India Private Credit Market Map & Lender Benchmarking
Every active direct lender profiled, 214 deals decoded, and the covenant trends that say where the cycle is.
Market size
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Forecast
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CAGR
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What this report answers
India's private credit market wrote roughly ₹310 billion of mid-market paper in 2025, and until now there has been no public map of who wrote it, on what terms and against what underwriting. This report is that map: a ledger of 214 transactions from AIF filings and lender interviews, a profiling of the forty-six active direct lenders, and a benchmarking of pricing, covenants and structures across the market.
The analytical core is the covenant trend analysis. Because the ledger covers three full vintages, the report can show credit terms loosening in measurable ways: cash-flow escrows thinning, security cover declining, second-lien structures appearing. These are the documents one quotes at an investment committee in three years, whichever way the cycle turns.
For borrowers and their advisers the benchmarking chapters are the working tool: what a ₹1.5 billion three-year facility actually prices at today, which lenders move at which speeds, and where the market's hard lines genuinely sit.
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