Press Release March 19, 2026 REFYNE FINANCE PRIVATE LIMITED Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	50.00	ACUITE BBB+ | Stable | Assigned	-
Bank Loan Ratings	500.00	ACUITE BBB+ | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	100.00	ACUITE BBB+ | Stable | Reaffirmed	-
Commercial Paper (CP)	30.00	-	ACUITE A2+ | Reaffirmed
Total Outstanding	680.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­­Acuité has assigned the long term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.50.00 Crore bank facilities of Refyne Finance Private Limited. The outlook is ‘Stable’. Acuité has reaffirmed the short term rating of ‘ACUITE A2+’ (read as ACUITE A two plus) on the Rs.30.00 Crore Proposed Commercial Paper facilities of Refyne Finance Private Limited. Acuité has reaffirmed the long term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.500.00 Crore bank facilities of Refyne Finance Private Limited. The outlook is ‘Stable’. Acuité has reaffirmed the long term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.100.00 Crore Non-Convertible Debenture facilities of Refyne Finance Private Limited. The outlook is ‘Stable’.  Rationale for Rating The rating reflects the company’s strong management profile, backing from marquee investors, healthy credit fundamentals with adequate capitalization (Having a networth of Rs 95.99 crore standalone as of March 2025 which has improved to Rs.242.45 Cr. standalone as of December 2025), a wide partner network of over 500 partners, and quasi secured product offerings. The AUM of the company has increased to Rs 987.48 Cr for 9MFY26 at the consolidated level with a networth at ~Rs 680 Cr. However, it is constrained by the low vintage of Refyne Finance, modest scale of operations and portfolio concentration towards few major clients.

About the Company

­Refyne Finance Private Limited, incorporated in 2021. The company is engaged in the business of offering financial Services to salaried employees in India. The present directors of the company are Mr. Naresh Vatwani, Mr. Chitresh Sharma, Mr. Apoorv Kumar and Mr. Deepak Mohan Ahuja. The registered office of the company is in Karnataka.

About the Group

­­Refyne Tech Private Limited, incorporated in 2020 and headquartered in Bengaluru, Karnataka. The company’s flagship offering, the Salary On-Demand platform, enables employees to access their earned wages in real-time, and provides employees access to longer tenure loans, fostering financial resilience and promoting a stress-free, productive workforce. This plug-and-play technology, trusted by over 500 corporations, helps employees avoid exploitative payday loans by providing instant salary withdrawals at competitive interest rates , supported by RBI compliance and stringent data security standards. Refyne Tech Private Limited combines comprehensive financial wellness solutions from immediate liquidity to financial education and savings aimed at improving employee engagement and financial literacy across India. The present directors of the company are Mr. Apoorv Kumar and Mr. Chitresh Sharma.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­­Acuité has considered the consolidated business and financial risk profile of Refyne Tech Private Limited  (RTPL) , Associate of Refyne Finance Private Limited. This approach is in the view of the equity funds raised by the Refyne Tech Private Limited ( through Refyne Holdings Inc)  and subsequently down streamed to its operating Associate (RFPL). Acuité has further factored in the benefits arising from the structure while arriving at the final rating. This approach is also in view of common management besides financial and technology support from RTPL to RFPL.

Key Rating Drivers

Strength

­­Experienced team and supported by marquee investors Refyne Finance Private Limited is a Non-deposit taking NBFC which is a associate of Refyne Tech Private Limited. that houses the digital lending app Refyne. The ultimate parent company Refyne Holdings Inc which is based out of USA has multiple marquee investors such as QED Fund, XYZ Venture, Jigsaw, Tiger Global, Gemini Investments, RTP Global, ICICI Bank. Apoorv Kumar, an IIT Guwahati graduate with over 11 years of experience in finance and technology, Apoorv has held roles at Goldman Sachs and Shubhloans, where he designed fixed-income investment strategies, developed a trading platform, and spearheaded technology and data analytics initiatives, Apoorv is the Co-founder and CTO. Chitresh Sharma, Co-founder and CEO, a seasoned entrepreneur with over a decade of experience, having co founded two technology startups. His achievements include recognition in Forbes 30 Under 30 and securing a place among the Top 100 UK startups. Deepak P, CFO, an IIM alumnus, brings 11 years of extensive experience spanning venture capital, fundraising, product strategy, and corporate development in the financial services sector. Adequate capital position  The company has adequate capitalisation levels with a combined networth of Rs 583.90 Cr. including Refyne Tech Private Limited and Refyne Finance Private Limited as of March 31, 2025. Refyne Finance Private Limited has a standalone net worth of Rs 95.99 Cr. as of March 31, 2025. Refyne Finance Private Limited has been operational for a year which is for FY 25. The CAR for Refyne Finance Private Limited stood at 52.11 percent as of March 31, 2025. Refyne Finance Private Limited has a networth of Rs 242.45 Cr. as of December 31, 2025. The company has reported a combined PAT of Rs.42.12 Cr. for 9MFY26. Secured nature of the product Refyne Finance Private Limited has partnered with 500+ tier 1 corporate entities with a cumulative employee base of more than 60 lakhs . The company provides its offerings to the employees of their partner entities, through seamless integration with the HRMS platform of the aforementioned entities, hence the product is provided through a B-B-C model. Employees of the partner entities mostly access the services of Refyne through its app. The EWA and STU products are secured by the salary of the employees.

