What Blacksoil Capital does

BlackSoil Capital is an RBI-registered, systemically important non-banking financial company (NBFC) headquartered in Mumbai, India, founded in 2016. The firm operates as an alternative credit platform delivering structured debt, growth financing, working capital solutions, and retail finance to SMEs, mid-market enterprises, NBFCs, and new-economy businesses that lack access to traditional bank credit due to insufficient hard asset collateral. It targets companies backed by institutional investors (minimum Series A) and profitable NBFCs with strong promoter credentials, underwriting primarily on operating cash flows rather than physical collateral. The core product suite comprises Alternative Credit to Enterprises (structured/growth financing), Retail Finance, Digital Lending (co-lending and co-origination partnerships with fintech platforms such as Navadhan Finance and Credit Fair), and the Udhyam Debt sub-brand for impact-driven MSME financing (formerly Caspian Debt, merged in October 2025). The technology backbone consists of an in-house loan origination and loan management system supporting digital underwriting, disbursement, servicing, and collections, with partnership-led distribution channels extending reach into Tier-II and Tier-III markets.

The business model is interest-spread and fee-driven: BlackSoil raises capital through NCDs, co-investments from family offices, HNIs, and institutional lenders, supplemented by equity from shareholders including FMO (Dutch DFI), Impact Fund Denmark, and Caspian founder Viswanatha Prasad, and deploys it across three engines — direct enterprise lending, partnership-led digital lending, and MSME impact lending. As of late 2025 the combined entity (post-Caspian merger) operates with AUM of Rs 1,900 crore ($215-230 million) and cumulative disbursements of nearly Rs 14,000 crore across 550 companies, supported by an active portfolio of 162 companies and 31 exits across Fintech, Consumer, Healthcare, SaaS, B2B, Agriculture, and Logistics. Revenue is generated via interest income on the lending book, structuring and monitoring fees on tailored transactions, and transactional fees on partnership-led and co-lending flows. Pricing is not publicly disclosed and is determined per transaction based on borrower credit profile, risk assessment, and loan structure. The company reports an ICRA credit rating of A-/Stable (long-term) and A2+ (short-term). In July 2026, BlackSoil acquired Credit Fair's solar financing business, adding Rs 152.6 crore of AUM and partnerships with Tata Power, Waaree, and Adani Solar to enter renewable energy financing.

Name

Blacksoil Capital

Legal name

BlackSoil Capital Private Limited

Website

https://blacksoil.co.in

Company type

Private

Founded year

2016

Operating status

Operating

Short description

BlackSoil Capital is an RBI-registered, systemically important NBFC operating as an alternative credit platform that provides structured debt, growth financing, and working capital to Indian SMEs, NBFCs, and new-economy enterprises underserved by traditional banks.

Ownership category

akta.pro rank

Product category

Alternative Credit / NBFC Lending

NAICS

Nondepository Credit Intermediation (5222)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Alternative credit lending
• SME debt financing
• Structured growth capital
• Working capital loans
• MSME impact lending

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 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 / Debt Lending: BlackSoil Capital earns revenue through interest income on structured debt, growth financing, and working capital loans extended to SMEs, new-economy enterprises, and NBFCs. As an RBI-registered systemically important NBFC, the company provides flexible credit solutions and earns interest spreads and fees on its lending portfolio.
2. Retail & Digital Lending: Revenue is generated through retail financing products covering purchase and sales transactions, including direct assignments, co-lending, and partnership-driven models. The company services distributors, retailers, micro and nano borrowers through tech-enabled lending platforms.
3. Impact Capital (Udhyam Debt): Following the merger with Caspian Debt (now Udhyam Debt), BlackSoil provides impact-driven debt to MSMEs, NBFCs, fintech lenders, and businesses creating positive social and environmental change. Revenue is generated through interest income and impact-linked financing structures targeting underserved segments in Tier-II and Tier-III markets.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

BlackSoil Capital is an RBI-registered, systemically important NBFC that provides alternative credit, structured debt, growth financing, and working capital solutions to SMEs, new-economy enterprises, NBFCs, and fintech lenders across India. Its offering includes direct enterprise lending, partnership-driven co-lending and co-origination, and impact-focused MSME financing under the Udhyam Debt brand.

Product overview

BlackSoil Capital operates as an RBI-registered, systemically important NBFC offering flexible and innovative credit solutions to SMEs and new-economy enterprises. The company offers three core credit products: Alternative Credit to Enterprises (structured/growth financing for SMEs and high-growth companies), Retail Finance (working capital solutions for distributors, retailers, and micro borrowers), and Digital Lending (partnership-led platform with co-lending and co-origination capabilities). The company also operates Udhyam Debt, an impact-focused MSME financing sub-brand formerly known as Caspian Debt following the 2025 merger. In July 2026, BlackSoil expanded into renewable energy financing through acquisition of Credit Fair's solar financing business. The company also maintains divisions including BlackSoil AMC for private credit and BlackSoil Global for international fund management.

