GCS Earns 'A/A1' Rating, Bolsters Lending Operations

Groww Creditserv Technology Pvt Ltd, the lending division of the Groww Group, has received an 'A/A1' (stable) rating from ICRA. The strong rating is attributed to GCS's solid capital, liquidity, and asset quality. GCS began operations in April 2023, providing unsecured loans and expanded to consumer durables in December 2023.

In a significant development, Groww Creditserv Technology Pvt Ltd (GCS), the lending arm of the Groww Group, has been awarded an 'A/A1' (stable) rating by ICRA. This rating underscores GCS's robust capital position, ample liquidity, and superior asset management quality.

GCS has marked its presence by commencing operations in April 2023 with unsecured loan offerings. In a strategic expansion, it launched its consumer durables lending business in Karnataka and Tamil Nadu by December 2023. Such initiatives have showcased GCS's commitment to diversifying its loan portfolio.

The company is also enhancing customer experience with the launch of a dedicated app, Groww Credit, aimed at providing seamless services. According to Groww Co-founder Harsh Jain, ICRA's rating reflects the strong support GCS enjoys as part of the Groww Group.

(With inputs from agencies.)