Probe42 and TatvaRatings

Probe42 is the closest comparator to TatvaRatings on audience — it sells to credit and risk teams at Indian banks and NBFCs, offline, with no public pricing, which is the same shape of business. It is not the closest comparator on subject matter. This page describes it from its own public material and then says what TatvaRatings does differently.

Product pages change — if something here is out of date, tell us.

The short answer

If your question is “tell me about this company” — who runs it, who owns it, what it filed, what charges sit over it, how it compares to peers — a filings-first company data product is built for that and TatvaRatings is not.

If your question is “which rated borrowers name this bank” — that is what TatvaRatings is organised around, and a company-first index does not answer it at volume, because the index runs the other way.

They are not substitutes, and the sensible assumption is that a team using one already uses something like the other.

At a glance

Each column describes the product from its own public material. Everything in the Probe42 column is sourced from the pages linked further down.

What TatvaRatings holds

TatvaRatings corpus as at 30 August 2026. Earliest rating action May 2019. 46.2% of rating actions carry a lender-wise annexure, so every count is a floor, not a total.

What Probe42 describes itself as

The site tagline is “Smarter. Faster. Better.” The banking product is positioned as a “Credit Due Diligence and Risk Assessment Platform” and “The Go-to Tool for Financial Institutions”. (probe42.in, banking page)

The proof figures published alongside it are “17L active unlisted companies”, “743 validated public domain sources”, “9 out of 10 of India’s premier banking institutions”, “200+ data curators” and “2.5 million unlisted companies”. The banking page also runs eight named customer testimonials with company and title attached. (same sources)

The data points listed on the banking page include company coordinates, directors, charges (secured lendings), shareholding, financials, peer comparison, GST data, litigation, and credit ratings. Search is described as offering multiple filters with detailed parameters.

Pricing is not published; access is gated behind a login.

Worth knowing separately: Probe42 runs a regulatory-updates content arm that publishes explainers on Indian financial regulation, including SEBI’s Master Circular for Credit Rating Agencies. (example)

Two things worth noticing about that list

Probe42 already carries credit ratings as a field. It ingests rating agency output. That is worth saying plainly rather than pretending the ratings space is untouched.

Probe42 already carries charges. MCA’s charge filings name the charge-holder bank, and Probe42 surfaces them as a data point on a company. If your question is which banks hold charges over this company’s assets, that is answerable there, and it is answerable from MCA’s own public Index of Charges directly.

Both facts point the same way: the difference between the two products is not that one has bank names and the other does not. It is the direction the index runs, and the fact that a rating annexure carries something a charge filing does not.

What is and is not described in Probe42’s public material

Probe42’s public product pages do not describe a search that starts from a lender and returns the companies exposed to it. Charges appear as a data point on a company; search is described in terms of filters on companies. No lender-first dimension is named.

That is a statement about what the public pages describe, not a claim about the gated product. Probe42 is sold behind a login and what it contains beyond its marketing pages is not knowable from outside it. If a lender-side query matters to you, ask them.

What TatvaRatings does

TatvaRatings parses publicly published credit rating press releases from seven SEBI-registered credit rating agencies — CARE, CRISIL Ratings, ICRA, India Ratings, Acuité, Brickwork and Infomerics — into a single schema, and indexes the lender-wise annexure from the lender’s side.

A worked reading of the figures above: SBI appears in 5,476 borrower annexures as at 30 August 2026 — a floor, not a total.

Annexure versus charge filing

Since both name a bank, the difference is worth stating precisely.

Neither is a superset of the other. The annexure gives facility-level structure with amounts by lender; the charge index gives security. If you need both, they are both public.

What TatvaRatings does not do

• No MCA filings product. No directors, no shareholding, no charge index, no GST, no litigation. Probe42’s data-point list is almost entirely outside our scope.
• Only rated borrowers — 45,528. Probe42 publishes a figure of 2.5 million unlisted companies. We are, by construction, a minority slice, and no version of this product changes that.
• Only 46.2% of rating actions carry a lender-wise annexure, because disclosure depends on borrower consent — ranging from Acuité at 92.0% to India Ratings at 0.0%. Every count is a floor, not a total.
• Sanctioned, not outstanding, and a periodic, broadly annual review cycle means a typical record is a year or more old. An annexure is a dated snapshot, not a feed.
• No score, no rank, no credit opinion of our own.

The full specification →

Which one you actually want

If your question is “tell me about this company” — who runs it, who owns it, what it filed, what charges sit over it, how it compares to peers — a filings-first company data product is built for that and TatvaRatings is not.

If your question is “which rated borrowers name this bank”, that is what TatvaRatings is organised around, and a company-first product does not answer it at volume regardless of how good the underlying data is, because the index runs the other way.

They are not substitutes and the sensible assumption is that a team using one already uses something like the other.

Common questions

Related

• All comparisons
• Tofler — the self-serve end of the filings market
• Lender-wise annexure — what the annexure carries
• Coverage · Data limits · Talk to us