Biznextindia : BlackSoil Capital, the Non-Banking Financial Company of BlackSoil Group, has raised ₹210 crore debt in the first half of 2025 (Jan to Jun). The fundraise highlights BlackSoil’s expanding role as a trusted alternative credit partner for India’s SMEs and high-growth businesses.
Despite ongoing NBFC crisis and softening sentiment in credit markets, BlackSoil’s ability to mobilise fresh capital demonstrates strong investor confidence in its robust risk management, diversified granular portfolio, and proven track record in SME-focused alternative credit lending.
The majority of the latest capital raise came through Non-Convertible Debentures (NCDs) and co-investments from marquee family offices and HNIs. New lenders include global impact investor GrayMatters Capital and a public sector financial institution, alongside repeat participation from three existing lenders. This growing base of banks, NBFCs, and institutional partners reinforces BlackSoil’s resilience, borrowing capacity and expanding market presence.
The fresh capital will fuel BlackSoil’s SME-focused sector-agnostic lending strategy, with SMEs forming 80% of its portfolio across AgriTech, ClimateTech, EVs, SaaS, Healthcare, FinTech, and B2B platforms. A key driver is supply chain finance, where its arm SaralSCF provides tailored working capital solutions to ease liquidity and cash flow gaps for SMEs.
BlackSoil Capital’s SME lending capabilities are set to further expand through its strategic merger with Caspian Debt, a pioneering impact investor with a deep SME lending franchise. Once approved by the National Company Law Tribunal (NCLT), the combined entity will create a comprehensive alternative credit platforms for SME lending, enhancing BlackSoil’s reach across sectors and geographies.
Chirag Shah, President – Fundraising & Strategy, BlackSoil, said, “This fundraise reinforces BlackSoil’s differentiated position in India’s alternative credit landscape. The demand for non-dilutive, flexible capital is accelerating, particularly from SMEs that form the backbone of India’s economy. 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.”