BlackSoil Capital, Caspian Debt complete merger after NCLT approval, target 25% CAGR

BlackSoil Capital and Caspian Debt said on Wednesday they have completed their merger following approvals from the National Company Law Tribunal’s Mumbai bench and the Reserve Bank of India, creating a $215 million non-bank lender focused on SMEs and impact-led enterprises.

The merger of the two NBFCs was completed on Oct 31, and the combined entity has been operating as BlackSoil Capital Pvt Ltd since Nov 1, the companies said in a joint statement.

The merged firm has assets under management of about ₹1,900 crore and cumulative disbursements of nearly ₹14,000 crore across 550 companies, placing it among India’s largest alternative credit lenders to SMEs. BlackSoil will gain access to around 5,000 additional borrowers through Caspian’s network, expanding its reach across early-stage impact ventures, growth-stage SMEs and mid-market corporates.

“The merger allows us to address one of the biggest gaps in India’s financial system - timely, flexible credit for SMEs and enterprises overlooked by traditional lenders,” said Ankur Bansal, managing director of BlackSoil Capital.

S. Viswanatha Prasad, founder and chairman of Caspian Debt, said the integration “empowers us to amplify our mission and extend even greater support to the businesses we serve.”

The combined entity plans to deepen its exposure in sectors such as agriculture, healthcare, technology, consumer and climate-linked businesses, while maintaining a focus on responsible and impact-led lending. Its team has expanded to 170 employees across Mumbai, Hyderabad, Delhi, Gurgaon and Bengaluru.

BlackSoil will also adopt Caspian’s tech-led underwriting and portfolio monitoring frameworks, including its proprietary loan origination system and early-warning analytics, as it aims to become a tech-first NBFC.

The company is targeting a compound annual growth rate of 25% over the next few years, supported by expanded scale, a widened customer base and operational synergies, the statement said.