BlackSoil Capital and Caspian Debt have completed their merger following approvals from the National Company Law Tribunal (NCLT), Mumbai Bench, and the Reserve Bank of India (RBI). The two Non-Banking Financial Companies (NBFCs) formally concluded the transaction on October 31, 2025. Effective November 1, 2025, the unified lending institution is operating under the name BlackSoil Capital Private Limited.

The merger brings together BlackSoil’s alternative credit capabilities and Caspian’s impact-first lending approach, creating one of India’s most diversified private credit NBFC platforms. The combined lender will serve early-stage innovators, growth enterprises and impact-led organisations that often struggle to secure credit from traditional institutions. The entity will now provide full-stack financing ranging from early-stage venture debt to expansion funding for SMEs and mid-market enterprises.

With assets under management (AUM) of approximately Rs 1,900 crore ($215 million) and cumulative disbursements of nearly Rs 14,000 crore ($1.6 billion) across 550 borrowers, the merged platform becomes one of India’s largest SME- and impact-focused alternative lenders. Its expanded borrower base will include nearly 5,000 additional enterprises, increasing portfolio granularity and scaling credit reach for underserved business segments.

Expanded Lending Reach

The merged NBFC plans to prioritise enterprises generating measurable social and environmental outcomes, while strengthening its presence across agriculture, healthcare, technology, consumer, fintech, and climate-oriented businesses. BlackSoil Capital will adopt Caspian Debt’s technology-led tools for underwriting and portfolio monitoring, including a fully integrated Lending Origination System (LOS), Early Warning System (EWS) and data-led assessment capabilities.

These systems have been specifically developed to evaluate mid-sized SMEs, offering stronger governance and transparency as expected under RBI and NCLT compliance directives. The integration of these technology platforms is expected to improve risk controls and enhance borrower lifecycle management across a diverse credit portfolio.

Caspian Debt has historically supported over 300 impact-focused businesses and disbursed more than Rs 5,350 crore across 12 years. The firm was backed by global impact investors such as FMO, Triodos Investment Management and Gray Matters Capital and worked with institutions including the Michael & Susan Dell Foundation, Rabo Foundation and US Development Finance Corporation. BlackSoil Capital, founded in 2016, has deployed nearly Rs 8,650 crore ($980 million) across 250 companies, including 10 unicorns and eight listed firms.

Future Growth Plans

Following the merger, the combined workforce has increased from 110 to 170 members, expanding the lender’s operational capacity. The platform now has an enlarged footprint across Mumbai, Hyderabad, Delhi, Gurgaon and Bengaluru, supported by stronger on-ground engagement with borrowers. BlackSoil Capital is targeting a 25% compound annual growth rate (CAGR) in the coming years, with a specific focus on SME lending and sustainability-linked financing products.

The expanded entity aims to provide borrowers with responsible, flexible credit while building a wider ecosystem of private debt financing for enterprises traditionally underserved by conventional banks and NBFCs. The merger leverages complementary strengths to enhance funding access for growing enterprises and to scale impact-driven lending across India.

Credit Platforms

India’s alternative credit landscape has grown rapidly as private debt platforms step in where traditional banking remains risk-averse toward SMEs, startups and innovative business models. Credit platforms such as the newly merged BlackSoil Capital are increasingly expected to play a significant role in bridging the lending gap by offering customised financial products, technology-led underwriting and responsible financing frameworks. The sector continues to evolve as credit demand rises from fast-growing, impact-driven enterprises seeking scalable capital options.