BlackSoil-Caspian merger gets NCLT nod, creates $215 million SME and impact-focused NBFC

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BlackSoil Capital and Caspian Debt have completed their long-awaited merger effective October 31, following approvals from the National Company Law Tribunal (Mumbai Bench) and the Reserve Bank of India, creating an alternative credit NBFC focused on SMEs and impact-driven enterprise.

The combined entity, now operating under the name BlackSoil Capital Private Limited from November 1, will manage assets worth around Rs 1,900 crore ($215 million), said a press release dated November 19. Together, the institutions have cumulatively disbursed nearly Rs 14,000 crore to more than 550 companies.

By integrating BlackSoil’s new-economy lending expertise with Caspian’s deep impact-first portfolio, the company aims to build a full-stack platform serving enterprises from early-stage innovators to mid-market corporates. BlackSoil Capital will now gain access to an additional 5,000 borrowers, expanding its reach among SMEs, social enterprises, and startups typically underserved by mainstream banks.

Ankur Bansal, Managing Director at BlackSoil Capital, said the merger addresses a persistent gap in India’s financial system. “By combining our strengths with Caspian, we aim to build a comprehensive ecosystem of private credit solutions that fuels sustainable and impact-oriented growth,” he said.

For Caspian Debt, which has backed more than 300 impact-led enterprises over the past decade, the merger provides scale and wider operational capabilities.
Its founder and chairman, S Viswanatha Prasad, said, “Joining forces with BlackSoil empowers us to amplify our mission and extend even greater support to the businesses we serve.”

As part of the integration, BlackSoil Capital will adopt Caspian’s tech-led underwriting, portfolio monitoring and early-warning systems. Caspian’s proprietary end-to-end loan origination and monitoring technology, designed specifically for mid-size SMEs, is expected to accelerate BlackSoil’s move toward becoming a fully tech-first NBFC, the release said.

The merged company plans to deepen its exposure in high-growth sectors including agriculture, healthcare, technology, consumer, fintech, and climate-linked ventures. With SMEs and impact-led enterprises at the core of its strategy, BlackSoil Capital said it will continue prioritising borrowers delivering measurable social and environmental outcomes.

Looking ahead, the NBFC is targeting 25 percent CAGR over the next few years. The combined workforce has grown from 110 to 170 employees, with a wider presence across metros such as Mumbai, Hyderabad, Delhi, Gurgaon and Bengaluru. The company said operational synergies from the merger will allow it to expand faster while improving governance and compliance in line with RBI and NCLT norms.

Advisory firms Byte Ventures (for BlackSoil) and BOB Capital Markets (for Caspian) facilitated the transaction.