Press Release June 18, 2026 EPIMONEY PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Commercial Paper (CP)	0.00	50.00	-	ACUITE A2+ | Assigned	RBI
Total Outstanding	0.00	50.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­Acuité has assigned the short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs. 50.00 Cr. Proposed Commercial Paper Facility of Epimoney Private Limited (EPL). Rationale for Rating The rating assigned factors in the strong growth in AUM and disbursements, adequate capitalization, and strong promoter and institutional investor backing. The company’s disbursements increased to Rs 3,783.52 Cr. in FY26(Provisional) from Rs 1,756.21 Cr. in FY23, while AUM grew from Rs 1,064.47 Cr. to Rs 2,920.93 Cr. over the same period. Since inception, EPL has raised Rs 824.31 Cr. from reputed investors, including Maj Invest Financial Inclusion Fund, Accion Digital Transformation Fund, Nuveen Climate Inclusion Fund II, The Fundamentum Partnership Fund, and British International Investment PLC. However, the rating is constrained by modest profitability, moderate asset quality, and a concentrated resource profile. The company has shown steady earnings improvement, with PAT which stood at Rs 4.18 Cr. in FY25 on a consolidated basis, and Rs 17.54 Cr. on a standalone basis for FY26 (Provisional).  The Gross NPA saw an increase from 1.44% in FY23 to 5.79% in FY25 (on book) before moderating to 4.72% in FY26. However, the rating is constrained by a concentrate borrowing profile, moderate asset quality and modest earning profile albeit improving. The borrowing profile is dominated by term loans (~71%), while PTCs account for ~26.6% and the remaining being NCDs. Going forward, EPL’s ability to reduce operating expenses and credit costs, while maintaining healthy profitability and asset quality while it scales its loan portfolio, will remain key monitorables.

About the Company

­Mumbai based, Epimoney Private Limited was incorporated in 1995. The company provides Micro Enterprise Loans, SME Loans, Other Structured Business Loans and is providing ancillary services. Mr. Rajiv Pankaj Mehta, Mr. David Arturo Paradiso, Mr. Deepak Surajmal Jain, Mr. Sanjay Omprakash Nayar, Mr. Ritesh Jain, Mr. Nethra Bhat, Mr. Ruchira Shukla, Mr. Mayank Kachhwaha, Mr. Sankarson Banerjee, Mr. Isabel Shi Ying Tay are directors of the company.Flexiloans Technologies Private Limited is the subsidiary of Epimoney Private Limited and is the brand name for their digital lending platform.

About the Group

­Epimoney Private Limited along with Flexiloans Technologies Private Limited which is the subsidiary of Epimoney Private Limited and is the brand name for their digital lending platform. Flexiloan is the technology company which provide the digital lending platform. Together the two entities constitute Epimoney Group.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuite has taken the consolidated approach to assess the financial and business risk of Epimoney Private Limited  (EPL) which includes Flexiloan Technologies Private Limited which is a 100 % subsidiary of EPL.

Key Rating Drivers

Strength

­Adequate Capitalisation levels with Strong Institutional Backing  The Company is supported by a strong and experienced Board, with most members having over two decades of expertise across banking, investments, consulting, and private equity. Since inception, EPL has raised Rs 824.31 Cr. from reputed investors including Maj Invest Financial Inclusion Fund, Accion Digital Transformation Fund, Nuveen Climate Inclusion Fund II, The Fundamentum Partnership Fund, and British International Investment PLC, along with support from directors and angel investors. EPL founded by Mr. Deepak Jain, CEO and Co-founder, brings over 21 years of experience in investment banking and consulting, having raised over USD 10 billion across 35 deals, including 10+ in the BFSI sector. Mr. Ritesh Jain, Co-founder, has over 23 years of experience across startups, finance, and technology. The company maintains a strong capital position, with CRAR improving to 58.89% in FY25 from 27.03% in FY24. Its net worth has grown significantly from Rs 293.88 Cr. in FY23 to Rs.793.46 Cr. in FY26 (Provisional), supported by regular equity infusions, a healthy CAR of 49.27%, and moderate gearing of 1.79x for FY 26 (Provisional) ( standalone) , which collectively provide adequate headroom for growth.  Acuité believes that the strong promoter background and continued investor support will enable the Company to scale its operations effectively. Improvement in Disbursement and AUM growth The company has disbursements of Rs 3,783.52 Cr. for FY 26 as compared to Rs 1,756.21 Cr. in FY23. The company's AUM has grown from Rs. 1,064.47 Cr. in FY23 to Rs. 2,920.93 Cr. in FY26 (Provisional). The AUM as of FY26 has 17.4 % of the portfolio coming from the SCF loans and remaining from non-SCF loans (unsecured business loans) as of March 31, 2026, the portfolio has majority ticket size in the  Rs 5.00 lakhs -Rs 20.00 lakhs range with tenure majorly greater than 24 months. In terms of the geographical concentration, the portfolio is well distributed. The non SCF portfolio is covered by the two government schemes, which are CGTSME and CGFMU /Mudra scheme  and ~ 60% of the portfolio is covered under the two schemes as of March 31, 2026.

