A Strong Fundraise Amid Challenging Market Conditions
National, September 24, 2025: BlackSoil Capital, the Non-Banking Financial Company (NBFC) arm of the BlackSoil Group, has raised ₹210 crore debt in the first half of 2025 (January–June). This milestone comes at a time when India’s NBFC sector continues to grapple with liquidity constraints, cautious investor sentiment, and a conservative credit environment.
The successful mobilization of fresh debt underscores BlackSoil’s reputation as a resilient and trusted partner for India’s small and medium enterprises (SMEs) and high-growth businesses. Investor confidence in BlackSoil rests on its robust risk management systems, diversified portfolio, and strong track record in alternative credit lending.
Diverse Funding Sources Reflect Investor Trust
The latest round of fundraising was anchored by Non-Convertible Debentures (NCDs) and co-investments from marquee family offices and High Net-Worth Individuals (HNIs). Notably, GrayMatters Capital, a global impact investor, and a leading public sector financial institution came on board as new lenders. The round also witnessed repeat participation from three existing lenders, reaffirming long-term confidence in the company’s credit strategy.
With this growing base of banks, NBFCs, institutional investors, and family offices, BlackSoil has further strengthened its borrowing capacity and enhanced its presence in India’s alternative credit ecosystem.
Expanding SME-Focused Credit Play
The infusion of capital will be strategically deployed to advance BlackSoil’s sector-agnostic SME lending strategy, which already accounts for 80% of its portfolio. The company’s exposure spans across AgriTech, ClimateTech, Electric Vehicles (EVs), SaaS, Healthcare, FinTech, and B2B platforms.
One of the key drivers of this strategy is supply chain finance, where its subsidiary SaralSCF plays a pivotal role. SaralSCF provides customized working capital solutions that address liquidity bottlenecks and cash flow gaps for SMEs, thereby improving business continuity and supporting growth.
Strategic Merger with Caspian Debt
BlackSoil’s SME lending capabilities are poised for further acceleration through its upcoming merger with Caspian Debt, a pioneering impact investor with deep expertise in SME financing. The merger, once approved by the National Company Law Tribunal (NCLT), will create a comprehensive alternative credit platform for SME lending in India.
By integrating Caspian Debt’s established SME franchise with BlackSoil’s alternative credit framework, the combined entity will expand its reach across sectors, geographies, and borrower profiles, enabling greater access to flexible financing solutions for India’s underserved business ecosystem.
Leadership Insights: Doubling Down on SME Empowerment
Speaking on the milestone, Chirag Shah, President – Fundraising & Strategy, BlackSoil, said:
“This fundraise reinforces BlackSoil’s differentiated position in India’s alternative credit landscape. The demand for non-dilutive, flexible capital is accelerating, particularly from SMEs that form the backbone of India’s economy. With the upcoming merger with Caspian Debt and the growing scale of SaralSCF, we are doubling down on enabling SMEs to scale sustainably while retaining ownership.”
His statement highlights how BlackSoil positions itself not just as a lender, but as a strategic partner to SMEs, enabling them to grow without diluting ownership or control.
Portfolio Strength: From Unicorns to Emerging SMEs
BlackSoil’s portfolio reflects its balanced risk exposure and ability to support both emerging enterprises and category leaders.
-
In the enterprise segment, it has backed 10 unicorns and eight publicly listed companies, including Yatra.com, ideaForge, BlueStone, MobiKwik, Curefoods, Battery Smart, Jumbotail, and Moneyview.
-
In the SME segment, its portfolio includes Cellecor Gadgets, Manba Finance, Dar Capital, and Parag Milk Foods, among others.
This diversified exposure demonstrates BlackSoil’s adaptability across industries and its resilience in mitigating credit risk while scaling impact.
Riding Structural Shifts in India’s Credit Market
India is witnessing rapid digital adoption, SME-led economic growth, and structural changes in its financing landscape. Traditional credit channels often remain inaccessible or rigid for smaller businesses, creating a widening demand for alternative, non-dilutive financing solutions.
BlackSoil, with its granular portfolio, innovative lending models, and strong institutional partnerships, is well-positioned to bridge this gap. The company aims to unlock innovative, flexible, and sustainable credit solutions that fuel entrepreneurship and strengthen India’s SME backbone.
About BlackSoil
Founded in 2016, BlackSoil has emerged as a prominent player in the alternative credit space. The platform comprises:
-
An RBI-registered, systemically important NBFC.
-
A SEBI-registered Alternative Investment Fund (AIF).
Together, they provide alternative credit debt to SMEs, emerging corporates, financial institutions, and MSME channel partners through supply chain finance solutions.
BlackSoil’s credit solutions are specifically tailored to support fast-growing, scalable, and underserved businesses, addressing their short-term financing needs while enabling long-term growth. Over the years, it has earned a reputation for being a trusted partner for entrepreneurs navigating India’s evolving credit landscape.
