BlackSoil

What BlackSoil does

BlackSoil Capital is an RBI-registered, systemically important non-banking financial company (NBFC) headquartered in Mumbai, India, that operates as an alternative credit platform focused on India's underserved SME, MSME, and new-economy entrepreneurial ecosystem. Founded in 2016 (with the underlying legal entity BlackSoil Capital Pvt. Ltd. incorporated in 1995 per CIN U67120MH1995PTC084946), BlackSoil provides structured and growth financing, working capital solutions, asset acquisition funding, and runway financing to mid-market corporates, growth-stage startups, NBFCs, fintech lenders, and impact-driven enterprises, while addressing the "missing middle" credit gap left by traditional banks. Its portfolio spans 162 active and 31 exited investments, with cumulative disbursements of nearly INR 14,000 crore across 550 companies (post-Caspian Debt merger), AUM of approximately $230-250 million (~INR 1,900 crore), and an ICRA A-/Stable (long-term) and A2+ (short-term) credit rating.

The company operates a tech-enabled Loan Origination System (LOS) and Loan Management System (LMS) that processes structured financial data, business model evaluations, and credit memos to support faster underwriting and turnaround times (averaging roughly one month from origination to disbursal). The platform underpins three core product lines: (i) Alternative Credit to Enterprises, offering structured, growth, and venture debt to SMEs, NBFCs, and high-growth companies; (ii) Retail Finance, providing working capital solutions to distributors, retailers, and micro/nano borrowers through direct assignments and co-lending partnerships with named partners such as Navadhan Finance and Credit Fair; and (iii) Impact Capital to MSMEs via the Udhyam Debt division (formerly Caspian Debt, merged in October 2025), which deploys customised credit to transformational MSMEs, women-led businesses in Tier-2/3 markets, agritech, climate-aligned enterprises, and financial institutions. A SEBI-registered AIF/Fund under BlackSoil AMC and a global venture debt arm (BlackSoil Global) extend the platform into private credit and international markets.

BlackSoil generates revenue primarily through interest income on its lending book, supplemented by transaction and processing fees on retail financing, spread income from co-lending/co-origination deployments with banks and funds, and management fees plus carry from the BlackSoil AMC private credit platform. Its go-to-market combines direct enterprise sales to mid-market and growth-stage borrowers, a self-serve digital channel through the LOS/LMS for anchors, partners, and retail borrowers, and channel/reseller partnerships for co-lending and co-origination distribution. Capital is sourced from Indian family offices and HNIs (~Rs 250 crore total equity raised over eight years), bank debt (over Rs 1,700 crore), and development finance institutions including FMO (Netherlands) and Impact Fund Denmark (Rs 200 crore debt facility). The BlackSoil Group ecosystem also includes SaralSCF (supply chain finance NBFC), BlackSoil AMC (SEBI-registered AIF), and BlackSoil Global (international fund arm).

Name

BlackSoil

Legal name

BlackSoil Capital Pvt. Ltd.

Website

http://www.blacksoil.co.in

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

BlackSoil is an RBI-registered, systemically important NBFC in Mumbai providing alternative credit — structured, venture, and impact debt — to Indian SMEs, MSMEs, new-economy startups, and NBFCs via a tech-enabled LOS/LMS platform and a multi-entity ecosystem.

Ownership category

akta.pro rank

Product category

Alternative Credit / NBFC Lending

NAICS

Depository Credit Intermediation (5221)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Merchant Cash Advance & Revenue-Based Financing Enablement (FSAGALAH)

akta.pro secondary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Alternative credit lending
• Venture debt financing
• MSME working capital
• Private credit funds
• Impact lending solutions

