Stashfin
India's leading digital consumer-fintech NBFC, credit-line, payments, insurance and wealth in one app, backed by Tencent, Henry Kravis Family Office and Fasanara Capital, with 42M+ downloads and USD 2B+ cumulative disbursals to date.
Kilde Score is the platform’s proprietary credit assessment of the borrower, reflecting Kilde’s independent credit view and expressed as a numeric score from worst to best (1.00–5.75). For full details of the credit methodology, including its mapping to a Fitch-style rating equivalent, please refer to this article.
Total value of bonds this borrower has listed on Kilde for investors to fund.
India
Singapore
Regulatory status of the borrower: Licensed if the license is required, or 'Not applicable' if no licence is required in its operating market(s).
Total amount of loans the borrower has issued to its own end customers. Reflects the company's overall lending scale.
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Overview
Background & History
Founded in 2016, Stashfin is a digital consumer-fintech platform operated by Akara Capital Advisors Pvt Ltd, an RBI-licensed NBFC, under Singapore parent Morus Technologies Pte. Ltd. Founders Tushar Aggarwal (CEO, ex-Goldman Sachs, Lehman Brothers, General Atlantic NY, Everstone Capital; CFA; Wharton MBA) and Shruti Aggarwal (Co-founder, ex-Merrill Lynch, PwC; Chartered Accountant; Columbia Masters) scaled the business organically over nine years from an app-first credit-line product into a regulated, multi-product platform with 42M+ cumulative app downloads, 1M+ monthly active users, and ~USD 750M of capital raised across debt and equity. The Group's NBFC originates almost entirely on its own balance sheet, with NCDs listed on the Bombay Stock Exchange and a TPAP licence from NPCI for UPI payments.
Business Model & Lines of Business
Stashfin's core product is a Personalised Credit Line, an app-based revolving facility (limits ~USD 20 to ~USD 6,000) with flexible drawdowns, conversion into amortising EMIs of up to 36 months, a 30-day interest-free window, dynamic risk-based pricing, and zero foreclosure or annual fees. ~40% of monthly users tap the interest-free feature each cycle, ~90% of monthly disbursals come from organic repeat users, and ~60% of loans flow to Tier 2/3 cities. Stashfin is the only Indian fintech serving armed-forces personnel and has extended USD 130M+ to female borrowers and USD 500M+ to small-business owners since inception. A new property-backed lending product targeting micro-businesses is being scaled, management targets 10-15% of AUM by 2026. The platform is being broadened into a full-suite financial app spanning UPI (TPAP), BBPS bill payments, curated insurance, and Digital Bonds for retail wealth, already integrated with Swiggy, Zomato and major utility billers.
Key Milestones
Cumulative disbursals crossed USD 2.0B across 9M FY26 (Dec-2025), up from USD 1.5B at end-FY25, with own-book net loan portfolio scaling from USD 67.6M in FY22 to USD 308.5M in Dec-2025 (~4.6x in under four years). First full-year profit hit in FY24 (~USD 12M, 6.5x YoY); FY25 PBT was USD 4.9M despite a deliberate de-risk that lowered revenue 13% YoY to USD 85.4M and lifted the average borrower bureau score from 710 (Mar-24) to 760 (Mar-25). All historical loan cohorts have been profitable, with latest cohorts returning ~113% cash-on-cash net of credit losses. 90+ NNPA was flat at 1.09% (Mar-25) and stood at 1.00% at Dec-25; cumulative write-off ratio improved to 4.05% from 4.69%. Cumulative equity raised stands at ~USD 97M (Henry Kravis Family Office, Tencent, Altara Ventures, Fasanara Capital, Uncorrelated Ventures); cumulative debt drawn at ~USD 648M with USD 500M+ already repaid to lenders.
Management Team & Organization
Founder & CEO Tushar Aggarwal (20+ yrs IB/PE, Goldman Sachs, Lehman Brothers, General Atlantic NY, Everstone Capital; CFA Charterholder; MBA Wharton; BE Stony Brook magna cum laude) co-leads with Shruti Aggarwal (Co-founder; 20+ yrs financial services and entrepreneurship; CA; Columbia Masters; SRCC) over a leadership bench with 250+ aggregate years of experience: CFO Srinivas Emany (20+ yrs, CA), Head of Lending Aparna Bihany (22+ yrs, CA), Risk & Collection Syed Zulfiqar Ali (24+ yrs, MBA Calcutta), Product Anubhav Agarwal (17+ yrs, NSUT), Operations Ankur Bansal (19+ yrs, CA), Treasury Ranjan Agarwal (18+ yrs), Strategy Bhupesh Goyal (13+ yrs, ISB MBA), General Counsel Baljit Singh Kalha (18+ yrs, Georgetown LLM) and Chief of Staff Varun Chhabra (12+ yrs, CA, first employee). Morus' Singapore board comprises Tushar Aggarwal, Shruti Aggarwal, Salil Deshpande (Uncorrelated Ventures), Alex Leung Heng Yu, Christopher Kolenaty and Baljit Singh Kalha. Group accounts audited by Ernst & Young LLP (Singapore, FRS; FY25 qualified opinion due to FY24 comparative carryover); prior years (FY22, FY23) audited by Natarajan & Swaminathan.
Financials
Outstanding balance of the borrower’s loan portfolio, net of impairment provisions.
Total income (interest and fee income) generated from the borrower’s lending activities.
Products
Typical contractual tenor of the loans disbursed by the borrower to its end customers.
The effective Annual Percentage Rate of the loan charged by the borrower to its end customers, inclusive of interest and fees.
Typical principal amount disbursed by the borrower to its end customers per loan transaction.
Expected share of non-performing loans (NPL) — loans where the end customer has stopped repaying — under this product, shown as a range.
Share of this product in the borrower's overall loan portfolio. Shows how much of the lending business comes from this product.
Market Data
According to Fitch Rating
Annualised
Annualised
Data Sources
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