Weakness

Moderate asset quality metrics The company has moderate asset quality of the total AUM marked by Gross NPA which deteriorated from 2.65% in FY23 to a peak of 7.76% in FY25, however, this saw an improvement to 4.72% in FY26 (Provisional). The Net NPA followed similar trend, wherein it rose from 1.04% in FY23 to 4.60% in FY25 and then saw a reduction to 2.70% in FY26 (Provisional). The increase in slippages from this segment has contributed to the spike in both Gross and Net NPAs, particularly evident in FY25. Given the inherently unsecured nature of these exposures, the segment is sensitive to economic cycles, policy changes, and shifts in borrower cash flows. The on-book NPAs have shown a steady rise over the years, reaching 4.72% in FY26, which stood at 5.79 % in FY 25 as against 1.44 % in FY 23. The company has a PCR of ~44 % for FY 26 (Provisional). Going forward, asset quality trends, collection efficiency, and write-offs will remain key monitorable as EPL scales up its loan portfolio, particularly given the relatively higher risk profile of unsecured lending. Borrowing Profile; Scope for Further Diversification The Company’s total debt has increased significantly to Rs 1418.80 Cr. as of provisional FY26 (standalone), compared to Rs.370.81 Cr. in FY23. As of March 2026, the borrowing profile is moderately diversified across instruments such as term loans, pass-through certificates (PTCs), and non-convertible debentures (NCDs). Term loans constitute the majority at ~71% of total borrowings, with 58% sourced from banks and 41% from NBFCs, while PTCs account for ~26.6% and NCDs form a relatively small share of ~1.58%. The Company’s debt-to-equity ratio stood at 1.79x as of provisional FY26, indicating moderate leverage and providing headroom for further debt-funded growth. However, further diversification of the borrowing profile, particularly towards capital market instruments, remains a key credit monitorable going forward. Modest Profitability , albeit improving The company has demonstrated steady earnings growth over the last few years. Profit After Tax (PAT) increased from a loss of Rs 10.79 Cr. in FY 22 to a PAT of Rs 4.18 Cr. for FY 25 on the consolidated level. On the standalone level for FY 26 (Provisional) , the company earned a PAT of Rs 17.54 Cr. However, the operating expense to earning assets  remain steady level for FY 25 and  FY 26 (Standalone Provisional) at ~14 % and credit costs stood at 8.26 %  for FY 25 which improved to an extent to 5.37 % for FY 26 (Standalone Provisional).

ESG Factors Relevant for Rating

Epimoney Private Limited, registered with Reserve Bank of India as a Non-banking financial Company. The company is engaged in providing structured term financing solutions through its supply chain financing loans and business loans (Unsecured in nature) to its borrowers in India. The company has a mandated ESG policy with the company's commitment to identifying, managing , and monitoring environmental , social and governance risks and opportunities arising from its operations and its lending activities. The company ensures that the ESG frameworks are maintained through governance and compliance standards.

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

Significant improvement in the disbursement and AUM level on a steady basis Regular equity infusion from promoter and investors Improvements in the earnings profile and profitability Reduction in the operating expenses and credit costs

Potential triggers (individual or collective) for a downward rating action:

Deterioration in the asset quality, with the 90+ DPD deterioration impacting earning profile  Moderation in capital position with gearing exceeding 3 times

Liquidity Position

Adequate

­The Company maintains a comfortable liquidity profile, supported by cash and unencumbered bank balances of Rs.118.87 Cr. as of March 31, 2026 (Provisional, standalone). Its asset–liability maturity (ALM) profile remains well-matched with no negative cumulative mismatches, and it reported an excess liquidity surplus of Rs 76.58 Cr. on the same date. The Company also maintains adequate gearing at 1.79 times and a strong standalone CAR of 49.27% as of March 31, 2026 (Provisional), providing sufficient buffer for near-term obligations and growth requirements.

Outlook: Not Applicable

­

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

Particulars Unit FY26 (Prov) FY25 (Actual) Total Assets** Rs. Cr. 2306.62 1683.80 Total Income* Rs. Cr. 356.76 283.78 PAT Rs. Cr. 17.54 4.13 Networth Rs. Cr. 793.46 581.29 Return on Average Assets ( RoAA) (%) 0.88 0.28 Return on Net Worth (RoNW) (%) 2.55 0.94 Total Debt/Tangible NetWorth(Gearing) Times 1.79 1.73 GNPA (%) 4.72 7.76 NNPA  (%) 2.70 4.60 Ratios are as per Acuite's calculations ** Adjusted for deferred tax assets * Total Income is Net of Interest income plus other income

Key Financials (Consolidated)

Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets** Rs. Cr. 1683.82 1235.91 Total Income* Rs. Cr. 283.84 194.77 PAT Rs. Cr. 4.18 3.03 Networth Rs. Cr. 581.30 293.84 Return on Average Assets ( RoAA) (%) 0.29 0.32 Return on Net Worth (RoNW) (%) 0.96 1.04 Total Debt/Tangible Net Worth (Gearing) Times 1.73 3.02 GNPA (%) 7.76 4.26 NNPA (%) 4.60 2.83 Ratios are as per Acuite's calculations ** Adjusted for deferred tax assets * Total Income is Net of Interest income plus other income

Status of non-cooperation with previous CRA (if applicable)

None

Any Other Information

­None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

­Not Applicable

­

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No. Company Name 1 Epimoney Private Limited 2 Flexiloans Technologies Private Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below: A. Rating Activity:   Sr. No. Instrument / activity Name Regulator of the instrument 1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) MCA 3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)1 SEBI 4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)1 SEBI 5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)1 RBI 6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI 7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI 8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 RBI 9 External Commercial Borrowings and other similar borrowings RBI 10 Certificates of Deposit RBI 11 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI 12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA 13 Inter Corporate Deposits/Loans extended by Corporates MCA 14 Borrowing programme 3 - 15 Issuer Ratings 4 - 16 Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) SEBI 17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18 Listed Security Receipts SEBI 19 Unlisted Security Receipts RBI 20 Independent Credit Evaluation (ICE) RBI 21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) RBI 22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) SEBI 23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) MCA 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 Investor-side Regulator such as IRDAI, PFRDA 5   1 Includes securitisation transactions involving assignee payout, acquirer's payout. 2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. 3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 Not applicable 6 permitted by SEBI vide SEBI Master Circular for CRAs. 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