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Alternative Credit to Enterprises: Core NBFC lending revenue generated from short-term credit solutions (working capital, asset acquisition, runway financing) extended to SMEs, NBFCs, and high-growth new-economy companies via structured, growth, and venture debt. Income is principally interest-based and recurring in nature.
2. Retail Financing: Revenue from retail financing vertical that offers working capital solutions to distributors, retailers, micro/nano borrowers, and end customers via direct assignments, co-lending, and partnership-driven models. Generates interest income and transaction-related fees.
3. Impact Capital to MSMEs (Udhyam Debt): Interest and fee income from customised credit extended to MSMEs, NBFCs, fintech lenders, and emerging impact businesses that create positive social and environmental outcomes. Operates through the Udhyam Debt division post the Caspian Debt merger.
4. Private Credit / AIF (BlackSoil AMC): Fee and carry income from a SEBI-registered AIF/Fund platform that complements NBFC lending, providing private credit and structured debt solutions to high-growth companies and financial institutions.
5. Co-lending / Co-origination Spread: Spread income earned on capital co-deployed with banks, NBFCs, and funds under co-lending and co-origination partnerships, leveraging BlackSoil's underwriting and digital infrastructure.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

BlackSoil Capital is an RBI-registered, systemically important NBFC that provides alternative credit solutions to SMEs, mid-market corporates, NBFCs and high-growth new-economy enterprises. The platform offers structured and growth financing, working capital, venture debt, and impact-driven lending, supported by a tech-enabled Loan Origination System (LOS) and Loan Management System (LMS) and complemented by a SEBI-registered AIF/Fund and supply chain finance NBFC divisions.

Differentiator

Problem solved

Functional benefit

Brands

• Udhyam Debt: MSME-focused financing division providing customised and flexible credit solutions to MSMEs, NBFCs, fintech lenders and impact-driven enterprises. Rebranded from Caspian Debt after the October 2025 merger.
• SaralSCF
• BlackSoil AMC
• BlackSoil Global

Products and services

• Alternative Credit to Enterprises Structured and growth financing for SMEs, NBFCs and high-growth companies, including venture debt, working capital solutions, asset acquisition financing and runway capital. Targets Series A+ institutional-backed enterprises needing flexible debt without equity dilution.
• Retail Finance Working capital solutions covering purchase and sales transactions for distributors, retailers, micro and nano borrowers, and end customers in the small business ecosystem. Provides short and long-term working capital with customisable terms via direct assignments, co-lending and partnership-driven models.
• Impact Capital to MSMEs (Udhyam Debt) Provides debt to transformational MSMEs, NBFCs, fintech lenders and businesses that create positive social and environmental impact. Covers climate-aligned lending, financial inclusion, women-led businesses in Tier-2 and Tier-3 markets, climate-smart agriculture, renewable energy and circular economy solutions.
• BlackSoil AMC (Private Credit Fund) SEBI-registered AIF/Fund platform providing private credit and structured debt solutions to high-growth companies and financial institutions, generating fee and carry income for the BlackSoil ecosystem.
• SaralSCF (Supply Chain Finance) NBFC division offering supply chain finance solutions to suppliers, buyers and businesses within the BlackSoil ecosystem, providing working capital against receivables and payables.
• Digital Lending / Co-lending Platform Tech-enabled platform that powers digital loan origination and management, enabling co-lending and co-origination partnerships with banks (e.g., Navadhan Finance, Credit Fair), providing end-to-end workflow automation for anchors, partners and borrowers across retail financing and SME credit.

Quantifiable outcome

• Supports 430 businesses across diverse sectors and geographies
• +6 more outcomes

Named customers20 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered flagship and core.

