BlackSoil-Caspian Merger: 25% Growth Target

New Delhi, Nov 19 (PTI) BlackSoil Capital and Caspian Debt on Wednesday announced the completion of their merger, following approval from the National Company Law Tribunal and the RBI, creating a USD 215 million SME and impact-focused NBFC.

Effective November 1, 2025, the merged entity is operating under the name BlackSoil Capital Private Limited, a statement said.

The merged entity combines the complementary strengths of BlackSoil's lending expertise and Caspian's impact-first approach, creating one of India's most diversified SME-and impact-focused alternative credit NBFCs, it added.

The new entity will have combined assets under management of around Rs 1,900 crore (USD 215 million) and cumulative disbursement of nearly Rs 14,000 crore (USD 1.6 billion) across 550 companies.

Post-merger, the consolidated team has expanded from 110 to 170 members, strengthening execution and on-ground engagement with borrowers. It has also increased its geographical footprint across major metros, including Mumbai, Hyderabad, Delhi, Gurgaon and Bengaluru, the statement said.

“Looking ahead, BlackSoil Capital is targeting a 25% CAGR over the next few years, with a strong focus on SME lending and sustainability-linked finance,” the statement said.