BlackSoil-Caspian Debt merger secures RBI nod, awaits NCLT approval

BlackSoil Capital, an alternative credit platform, and Caspian Debt, an impact investment lender, have received approval from the Reserve Bank of India (RBI) for their merger.

The deal now awaits clearance from the National Company Law Tribunal (NCLT).

The merger will enhance BlackSoil’s lending capacity to startups, micro, small and medium enterprises (MSMEs), as well as impact-driven businesses, particularly those requiring smaller credit sizes. It will also extend BlackSoil’s geographical footprint across metros such as Mumbai, Hyderabad, Delhi and Bengaluru.


Last September, the two NBFCs (non-banking financial company) had announced that they had received unanimous approval from their respective boards to merge through a share swap.

"By integrating Caspian Debt's expertise in impact investing with our innovative financing solutions, we will drive greater financial inclusion and extend our reach to businesses often under-served by traditional lenders," said Ankur Bansal, managing director, BlackSoil.

Post-merger, the combined entity will have assets under management (AUM) exceeding Rs 2,000 crore, and cumulative disbursements of over Rs 10,000 crore across 450 businesses.

Founded in 2016, BlackSoil provides credit solutions to growth-stage companies, financial institutions, and MSMEs. Its portfolio includes companies such as MobiKwik, Upstox, Bluestone, Oyo, and Zetwerk.

"Joining forces with BlackSoil allows us to accelerate our mission, leveraging their robust platform and expertise in alternative credit," said S Viswanatha Prasad, founder and Chairman of Caspian Debt.

Established in 2013, Caspian Debt has funded over 250 institutions, including climate tech and social enterprises. It is backed by international investors such as FMO and Triodos Investment Management.