• Caspian DebtflagshipStrategic or Co-development Partner · 31 October 2025BlackSoil Capital and Caspian Debt completed a strategic merger (effective 31 October 2025) following NCLT Mumbai and RBI approvals, creating a $215 million NBFC focused on SMEs and impact-led businesses in India with combined AUM of INR 1,900 crore and cumulative disbursements of nearly ₹14,000 crore across 550 companies. The merged entity targets 25% CAGR. Caspian Debt has subsequently been rebranded as Udhyam Debt under BlackSoil Capital.
• Navadhan FinancecoreChannel Partner/ Reseller/ DistributorNavadhan Finance is a named co-lending partner on BlackSoil's Digital Lending platform. The partnership enables BlackSoil to widen access to capital for underserved MSMEs and emerging corporates via co-lending structures.
• Credit FaircoreChannel Partner/ Reseller/ DistributorCredit Fair is a named co-origination partner on BlackSoil's Digital Lending platform. The partnership supports co-originated credit to SMEs and consumer segments leveraging BlackSoil's underwriting and digital infrastructure.
• BlackSoil AMC (Private Credit)flagshipOEM/ Whitelabel/ Licensing PartnerBlackSoil AMC is the private credit arm of the BlackSoil ecosystem, operating a SEBI-registered AIF/Fund. It complements the NBFC lending business by offering private credit and structured debt solutions.
• BlackSoil GlobalflagshipStrategic or Co-development PartnerBlackSoil Global is the global fund arm of the BlackSoil Group, with venture debt funds widening their global footprint across West Asia, South-East Asia, and Europe while India remains the core market. Provides diversified revenue streams and growth prospects beyond India.
• Udhyam DebtflagshipOEM/ Whitelabel/ Licensing PartnerUdhyam Debt is a division of BlackSoil Capital that emerged from the merger with Caspian Debt. It empowers MSMEs, NBFCs, fintech lenders, and emerging businesses that create positive social and environmental change via customised, flexible credit solutions. Udhyam Debt has deployed Rs 35 crore across five new MSMEs to date.
• SaralSCFcoreStrategic or Co-development PartnerSaralSCF is a member of the BlackSoil ecosystem and an NBFC division, offering supply chain finance solutions. It is part of the group's broader offering alongside Udhyam Debt and BlackSoil Capital.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Vivriti Capital: Indian fintech-NBFC focused on structured credit, supply-chain finance, and securitisation for mid-market and SME borrowers. Highly comparable to BlackSoil's overall NBFC lending and supply chain finance (SaralSCF) verticals — both target underserved SME/mid-market borrowers with tailored structured debt solutions.
• Trifecta Capital: Leading Indian venture debt firm providing growth capital, venture debt, and structured financing to mid-to-late-stage startups. Closely comparable to BlackSoil's alternative credit vertical — both target Series A+ new-economy companies with non-dilutive capital. Co-invested with BlackSoil in Euler Motors debt round.
• Electronica Finance: Indian NBFC focused on SME and mid-market lending with a strong machine/equipment financing book. Comparable to BlackSoil's asset acquisition / structured financing verticals — both serve the SME credit gap with tailored debt solutions and have institutional-grade credit profiles.
• Alteria Capital: India-focused venture debt fund providing debt capital to venture-backed startups and growth-stage companies. Directly comparable to BlackSoil in terms of borrower segments (new-economy startups), loan structures, and risk-return profile. Co-invested alongside BlackSoil in Euler Motors debt round.
• InnoVen Capital: Pan-Asia venture debt provider (with India operations) offering venture loans, growth capital, and venture leasing to high-growth startups. Directly comparable to BlackSoil's structured debt offerings — similar borrower profile, ticket sizes, and risk underwriting. Also co-invested with BlackSoil in Euler Motors round.
• MAS Financial Services: Indian listed NBFC providing SME, micro-enterprise, and two-wheeler financing across India. Comparable to BlackSoil's SME/MSME lending book in target borrower profile and ticket sizes, and a useful listed comp for valuation benchmarking given similar NBFC-Middle Layer regulatory status.
• Indifi Capital: Indian digital lending platform focused exclusively on SME lending — BlackSoil is an existing debt investor (Rs 40 crore round in 2026). Directly comparable in target segment (SME working capital) and tech-enabled underwriting approach. Both target the 'missing middle' with limited collateral.
• Lendingkart: Indian fintech NBFC providing working capital and SME loans to small businesses through a tech-enabled underwriting platform. Comparable to BlackSoil's retail financing and co-lending verticals — both use alternative data and tech platforms to underwrite MSMEs underserved by banks.
• Northern Arc Capital: Indian listed NBFC focused on financial inclusion and lending to under-served households, MSMEs, and mid-market companies. Comparable to BlackSoil's MSME / impact (Udhyam Debt) and financial-institution lending verticals — both target the underserved 'missing middle' segment and have strong DFI/DFI-style capital backing.
• Stride Ventures: Indian venture debt fund providing growth and structured debt to growth-stage startups and SMEs. Directly comparable to BlackSoil's alternative credit book — both offer venture/growth debt to institutional-backed companies with similar risk-return profiles. Co-invested with BlackSoil in FreshToHome debt rounds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds11 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments112 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BlackSoil