Impact private credit fund research profile
GMO-Z.com Payment Gateway India Credit Fund is an impact-oriented Category II AIF managed by GMO-Z.com Payment Gateway India Private Limited, a subsidiary of GMO Payment Gateway. Its public record shows NCD financing to financial-inclusion and fintech businesses. SEBI and issuer filings identify Satya MicroCapital, Ugro Capital and Si Creva as fund-linked exposures; broader GMO lending activity is excluded from this vehicle record.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
GMO-Z.com Payment Gateway India Credit Fund uses a impact private credit; ncds to indian financial-inclusion and fintech businesses approach across Microfinance, fintech, non-bank finance.
Current evidence
Si Creva’s May 2026 NSE filing names GMO-Z.com Payment Gateway India Credit Fund as an NCD holder in a March 2025 allotment. Ugro Capital’s 2026 prospectus continues to identify the fund among holders of its non-convertible securities, while GMO Payment Gateway’s 2026 interim report identifies the India credit fund as a consolidated subsidiary of the group.
Strategy
Impact private credit; NCDs to Indian financial-inclusion and fintech businesses
Sector focus
Microfinance, fintech, non-bank finance
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Si Creva’s May 2026 NSE filing names GMO-Z.com Payment Gateway India Credit Fund as an NCD holder in a March 2025 allotment. Ugro Capital’s 2026 prospectus continues to identify the fund among holders of its non-convertible securities, while GMO Payment Gateway’s 2026 interim report identifies the India credit fund as a consolidated subsidiary of the group.
Investor questions
GMO-Z.com Payment Gateway India Credit Fund is covered in Rupeia's private credit research universe. The current public record describes the strategy as Impact private credit; NCDs to Indian financial-inclusion and fintech businesses, with a sector focus of Microfinance, fintech, non-bank finance. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to GMO-Z.com Payment Gateway India Credit Fund in the reviewed public sources: Satya MicroCapital Limited; Ugro Capital Limited; Si Creva Capital Services Private Limited. It does not represent a complete current portfolio unless the manager has published one.
GMO-PG’s official 2021 announcement describes a ₹30 crore NCD financing to Satya MicroCapital through the fund. SEBI’s 2024 order records ₹100 crore of additional Satya NCD subscriptions in February 2023 and identifies the fund’s ₹252.05 crore investable funds at June 2023. 2025–2026 issuer documents name the fund in Ugro Capital and Si Creva debt-holder disclosures. Vehicle-level realised performance is not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: ₹252.05 crore investable funds reported in the SEBI settlement order as of June 2023; current AUM and final close are not publicly disclosed.. Public terms or access information: Category II AIF using NCDs and impact-finance lending for Indian financial-inclusion and fintech businesses. Complete fees, carry, hurdle, tenor, concentration, recycling, redemption and security terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Piyush Bosla (Assistant Vice President, Debt Finance, GMO-Z.com Payment Gateway India); Daigaku Suzuki (GMO-PG India lead); Kohei Nakajima (Director, GMO-Z.com Payment Gateway India); Himanshu Srivastava (Director); Shyam Ramakrishnan (Director). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: The full current borrower schedule, current AUM, final close, audited vehicle-level net IRR/DPI/TVPI, fees, carry, hurdle, remaining capacity and complete security terms are not publicly disclosed. Satya MicroCapital, Ugro Capital and Si Creva are retained because SEBI, issuer and official company documents identify the fund directly; the wider GMO India lending book is not substituted for this vehicle..
2026-05-06: Si Creva’s May 2026 NSE filing names GMO-Z.com Payment Gateway India Credit Fund as an NCD holder in a March 2025 allotment. Ugro Capital’s 2026 prospectus continues to identify the fund among holders of its non-convertible securities, while GMO Payment Gateway’s 2026 interim report identifies the India credit fund as a consolidated subsidiary of the group.
Next step
Share the allocation question, ticket size, liquidity constraints and existing exposure. Rupeia can determine whether this profile needs a deeper decision-support brief.