Weakness

­­Limited Resource Profile and modest scale of operation RFPL has been operational for just over a year and currently operates on a relatively modest scale, reflected in its Assets Under Management (AUM) of approximately Rs.911 crore as of December 31, 2025. Given its nascent stage, the resource profile remains limited, with operations yet to achieve significant diversification or scale compared to established players in the industry. The funding structure includes, Inter-Corporate Deposits (ICDs) extended by Refyne Tech Private Limited, along with NCDs and term loan borrowings from a few Financial Institutions. Additionally, the company’s ability to secure incremental funding at competitive rates will be a key monitorable as it scales operations. Going forward, the company’s ability to diversify its portfolio across major clients and sectors will be a critical factor in reducing concentration risk and strengthening its overall credit profile. Additionally, the company’s growth trajectory will depend on its ability to expand its resource base, diversify funding sources, and strengthen its operational scale while maintaining prudent asset quality and profitability metrics. ­Technology and regulatory risks As technology forms the foundation of the FinTech business model, the company faces inherent risks related to data security, privacy, and system reliability. With all key operations— including data management, loan disbursement, and collections conducted digitally, any technological breach could result in cyber incidents and associated legal and financial liabilities. Additionally, the company operates in a dynamic regulatory environment, which adds further complexity and risk. Consequently, the group remains exposed to both technological vulnerabilities and regulatory challenges.

Rating Sensitivity

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

­ Significant growth in AUM and disbursements Significant improvement in profitability metrics Improvement in capital position

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

­ Deterioration in asset quality metrics; GNPA in the range of 3-4 percent

All Covenants

­Financial Covenants For ISIN: INE1JJ007122  The capital adequacy ratio (as defined in NBFC Regulations) shall be above 20.00%. Total Debt to Consolidated Tangible Net worth shall not exceed 4(Four) times. Maximum permissible ratio of sum of PAR>90 (on the Issuer’s entire portfolio including receivables sold or discounted on non-recourse basis) AUM shall be 4%. Cumulative mismatches in ALM should be positive for all buckets during the entire tenor of the NCD. Undrawn sanction will be excluded for the purpose of the calculation. Issuer shall report profit on a quarterly basis. Minimum Tangible Net Worth of INR 250 Cr on consolidated basis. For ISIN: INE1JJ007130 The Issuer shall adhere to the following Financial Covenants at all times throughout the Tenor of this Issuance and until the Debentures are redeemed in full: GNPA <= 3%, NNPA <= 1.5% (NPA = PAR 90) Ratio of PAR 90 to ATNW to remain lower than 7.5% at all times during the tenor of the loan. ATNW here is at Refyne Finance NBFC level, while PAR90 is at the portfolio level consolidated. CRAR >= 20% at a consol level (Considering networth of Refyne Tech as well as Refyne Finance) and CRAR of >= 20% at Refyne Finance Pvt Ltd. Total Debt to Consol ATNW (at a consol level including Refyne Tech and Refyne Finance) shall not exceed 3.5x. Managed Leverage (on book and Managed both) to be < 4x at all times during the tenure of the loan No cumulative ALM mismatches till up to 12 months in any bucket at Refyne Finance level Liquidity of 1 month of operating expense (at consol level, including Refyne Tech as well as Refyne Finance) and 1 month of debt repayment (at Refyne Finance Pvt Ltd) to be maintained at Refyne Finance Pvt Ltd Maximum permissible ratio of the sum of PAR 90 and Write off (trailing 12 months) on AUM shall not exceed 3%. The Financial covenants shall be tested on a quarterly basis i.e. as on March 31, June 30, September 30, and December 31 of year on consolidated and standalone financial statements.

Liquidity Position

Adequate

­­The liquidity position of Refyne Finance Private Limited remains adequate with no cumulative mismatches in the ALM as per December 31, 2025. The Cash and Bank balances as of December 31, 2025 stood at Rs 56.27 Cr.

Outlook

­Stable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY25 (Actual) FY24(Actual) Total Assets Rs. Cr. 197.45       11.23 Total Income* Rs. Cr. 1.10      0.64  PAT Rs. Cr. 0.12       0.39 Net Worth Rs. Cr. 95.99       10.95 Return on Average Assets (RoAA) (%) 0.11     3.59  Return on Average Net Worth (RoNW) (%) 0.22     3.67  Debt/Equity Times 1.03      0.00  GNPA  (%) 0 0 NNPA (%) 0 0 *Total income equals to Net Interest Income plus other income.

