AvenuesAI eyes ‘liability-light’ entry into credit market

The listed fintech firm is exploring sub-5–10% stakes in multiple NBFCs to build a scalable lending ecosystem, in what insiders describe as a “liability-light” approach. This model departs from the capital-intensive buyouts typically seen in the sector, allowing the company to avoid carrying lending liabilities on its balance sheet.

Sources indicate that AvenuesAI has initiated discussions with advisory firms and potential NBFC partners, with early-stage presentations already shared with select investment bankers. The strategy, still in its preliminary phase, reflects a deliberate positioning of the company as a distribution and service layer rather than a balance-sheet lender.

Liability-Light Thesis

“The emphasis is on being the digital front-end and loan service provider, without assuming credit risk,” said a source aware of the internal pitch. “Unlike the commonly used ‘asset-light’ term, the company is explicitly signalling that liabilities will not sit with it.”

The groundwork for this model has been partly laid through the company’s payments arm, CCAvenue, particularly its “express settlement” feature that enables faster access to merchant funds. This capability is being viewed as a precursor to short-duration credit products, which could be scaled through formal NBFC partnerships.

Under the proposed structure, NBFC partners would provide regulated capital and underwriting, while AvenuesAI would leverage its distribution network—including CCAvenue, the Rediff platform, and RediffPay—to originate loans such as working capital financing and invoice discounting. The company would retain control over customer relationships and transaction data, while credit risk remains with lending partners.

The approach mirrors early models adopted by Paytm, and contrasts with players like MobiKwik that secured NBFC licences to build in-house lending capabilities.

Scaling the Flywheel

Globally, firms such as Stripe and Block Inc. have scaled credit offerings through partnerships rather than owning loan books.

Industry estimates underline the opportunity. A joint report by ICRA and ASSOCHAM projects India’s credit growth at ₹25–26 trillion in FY2026, with NBFC assets under management expected to rise from over ₹50 trillion in FY2025 to ₹70 trillion by FY2027.

If executed, AvenuesAI’s strategy could position it as a multi-lender marketplace, dynamically matching credit demand with supply while preserving capital flexibility.