FROM CREDIT STRATEGY TO CAPITAL ACCESS: HOW MANISH JAIN IS BUILDING FINANCIAL PATHWAYS FOR INDIA’S GROWTH BUSINESSES

India’s economic growth is often discussed through the lens of startups and large corporations. Yet the backbone of the country’s economy continues to be its MSMEs and mid-market enterprises. These businesses contribute significantly to employment, industrial output and exports. However, one challenge continues to limit their growth potential: access to structured and affordable capital.

For many companies, the issue is not a lack of opportunity. The real challenge is the gap between being financially strong and being recognised as financially strong.

This gap is exactly what Manish Jain set out to address.

From Bhinmal to Mumbai: An Unlikely Start

Manish Jain grew up in Bhinmal, a small town in Rajasthan. He later moved to Mumbai to pursue higher education, qualifying as a Chartered Accountant and earning a CFA designation. During his early professional years in corporate credit research, he observed recurring patterns in how businesses were assessed by lenders and rating agencies.

“I kept seeing the same pattern,” Jain recalls. “Companies with solid fundamentals, real revenue and good management couldn’t get the credit rating they deserved. Not because they weren’t creditworthy, but because they didn’t know how to present their story.”

Larger corporations typically have structured finance teams that manage interactions with lenders and rating agencies. For smaller and mid-sized businesses, however, limited internal resources often make this process more challenging. A lower rating can translate into higher borrowing costs or reduced access to institutional capital.

Starting FinMen at 24

At 24, Jain started his own advisory firm with the aim of helping businesses better understand credit assessment frameworks. The objective was to bridge communication gaps between business owners and rating agencies by aligning financial presentation with evaluation methodologies.

The focus was not on altering financial fundamentals, but on improving clarity, documentation and strategic positioning. Over time, this effort evolved into two separate ventures: FinMen Advisors, which focuses on credit rating and IPO advisory, and Dhansarthi NBFC, a lending institution serving individuals, professionals and MSMEs.

Together, these entities operate in advisory and financing roles within India’s broader financial ecosystem.

The Credit Perception Challenge Facing Indian Businesses

Across sectors, many businesses report consistent revenues, established operations and expansion plans. However, when seeking funding, they may encounter challenges such as:

• Higher borrowing costs
• Limited access to institutional funding
• Difficulty communicating qualitative strengths to rating agencies
• Perceived credit risk not aligned with operational stability

Jain’s experience in credit risk analysis led to the view that some companies struggle not because of weak fundamentals, but because their financial narratives are not aligned with lender and investor expectations.

This observation formed the basis for FinMen Advisors.

FinMen Advisors: A 15-Year Journey Strengthening Financial Credibility

Founded in 2010, FinMen Advisors works with promoters, CFOs and finance leaders to support credit preparedness and capital access. The firm assists businesses in evaluating financial structures, identifying potential gaps and preparing for rating assessments and capital market interactions.

According to company data, FinMen Advisors has conducted over 21,000 initial assessments and completed more than 6,500 assignments. It operates through 13 branches across India with a team of over 80 professionals and reports a client satisfaction rate above 90 per cent.

These figures indicate the scale of its operations across industries and regions.

Credit Ratings Are More Than Just a Number

Jain believes credit ratings are often misunderstood.

“People think it’s just a score. It’s not. It’s a conversation about your entire business, your governance, your cash flow discipline and how you handle risk.”

FinMen’s approach involves working with management teams to review financial statements, governance practices and operational risks. The goal is to ensure that businesses understand how different aspects of their operations are evaluated.

“Clarity beats complexity. Cash flow is king. Compliance builds credibility. Adaptability ensures survival.”

These principles guide the advisory process and reflect commonly recognised factors in credit evaluation.

Credit Ratings as a Strategic Business Tool

Credit ratings increasingly influence borrowing costs, lender confidence and investor perception. Beyond regulatory requirements, they can affect working capital access and long-term financing options.

However, ratings depend on multiple variables, including business models, industry risks, capital structure, financial planning and rating agency methodologies.

To provide structure to this process, FinMen applies what it calls the PPP approach: Prepare, Position and Protect.

• Prepare involves assessing financial, operational and strategic readiness.
• Position focuses on presenting strengths and risk mitigants clearly.
• Protect addresses surveillance, potential upgrades and long-term rating management.

The firm reports working with businesses across more than 30 industries using this framework.

Expanding Into IPO Advisory

As some clients sought equity capital in addition to debt financing, FinMen expanded into IPO advisory. India has seen increased activity in SME and mainboard IPO segments, creating new funding avenues for mid-sized businesses.

The IPO advisory practice supports readiness assessments, governance alignment, financial restructuring, documentation and coordination with market intermediaries. This expansion allows the firm to support clients pursuing both debt and equity capital strategies.

Knowledge, Leadership, and Education

Credit ratings and evaluation methodologies remain complex areas for many business owners. To address this knowledge gap, Jain is working on a book titled Decoding Credit Ratings, aimed at explaining how rating agencies assess companies and how businesses can prepare.

He is also leading a video knowledge series covering rating methodologies, surveillance processes and upgrade strategies. These initiatives are intended to improve financial literacy among promoters and finance leaders.

Dhansarthi NBFC: The Next Chapter

Jain has also founded Dhansarthi NBFC after securing a non-banking financial company licence. The institution provides financing solutions to individuals, professionals and MSMEs.

Dhansarthi’s offerings include MSME loans, skill development financing, insurance premium financing and healthcare financing.

“We were helping businesses become creditworthy, but we couldn’t lend to them. Now we can offer structured financing ourselves,” Jain explains.

While FinMen focuses on advisory services, Dhansarthi operates as a regulated lending entity.

Two Ventures, One Shared Focus

FinMen Advisors and Dhansarthi NBFC operate independently but address different aspects of capital access. One focuses on financial preparedness and credit positioning. The other provides lending services within regulatory norms.

Together, they engage with businesses at different stages of their capital journeys.

Why This Matters

Access to affordable credit remains a significant issue for many small and mid-sized enterprises in India. Credit ratings influence interest rates, lender confidence and overall financing terms.

Jain summarises the broader objective as follows:

“If a small manufacturer in Surat or Ludhiana can walk into a bank with confidence because they understand their numbers, that’s what we’re here for.”

The broader goal, as described by Jain, is to improve financial clarity and structured access to capital for growth-oriented businesses. Through advisory and lending initiatives, the focus remains on strengthening financial preparedness and expanding access within India’s evolving credit landscape.

Note to readers: This article is part of HT's paid consumer connect initiative and is independently created by the brand. HT assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently.

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2026-02-17T06:33:26Z