National, September 23, 2025: BlackSoil Capital, the Non-Banking Financial Company (NBFC) of the BlackSoil Group, has successfully raised ₹210 crore in debt during the first half of 2025 (January–June). This fundraise underscores BlackSoil’s growing position as a trusted alternative credit partner for India’s SMEs and high-growth businesses.
Strong Capital Mobilisation Amidst NBFC Headwinds
Despite the ongoing NBFC sector crisis and cautious credit markets, BlackSoil has demonstrated resilience by securing fresh capital. The achievement reflects strong investor confidence in its:
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Robust risk management framework
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Diversified and granular portfolio
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Proven track record in SME-focused alternative credit lending
Backing from New and Repeat Lenders
The majority of funds came through Non-Convertible Debentures (NCDs) and co-investments by marquee family offices and High Net-Worth Individuals (HNIs). New lenders include:
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GrayMatters Capital – a global impact investor
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A leading public sector financial institution
They join repeat participants from three existing lenders. This expanding base of banks, NBFCs, and institutional partners highlights BlackSoil’s resilience, borrowing capacity, and growing market presence.
Focus on SME-Centric Lending
The new capital will further fuel BlackSoil’s sector-agnostic SME lending strategy, where SMEs account for 80% of its portfolio. Key sectors include:
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AgriTech, ClimateTech, EVs
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SaaS, Healthcare, FinTech
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B2B platforms
A major growth driver is supply chain finance, led by its subsidiary SaralSCF, which delivers customised working capital solutions to address liquidity and cash flow challenges for SMEs.
Strategic Merger with Caspian Debt
BlackSoil’s SME lending capabilities are set for significant expansion through its proposed merger with Caspian Debt, a pioneering impact investor with a deep SME lending franchise. Once approved by the National Company Law Tribunal (NCLT), the combined entity will form a comprehensive alternative credit platform, enhancing reach across both sectors and geographies.
Leadership Insights
Chirag Shah, President – Fundraising & Strategy, BlackSoil, stated:
“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.”
Diversified Portfolio Across Leaders and SMEs
BlackSoil’s portfolio spans 10 unicorns and 8 publicly listed companies, including:
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Enterprise leaders: Yatra.com, ideaForge, BlueStone, MobiKwik, Curefoods, Battery Smart, Jumbotail, Moneyview
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SME segment: Cellecor Gadgets, Manba Finance, Dar Capital, Parag Milk
This mix reflects BlackSoil’s ability to back both emerging SMEs and category leaders while mitigating risk through diversification.
Positioned for the Next Phase of SME Growth
With India’s economy witnessing rapid digital adoption, strong SME-driven growth, and structural changes in the financing landscape, BlackSoil is well-positioned to deliver innovative credit solutions and accelerate SME empowerment nationwide.
About BlackSoil
Founded in 2016, BlackSoil is an alternative credit platform comprising:
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An RBI-registered systemically important NBFC
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A SEBI-registered AIF
It provides alternative credit to SMEs, emerging corporates, financial institutions, and supply chain finance solutions for MSME channel partners. Its credit solutions are tailored to support fast-growing, scalable, and underserved new economy businesses with short-term financing needs.
