Credit Wise Capital raises Rs 200 crore in a round led by Trident Growth Partners, others

Trident Growth Partners (TGP), a homegrown private equity firm, has led a Rs 200 crore funding round in Credit Wise Capital (CWC), a Mumbai-based non-banking financial company focused on two-wheeler and MSME lending. Trident’s Rs 120 crore infusion marks the NBFC’s first institutional capital raise and represents an approximately 18% stake acquisition.

The funding round also included Rs 80 crore from prominent family offices and private investors.

Founded in 2019, Credit Wise Capital has rapidly built a strong presence across India’s credit-starved semi-urban and rural markets. The firm operates a tech-driven, branchless model serving over 215 cities across 10 Indian states, primarily offering loans for two-wheelers and, more recently, micro loans against property.

As of March 2025, it had financed over 200,000 two-wheelers and managed assets worth Rs 645 crore, up from Rs 489 crore a year earlier. CWC reports a capital adequacy ratio of 31.2 % and a gearing ratio of 2.3x, signalling prudent financial discipline. CWC has recently introduced Rs 5–10 lakh loan products secured by property—available exclusively to existing customers—as it seeks to balance high ROA two-wheeler loans with high AUM secured lending products.

“This is a pivotal milestone for TGP and a clear reflection of our investment thesis to partner with founder-led, high-growth companies driving real impact in India’s consumption and financial ecosystems,” said Atul Gupta, Managing Partner at Trident Growth Partners. He cited CWC’s “phygital” distribution approach, quality underwriting, and customer experience as differentiators in the highly fragmented NBFC sector.

TGP, which is targeting a Rs 2,000 crore corpus in its maiden fund, has now made its second major investment in the non-banking space. Earlier this year, it announced a first close of Rs 1,000 crore with backing from domestic family offices, institutions, and over 30 seasoned entrepreneurs. The firm backs growth-stage companies in consumption, healthcare, manufacturing, and financial services.

“Alongside capital, TGP will serve as a long-term partner to CWC, supporting the company with governance, strategic inputs, and access to its ecosystem of operating advisors and founder networks,” said Rajesh Ramaiah, also a Managing Partner at TGP. “We see a long runway ahead for them to become a full-stack financial partner to India’s emerging middle class.”

CWC co-founder Aalesh Avlani noted that the firm aims to reach Rs 4,500 crore in assets under management by March 2030, evenly split between two-wheeler loans and micro-loans against property.

The new capital is expected to be deployed toward expanding the company’s lending footprint, strengthening its proprietary technology platform, and further embedding its customer-centric underwriting capabilities.