First Loss : Credit Infrastructure - Lending at Scale, Capital & the Regulatory Stack
Lending is the largest fintech sub-sector by deal volume in India- and the most structurally complex. The capital structures are layered. The regulatory constraints are tightening. The co-lending architecture is being renegotiated between NBFCs and banks in real time. And the PE capital that wants India credit exposure is sitting on mandates that the market has not yet organised itself to receive cleanly.
First Loss is a closed-door room for institutional participants on every side of the credit equation- the platforms scaling it, the capital funding it, and the institutions regulating and co-investing in it.
No pitches. No theory. One structured conversation about what is actually happening in Indian lending in 2026 and what the next 18 months require.
What we will cover
The NBFC capital stack in 2026 - where PE and growth equity are actively structuring mandates, and where the gaps are
Co-lending at the inflection- what the RBI's evolving framework means for bank-NBFC structures and who benefits
Embedded lending- which distribution plays are generating real credit volume, and how the capital behind them is structured
Credit technology- the underwriting infrastructure that separates scalable platforms from those that plateau at collections
M&A in the credit vertical - the NBFC consolidation thesis, what PE buyers are looking for, and what valuations have actually reset to
The room
Credit-focused PE and growth equity funds. NBFC operators and senior lending executives. Co-lending platforms and embedded finance companies. Family offices with active credit mandates. Banks evaluating the next generation of co-lending structures.
This is the room where the institutional credit conversation in Indian fintech happens at the right level of depth- not the version that gets presented at ecosystem events, but the one that happens between people with actual exposure on the line. Virtual. Chatham House rules apply.
Room 2 of the TCR Fintech & Financial Services Roundtable Series. Participants from The Base Rate (Room 1) will carry context directly into this session. New participants with specific credit mandates are welcome to apply directly.