BlackSoil Capital–Caspian Debt merger completes after NCLT nod; eyes 25% CAGR

BlackSoil Capital, an alternative credit platform, and impact-focused lender Caspian Debt announced the successful completion of their merger, following approval from the National Company Law Tribunal (NCLT), Mumbai Bench, and the Reserve Bank of India (RBI).

The merger of these two Non-Banking Financial Companies (NBFCs) was completed on October 31, 2025.

Effective November 1, 2025, the merged entity is operating under the name BlackSoil Capital Private Limited.

The merged entity combines the complementary strengths of BlackSoil’s innovative lending expertise and Caspian’s impact-first approach, creating one of India’s most diversified SME-and impact-focused alternative credit NBFCs.

It will offer full-stack financing solutions across the spectrum, from early-stage innovators to growth-stage enterprises, while addressing the underserved credit needs of SMEs, startups and impact-led enterprises.

With combined assets under management (AUM) of around Rs 1,900 crore ($215 million) and cumulative disbursement of nearly Rs 14,000 crore ($1.6 billion) across 550 companies, the merged NBFC is positioned among India’s largest SME-focused alternative credit lenders.

BlackSoil Capital will now have access to a new segment of around 5,000 borrowers, making its portfolio more granular. This will enable the NBFC to support a wider spectrum of borrowers, from early-stage impact enterprises and growth-stage SMEs to mid-market corporates. The combined platform will continue to prioritise enterprises generating measurable social and environmental outcomes. 

“This merger allows us to address one of the biggest gaps in India’s financial system; timely, flexible credit for SMEs & enterprises often overlooked by traditional lenders. By combining our strengths with Caspian, we aim to build a comprehensive ecosystem of private credit solutions that fuels sustainable and impact-oriented growth,” said Ankur Bansal, Managing Director, BlackSoil Capital.

“For over a decade, Caspian has been a trusted partner for entrepreneurs building impact-driven enterprises. Joining forces with BlackSoil empowers us to amplify our mission and extend even greater support to the businesses we serve. Now, they can expect the same responsible and innovative financing; and with greater reach and resources,” said S. Viswanatha Prasad, Founder & Chairman, Caspian Debt.

BlackSoil Capital, the merged company, will deepen its exposure across India’s high-growth sectors, including agriculture, healthcare, technology, consumer, fintech, and climate-led ventures, while maintaining a strong focus on SMEs and social enterprises. The integration will also strengthen governance, transparency, and responsible lending practices in line with RBI and NCLT directives.

As part of the integration, BlackSoil will adopt Caspian Debt’s tech-led underwriting and portfolio monitoring frameworks. Caspian Debt developed an in-house end-to-end fully integrated underwriting LOS, portfolio monitoring framework and Early Warning System (EWS) tech platform especially for its mid-size SME customers.

Looking ahead, BlackSoil Capital is targeting a 25% CAGR over the next few years, with a strong focus on SME lending and sustainability-linked finance. The merger brings together complementary teams, aligns operations, and leverages synergies to deliver greater value to entrepreneurs and investors alike.

Post-merger, the consolidated team has expanded from 110 to 170 members, strengthening execution and on-ground engagement with borrowers. It has also increased its geographical footprint across major metros, including Mumbai, Hyderabad, Delhi, Gurgaon and Bengaluru.

So far, Caspian Debt backed more than 300 impact-driven enterprises and disbursed over Rs 5,350 crore (over $600 million) in the last 12 years, spanning agriculture, healthcare, clean technology, water & sanitation, education, microfinance, small business financing and women-focused SMEs.

The firm was backed by global impact investors including FMO, Gray Matters Capital, and Triodos Investment Management, through Hivos-Triodos Fonds, and had strategic partnerships with Michael & Susan Dell Foundation (MSDF), Rabo Foundation and US Development Finance Corporation. 

On the other hand, BlackSoil Capital, established in 2016, has deployed nearly Rs 8,650 crore ($980 million) across 250 companies. The firm has also funded 10 unicorns and 8 listed companies. 

The transaction was advised by Byte Ventures (BlackSoil Capital) and BOB Capital Markets Ltd. (Caspian Debt).