India's private credit market is rapidly moving into the mainstream as companies increasingly bypass traditional bank loans for large and customised financing, with Moody's Ratings saying the asset class is poised for sustained growth as funding needs rise in the country's expanding economy. In a report published Thursday the ratings agency said private credit has doubled in size over the past five years to about $25 billion in assets under management (AUM) by the end of 2025 and has evolved from a niche source of funding for distressed companies into an important financing avenue for healthy businesses seeking capital for expansion, acquisitions and refinancing.