Bengaluru – BlackSoil Capital, the non-banking financial arm of BlackSoil Group, said on Tuesday it has raised ₹210 crore ($25.2 million) in debt during the first half of 2025, despite tight credit market conditions.
The company said the funds were mobilised mainly through non-convertible debentures and co-investments from family offices and high-net-worth individuals. New lenders included global impact investor GrayMatters Capital and a public sector financial institution, while three existing lenders also participated.
BlackSoil said the fresh capital will be used to expand its lending to small and medium enterprises (SMEs), which make up about 80% of its portfolio across sectors such as agritech, climate tech, electric vehicles, software, healthcare, fintech and B2B platforms. Its supply chain finance arm, SaralSCF, provides working capital solutions aimed at easing liquidity gaps for SMEs.
The company said its lending platform is set to grow further through a planned merger with Caspian Debt, an impact investor with a strong SME franchise. The deal, subject to National Company Law Tribunal approval, would combine both lenders into a larger alternative credit platform.
“The demand for non-dilutive, flexible capital is accelerating, particularly from SMEs that form the backbone of India’s economy,” said Chirag Shah, president of fundraising and strategy at BlackSoil.
“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,” he added.
BlackSoil’s portfolio includes investments in 10 unicorns and eight publicly listed companies. Its enterprise clients include Yatra.com, ideaForge, BlueStone, MobiKwik and Jumbotail, while its SME portfolio features firms such as Cellecor Gadgets, Manba Finance, Parag Milk and Dar Capital.
Founded in 2016, BlackSoil operates an RBI-registered non-banking financial company and a SEBI-registered alternative investment fund. It focuses on providing debt solutions to SMEs, emerging corporates and financial institutions, and supply chain finance for MSME channel partners.
