the Gulf Cooperation Council (GCC). This move marks a significant step in EvolutionX’s mission to provide non-dilutive, flexible funding solutions to high-growth, technology-driven businesses in the region’s emerging innovation hubs.
Having built a successful track record in India and Southeast Asia, EvolutionX is now focusing on the GCC’s rapidly maturing technology and innovation ecosystem. The fund will direct its efforts towards growth to pre-IPO stage businesses across sectors such as technology, consumer, healthcare, electric mobility, and digital infrastructure, providing debt structures tailored to their specific capital requirements.
Commenting on the GCC expansion, Rahul Shah, Partner at EvolutionX, said: “We view the GCC as a timely and attractive market, driven by ambitious national transformation programs, strong sovereign backing for future-focused sectors, and an accelerating pipeline of IPO-ready companies. At a time when global venture capital markets are moderating and founders are becoming more discerning about capital sources, EvolutionX offers an alternative model for funding scale, organic as well as inorganic growth, and expansion without immediate equity dilution.”
This strategic entry positions EvolutionX to support the GCC’s thriving innovation landscape by offering founders and businesses access to flexible debt capital solutions that complement equity financing and enable sustainable growth.
Since its launch in 2021, EvolutionX has deployed over US$300 million across multiple category-leading companies across India and SEA, establishing it as a trusted partner of choice for these companies. With its expansion into the GCC market with a focus on UAE and KSA, the fund aims to reach cumulative deployment of over US$500 million by 2026. Guided by a long-term investment horizon, the private credit fund expects to allocate a meaningful proportion of its fund to the GCC region over the next several years.
EvolutionX typically offers term loans with flexible repayment schedules that may also include warrants or convertible instruments, giving founders the ability to raise capital at an appropriate time and terms while bridging funding rounds, financing M&A activity, or preparing for IPOs and other strategic milestones. This model complements traditional equity financing by enabling capital-efficient companies to scale without premature dilution.
“The GCC is entering a transformative decade, with a growing wave of companies reaching meaningful scale in areas like consumer technology, healthcare, fintech, and digital infrastructure. Yet as equity markets tighten and late-stage capital becomes more selective, founders are increasingly looking for strategic capital that gives them flexibility to extend their runway, pursue acquisitions, or prepare for public listing, while preserving ownership. That’s where EvolutionX plays a crucial role. We are engaging extensively with leading companies across UAE and KSA, and hope to announce our first investment in the region in next few weeks,” further commented Rahul Shah.
EvolutionX’s entry into the region is a strong signal that international institutional capital is increasingly viewing the Middle East not only as a source of capital but as a destination for scalable innovation and high-growth enterprises. As part of its expansion, the firm is actively engaging with regional founders, venture capital firms, and sovereign investment partners to identify opportunities that align with its mandate to back transformative companies on the path to global scale.