Key Financials (Consolidated)

­ Particulars Unit FY25 (Actual) FY24(Actual) Total Assets Rs. Cr. 655.13 358.65 Total Income Rs. Cr. 87.71 60.36 PAT Rs. Cr. (28.42) (33.53) Net Worth Rs. Cr. 583.90 345.00 Return on Average Assets (RoAA) (%) (5.61) (13.52) Return on Average Net Worth (RoNW) (%) (6.12) (14.13) Debt/Equity Times 0.08 NA Combined financials as per Acuite's calculations

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

­Not Applicable

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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 23 Jan 2026 Proposed Commercial Paper Program Long Term 30.00 ACUITE A2+ (Assigned) Term Loan Long Term 24.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 39.58 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Assigned) Proposed Long Term Bank Facility Long Term 10.59 ACUITE BBB+ | Stable (Reaffirmed) Proposed Term Loan Long Term 186.49 ACUITE BBB+ | Stable (Assigned) Proposed Non Convertible Debentures Long Term 100.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 8.33 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 32.08 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 15.83 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 25.33 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 35.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 33.33 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 23.33 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 31.11 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 25.00 ACUITE BBB+ | Stable (Reaffirmed) 31 Dec 2025 Proposed Long Term Bank Facility Long Term 100.00 ACUITE BBB+ | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable INE1JJ007122 Non-Convertible Debentures (NCD) 30 Jan 2026 11.25 30 Jul 2027 35.00 Simple ACUITE BBB+ | Stable | Reaffirmed Not Applicable INE1JJ007130 Non-Convertible Debentures (NCD) 29 Jan 2026 11.90 28 Sep 2027 50.00 Simple ACUITE BBB+ | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A2+ | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE BBB+ | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 208.27 Simple ACUITE BBB+ | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE BBB+ | Stable | Assigned A U Small Finance Bank Not avl. / Not appl. Term Loan 29 Apr 2025 Not avl. / Not appl. 18 May 2026 5.00 Simple ACUITE BBB+ | Stable | Reaffirmed A U Small Finance Bank Not avl. / Not appl. Term Loan 21 Oct 2025 Not avl. / Not appl. 18 Nov 2026 26.25 Simple ACUITE BBB+ | Stable | Reaffirmed Federal Bank Limited Not avl. / Not appl. Term Loan 12 Dec 2025 Not avl. / Not appl. 31 Dec 2026 20.00 Simple ACUITE BBB+ | Stable | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 18 Jul 2025 Not avl. / Not appl. 21 Jul 2027 35.42 Simple ACUITE BBB+ | Stable | Reaffirmed Incred Financial Services Limited Not avl. / Not appl. Term Loan 25 Nov 2025 Not avl. / Not appl. 10 Dec 2026 21.06 Simple ACUITE BBB+ | Stable | Reaffirmed Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 27 Nov 2024 Not avl. / Not appl. 03 May 2026 8.75 Simple ACUITE BBB+ | Stable | Reaffirmed Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 31 Jul 2025 Not avl. / Not appl. 03 Aug 2026 19.00 Simple ACUITE BBB+ | Stable | Reaffirmed Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 30 Dec 2025 Not avl. / Not appl. 03 Jan 2027 32.08 Simple ACUITE BBB+ | Stable | Reaffirmed KISETSU SAISON FINANCE (INDIA) PRIVATE LIMITED Not avl. / Not appl. Term Loan 10 Dec 2025 Not avl. / Not appl. 15 Feb 2027 20.00 Simple ACUITE BBB+ | Stable | Reaffirmed OXYZO Financial Services Private Limited Not avl. / Not appl. Term Loan 22 Oct 2025 Not avl. / Not appl. 25 Apr 2027 27.22 Simple ACUITE BBB+ | Stable | Reaffirmed Suryoday Small Finance Bank Limited Not avl. / Not appl. Term Loan 29 Dec 2025 Not avl. / Not appl. 05 Jan 2027 9.24 Simple ACUITE BBB+ | Stable | Reaffirmed Vivriti Capital Limited Not avl. / Not appl. Term Loan 19 Sep 2025 Not avl. / Not appl. 15 Mar 2027 28.89 Simple ACUITE BBB+ | Stable | Reaffirmed Anand Rathi Global Financial services Not avl. / Not appl. Term Loan 17 Jan 2026 Not avl. / Not appl. 20 Jul 2027 10.00 Simple ACUITE BBB+ | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan 21 Dec 2025 Not avl. / Not appl. 22 Jan 2027 13.82 Simple ACUITE BBB+ | Stable | Reaffirmed OXYZO Financial Services Private Limited Not avl. / Not appl. Term Loan 29 Jan 2026 Not avl. / Not appl. 25 Apr 2027 15.00 Simple ACUITE BBB+ | Stable | Reaffirmed

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

Sr. No Company Name 1 REFYNE FINANCE PRIVATE LIMITED 2 REFYNE TECH 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

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.