National: BlackSoil Capital, a leading alternative credit platform, and Caspian Debt, a prominent impact investment lender, have received approval from the Reserve Bank of India (RBI) for their merger. This marks a crucial step toward finalisation of the merger, with only the National Company Law Tribunal (NCLT) approval remaining.
Once completed, the merger will enhance BlackSoil’s ability to support startups, MSMEs, and impact-driven enterprises while expanding its financial solutions for underserved businesses that require smaller credit sizes.
“With RBI’s approval, we are closer to building a comprehensive alternative credit ecosystem in India,” said Ankur Bansal, Managing Director, BlackSoil. “By integrating Caspian Debt’s expertise in impact investing with our innovative financing solutions, we will drive greater financial inclusion and extend our reach to businesses often underserved by traditional lenders.”
“Joining forces with BlackSoil allows us to accelerate our mission, leveraging their robust platform and expertise in alternative credit,” said S. Viswanatha Prasad, Founder & Chairman of Caspian Debt. “This merger strengthens our ability to provide capital where it is needed the most, ensuring sustainable growth for impact-driven enterprises across India.”
With a combined AUM exceeding INR 2,000 crore and total disbursements surpassing INR 10,000 crore across 450+ businesses, the merger strengthens BlackSoil’s focus on MSME lending and low-ticket-size financing. BlackSoil will also increase its geographical footprint across major metros, including Mumbai, Hyderabad, Delhi, and Bengaluru, through this merger.
Established in 2016, BlackSoil Group comprises an RBI-registered systemically important NBFC and a SEBI-registered AIF, providing flexible credit solutions to growth-stage companies, financial institutions, and supply chain financing to MSMEs. Its portfolio includes high-growth enterprises such as MobiKwik, Ideaforge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, and Purplle. Since its inception, BlackSoil has disbursed over INR 7,800 crore across more than 270 companies.
Founded in 2013, Caspian Debt has deployed over INR 4,000 crore to 250+ institutions, focusing on climate tech, social enterprises, and sustainable businesses. It is backed by international impact investors, including FMO, Gray Matters Capital, and Triodos Investment Management.
The transaction is advised by Haitong Securities India Pvt. Ltd. for BlackSoil and BOB Capital Markets Ltd. for Caspian Debt.
