- CRISIL upgrades True Credits' rating from BBB to BBB+
- Upgrade reflects strengthening scale, improved profitability, healthy capitalisation and disciplined risk-management framework
- Rating upgrade expected to support broader lender confidence and strengthen the company's liability profile and drive down cost of funds
True Balance, a leading AI-driven financial services platform, today announced that CRISIL has upgraded the long-term credit rating of its Non-Banking Financial Company (NBFC) subsidiary, True Credits Private Limited, from BBB to BBB+.
The rating upgrade marks an important milestone for True Credits and reflects the company's continued progress in building a scalable, governance-led and technology-driven digital lending business. Operating under the regulatory purview of the Reserve Bank of India (RBI), True Credits has consistently expanded its credit offerings, powered by AI-driven risk assessment, to drive financial inclusion for middle- and low-income borrowers across India.
Credit ratings are an important independent assessment of a company's overall credit profile, including its business model, financial performance, capitalisation, asset quality, governance standards and risk-management framework. The upgrade by CRISIL Ratings reflects the strengthening of True Credits' business profile, supported by growth in lending operations, improved profitability and a healthy net worth base.
As highlighted in the rating assessment, True Credits has demonstrated sustained scale-up in its lending operations, with annual disbursements increasing by 28%. The company has also maintained healthy capitalisation metrics, supported by an expanded net worth base, which provides a strong foundation for future growth.
True Balance operates as a comprehensive AI-powered financial services platform that facilitates its own credit offerings while seamlessly connecting external financial institutions with end-users. By maintaining this robust hybrid approach, balancing a strong on-book portfolio with off-book lending through a diverse network of partners, the platform remains structurally insulated from market volatility and business risks.
From a strategic standpoint, this rating upgrade is expected to optimize True Credits' liability profile and overall cost of funds. By utilizing True Balance's proprietary Alternative Credit Scoring (ACS) system, the NBFC has continuously refined its underwriting and risk mitigation. This tech-driven discipline is reflected in True Credits' sharply reduced credit costs, which improved to 3.6% in fiscal 2026, alongside consistently strengthening overall asset quality.
"This upgrade is an important validation of True Credits' strengthening financial and operating profile. It reflects the progress we have made in building a disciplined, well-governed and scalable lending business. A stronger rating profile is expected to enhance lender confidence, support our liability franchise and help us pursue sustainable growth while continuing to maintain prudent risk and governance standards."
— Anupam Vasdani, CFO of True Balance
"This CRISIL upgrade is the result of a collective effort across our entire organization — from finance and risk to compliance and field operations. Having the disciplined execution and governance standards we've built over a decade in India officially recognized by the country's leading rating agency gives us great confidence. We will use this as a springboard to further expand our footprint and grow into a trusted AI finance platform, not just in India, but across global markets."
— Charlie Lee, CEO of True Balance
CRISIL rating upgrade published: Read the full CRISIL rating note
About True Credits Private Limited
True Credits Private Limited is a Reserve Bank of India (RBI) registered Non-Banking Financial Company (NBFC). It is a wholly-owned subsidiary of True Balance India Private Limited operating under the True Balance brand. The company is committed to expanding automated digital lending and driving financial inclusion across India.
About True Balance India Private Limited
True Balance is an AI-powered financial services platform operated by True Balance India Private Limited (formerly known as Balancehero India Private Limited). A unified hub for all financial needs, the True Balance platform provides a comprehensive suite of digital financial solutions focused on democratizing credit for underserved and underbanked populations across India.
Operating at the intersection of global technology standards and deep local market insights, the company utilizes advanced AI-backed proprietary credit-scoring to deliver seamless and responsible finance. This technology-first approach allows True Balance to effectively bridge the credit gap for the next billion users seeking secure and dependable financial access.
The company operates under a robust regulatory framework, holding a Prepaid Payment Instrument (PPI) license and facilitating credit through its RBI-licensed subsidiary NBFC, True Credits Private Limited. Backed by marquee global institutions including SoftBank, Naver, and Line, True Balance operates an extensive pan-India network with deep penetration across every district in the country. Headquartered in Gurugram, the company is a key contributor to the Digital India and Viksit Bharat visions, serving as a trusted financial partner in the nation's journey toward financial empowerment.