Differentiator

Problem solved

Functional benefit

Brands

• Udhyam Debt: BlackSoil Capital's MSME-focused financing division providing customised and flexible credit solutions, formerly Caspian Debt
• BlackSoil AMC
• BlackSoil Global
• SaralSCF

Products and services

• Alternative Credit to Enterprises Structured and growth financing for SMEs, NBFCs, and high-growth new-economy companies. Provides short-term credit solutions to businesses that may not have access to traditional lending sources, customized with covenants, collateral mechanisms, and ongoing monitoring.
• Retail Finance Working capital solutions covering purchase and sales transactions for distributors, retailers, micro and nano borrowers, customized to meet short and long-term business needs with bullet and staggered repayment options.
• Digital Lending Platform Partnership-led digital lending platform enabling end-to-end digital customer journeys from sourcing and onboarding to underwriting, disbursement, servicing, and collections. Offers co-lending and co-origination partnerships with fintech platforms.
• Udhyam Debt (Impact Capital to MSMEs) Impact-focused MSME financing division providing customized and flexible credit solutions to MSMEs, NBFCs, fintech lenders, and businesses that create positive social and environmental impact. Operates as a wholly-owned sub-brand of BlackSoil Capital (formerly Caspian Debt).
• BlackSoil AMC Private Credit Private credit investment management arm of the BlackSoil Group, offering private credit investment opportunities to investors as a wholly-owned subsidiary.
• BlackSoil Global Fund
• SaralSCF Supply Chain Finance

Quantifiable outcome

• 420 businesses supported across diverse sectors and geographies
• +4 more outcomes

Named customers30 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Caspian Debt (Udhyam Debt)coreStrategic or Co-development Partner · 1 October 2025In late 2025, Caspian Debt formally merged into BlackSoil Capital following RBI and NCLT approval. The merged entity, effective October 31, has AUM of ₹1,900 crore and cumulative disbursements of nearly ₹14,000 crore across 550 companies. The Caspian division is now known as Udhyam Debt, focusing on MSME and impact lending.
• Credit FaircoreStrategic or Co-development Partner · 1 July 2025BlackSoil acquired Credit Fair's solar financing business including management team, technology platform, brand, and operating infrastructure. The deal adds Rs 152.6 crore AUM and partner network spanning Tata Power, Waaree, Adani Solar, serving residential solar customers and MSMEs.
• Navadhan FinanceminorChannel Partner/ Reseller/ DistributorNavadhan Finance is a co-lending partner in BlackSoil's digital lending ecosystem, enabling scalable, compliant, and technology-driven credit solutions across India through the partnership-led digital lending model.
• Credit FairminorChannel Partner/ Reseller/ DistributorCredit Fair serves as a co-origination partner in BlackSoil's digital lending ecosystem, enabling credit access for MSMEs, self-employed professionals, retailers, and emerging customer segments underserved by traditional financial institutions.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Indifi Technologies: Digital lending platform serving SMEs across India with revenue-based and growth financing products. Operates in the same SME digital lending category with comparable underwriting-as-a-service and partnership-led distribution models.
• Oxyzo Financial Services: OfBusiness Group's NBFC arm providing growth and working capital financing to SMEs. Operates in the same alternative-credit-for-SME segment with comparable underwriting approach and tech-enabled origination.
• Mintifi (formerly Udaan Capital): Supply chain finance NBFC providing working capital to SMEs and distributors across India. Overlaps with BlackSoil's SaralSCF supply-chain finance division and retail finance book.
• Lendingkart Finance: Digital-first Indian NBFC focused on working capital and growth financing for SMEs. Closely mirrors BlackSoil's tech-enabled alternative credit platform targeting growth-stage companies with limited collateral.
• Northern Arc Capital: Listed Indian NBFC providing credit across consumer, SME, microfinance, and affordable housing segments. Directly comparable to BlackSoil's diverse alternative credit model with similar exposure to underbanked and emerging-economy borrowers.
• Five Star Business Finance: Listed Indian NBFC focused on secured small business and housing finance. Comparable institutional NBFC model with similar geographic focus on Tier-II/Tier-III India and similar risk-adjusted return profile.
• MAS Financial Services: Listed Indian NBFC providing SME loans, micro-enterprise loans, and two-wheeler financing. Comparable to BlackSoil's MSME financing arm (Udhyam Debt) and SME retail book.
• OXXO Finance (formerly Vistaar Finance): Indian NBFC focused on growth and working capital financing for SMEs and mid-market companies. Closest direct comparable in offering structured, collateral-light debt to new-economy SMEs.
• Incred Finance (Incred Capital): Indian diversified NBFC/fintech providing business loans, home loans, and education loans through digital and partnership channels. Overlaps with BlackSoil's SME digital lending and growth-financing verticals.

Broad incumbents

• Ambit Finvest (Ambit Group NBFC): Diversified Indian financial services group with NBFC arm offering structured credit to mid-market companies. Broader incumbent with overlapping SME and growth-stage financing capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/blacksoil-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Blacksoil Capital