BlackSoil Capital – Caspian Debt Merger Completes after NCLT Nod; Eyes 25 Percent CAGR

National: BlackSoil Capital, one of the country’s leading alternative credit platforms, and Caspian Debt, a pioneering impact-focused lender, today 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 amalgamation comes at a time when demand for flexible, non-bank financing is surging, underscoring the significance of this integration for India’s evolving credit landscape.

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 ₹1,900 crore ($215 million) and cumulative disbursement of nearly ₹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, strengthening its commitment to responsible and impact-led credit.

“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. This will significantly help BlackSoil accelerate its journey toward becoming a fully tech-first NBFC for its fast-growing SME- and impact-focused 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.

The merger unifies the distinct strengths of two leading NBFCs in the credit lending space. Caspian Debt backed more than 300 impact-driven enterprises and disbursed over ₹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. It was also the first Indian NBFC to sign the Partnership for Carbon Accounting Financials and earned global recognition of 2X Flagship Fund status for its gender-smart investing. Caspian Debt 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.

BlackSoil Capital, established in 2016, has built a strong track record of funding new economy SMEs and enterprises through flexible alternative credit and supply chain financing solutions. It has deployed nearly ₹8,650 crore ($980 million) across 250 companies. BlackSoil has also funded 10 unicorns and 8 listed companies, making it one of the few alternative credit platforms with exposure across both disruptive startups and established enterprises.

By combining Caspian Debt’s impact legacy with BlackSoil’s scale and new economy expertise, the merged company is uniquely positioned at the intersection of growth and impact in India’s credit ecosystem.

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