Private credit · Onchain · 30–90 day paper
The daylight between
invoice and cash.
An onchain private-credit underwriting and settlement platform for short-duration business receivables. Businesses get paid the day they invoice. Lenders earn contractual discount spreads on paper that settles itself in weeks.
- Instrument
- Verified receivables
- Duration
- 30–90 days
- Yield source
- Discount spreads, not emissions
- Settlement
- USDC · T+0
The wedge
India's solar boom runs on invoices nobody will finance.
One of the world's fastest-growing solar markets is built by small EPCs, distributors and RESCOs who wait 30 to 90 days for every rupee they earn. Banks want collateral; NBFCs want history. TReDS reaches the largest, most standardised invoices — the long tail of small tickets, subsidy-linked claims and sub-programme obligors still has no market. That is the wedge.
$360B
India MSME credit gap (SIDBI)
30–90d
Cash locked in a typical receivable
₹75,021 Cr
PM Surya Ghar outlay creating subsidy float
4–12×
Theoretical annual capital rotations
Three kinds of paper,
one supply chain.
EPC & distributor invoices
Installers front panels, inverters and labour, then wait 30–90 days on distributors, C&I clients and government programmes. Growth is rationed by working capital, not demand.
Subsidy-disbursement float
PM Surya Ghar assistance is the consumer's claim, disbursed after commissioning and DISCOM verification. Financed through a consumer assignment, it becomes a subsidy-linked, programme-backed receivable — high-grade collateral, once it is structured correctly.
C&I RESCO invoices
Operating solar assets bill commercial offtakers monthly. The invoices are short, recurring and data-rich — good collateral long before the asset itself is financeable, priced to the offtaker's credit, not the panel's.
Why short duration wins
| 15-year solar asset (v1) | 60-day receivable (v2) | |
|---|---|---|
| Capital recycles | Once per 15 years | 4–12× per year |
| Lender exit | Locked, or secondary hope | Weeks, as float unwinds |
| Underwriting unit | A rooftop and a household | One invoice, one obligor |
| FX exposure | 15 years of INR risk | One tenor, hedgeable |
| Yield source | Tariff minus everything | Contractual discount spread |
How it works
The life of a receivable.
Five steps, measured in days. Every one of them leaves a record onchain.
- 01
Originate
A business submits an invoice with delivery proof, obligor details and bank trails. Nothing enters the book unverified.
- 02
Underwrite
Obligor credit scoring, concentration checks, advance rate 70–90% of face, originator first-loss retained. The credit box that gates every position is public.
- 03
Fund
The pool advances same-day. Onchain, the receivable becomes a dated, priced position with its haircut and tenor visible to every LP.
- 04
Settle
The obligor pays into a controlled escrow / NACH-mandated account on the due date. Repayment hits the waterfall, not a promise.
- 05
Distribute
Principal plus discount returns to the pool; fees to the protocol; the repayment event is recorded onchain — a credit history that compounds.
Two sides of the same invoice
Yield that comes from somewhere.
Request LP accessTarget yields are illustrative, drawn from current India receivables discounting. Private credit carries risk of loss — the book, including losses, is published.
Real spreads, short tenors
Returns are contractual invoice discounts on 30–90 day paper — targeting 10–16% net APY at current India receivables pricing. No emissions, no points, no reflexivity.
Self-liquidating by design
Every position has a due date measured in weeks. Liquidity windows open as float unwinds — you are never asking a secondary market for permission to exit.
Radical book transparency
Aging buckets, obligor concentration, advance rates and default history are onchain per position. You audit the book, not the pitch deck.
Loss protection stack
Originator first-loss, advance-rate haircuts, obligor limits, escrow-controlled repayment. Defaults are survivable line items, not death spirals.
The credit box
Underwriting rules you can read before you can deposit.
Most credit platforms publish their yields. Dhoop publishes its rules — and the book they produce, aging and all.
Verified paper only
Invoice + delivery proof + obligor acknowledgment, or it doesn't exist.
Advance rate 70–90%
The haircut is the first cushion. Higher-grade obligors earn higher advances.
Originator first-loss
Sellers retain junior exposure on every position. Skin stays in the game.
Obligor concentration ≤ 15%
No single payer dominates the book. Programme obligors capped separately.
Escrow-controlled settlement
Obligors pay into controlled accounts with NACH mandates. Cash meets waterfall, not discretion.
Published default playbook
Aging thresholds, recourse steps and write-down mechanics are public before the first default, not after.
Settlement waterfall
Where the ₹4,20,000 goes at settlement
Specimen RCV-2041 · a 2.4% discount on 60-day paper. Every position resolves through this waterfall — the discount is funded from the originator's retained reserve, not added on top.
- Obligor pays face value
- ₹4,20,000
- →Pool — principal returned
- ₹3,57,000
- →Pool — discount earned (2.4% of face)
- ₹10,080
- →Protocol fee (15% of discount)
- −₹1,512
- →Originator — reserve returned, net of discount
- ₹52,920
≈17% gross annualised on capital deployed. LPs target 10–16% net, after protocol fees, defaults and idle cash.
The book · specimen data
41 positions · ₹1.06 Cr deployed
Recent activity — a window on a 41-position specimen book. Concentration and aging below are measured book-wide. Live onchain positions arrive in Phase 1 — until then these rows are illustrative.
| ID | Obligor | Face | Advance | Due | Status |
|---|---|---|---|---|---|
| RCV-2036 | TSSPDCL subsidy batch 14 | ₹3,80,000 | 80% | 08 Jul 2026 | settled |
| RCV-2029 | Sunline C&I offtaker | ₹3,40,000 | 78% | 03 Jul 2026 | settled |
| RCV-2041 | PM Surya Ghar disbursal | ₹4,20,000 | 85% | 30 Aug 2026 | funded |
| RCV-2043 | Vaishnavi Distributors (inverters) | ₹3,60,000 | 82% | 12 Sep 2026 | funded |
| RCV-2044 | Rithwik EPC · C&I rooftop | ₹2,90,000 | 80% | 22 Aug 2026 | underwriting |
| RCV-2031 | Kakatiya Textiles (RESCO PPA) | ₹3,15,000 | 79% | 02 Jul 2026 | overdue |
Aging profile · book-wide
Why v2 exists
We published the analysis that killed v1.
Dhoop began as a solar yield vault — 15-year rooftop assets tokenised for global investors. Our own feasibility work showed the honest maths didn't clear: the asset was right, the duration was wrong. Fifteen-year paper stacks FX, collection and regulatory risk faster than tariffs pay it down. Short receivables invert every one of those terms. Same mission — capital for India's solar economy — rebuilt around an instrument that actually matches the capital. The full analysis is public, because that's the point.
Roadmap
Underwrite by hand
Month 0–3
- 2–3 solar EPC originators in Hyderabad
- Manual verification & credit files
- ₹25–50L pilot book, own capital
- Publish every outcome — including losses
₹25–50 lakh
Settlement rails
Month 3–7
- Onchain positions, escrow + NACH mandates
- First external pool: $250K, KYC'd LPs
- Compliant fiat legs via licensed partners
- Aging & waterfall live onchain
$250K pool
The credit graph
Month 7–14
- Onchain repayment history → pricing engine
- Second vertical: pharma & FMCG distribution
- Programme obligors (subsidy float) at scale
- $1–2M revolving book
$1–2M book
Open underwriting
Month 14–30
- Third-party originators under the credit box
- Regulated structure (GIFT City / IFSCA path)
- Multi-currency settlement
- $10M+ recycling book
$10M+ book