BlackSoil Capital raises Rs 210 Cr debt in H1 2025 to expand SME lending
The capital will support BlackSoil’s SME-focused lending operations, which account for nearly 80% of its portfolio across sectors such as agritech, climate tech, EVs, SaaS, healthcare, fintech, and B2B platforms.
Capital, the NBFC arm of BlackSoil Group, raised Rs 210 crore in debt in H1 2025, largely via non-convertible debentures (NCDs) and co-investments from family offices and high-net-worth individuals (HNIs).
The round added GrayMatters Capital and a public sector institution as new lenders, with three existing lenders returning.
The capital will support BlackSoil’s SME-focused lending operations, which account for nearly 80% of its portfolio across sectors including agritech, climate tech, EVs, SaaS, healthcare, fintech, and B2B platforms. Its supply chain finance arm, SaralSCF, continues to provide working capital solutions for SMEs.
“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,” said Chirag Shah, President - Fundraising & Strategy, BlackSoil.
Founded in 2016, BlackSoil operates as an alternative credit platform with an RBI-registered NBFC and a SEBI-registered AIF, offering debt solutions to SMEs, emerging corporates, financial institutions, and MSME channel partners.
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BlackSoil’s lending base is expected to expand further through its planned merger with Caspian Debt, subject to approval from the National Company Law Tribunal. The combined entity will strengthen SME lending across sectors and geographies.
The company’s portfolio includes 10 unicorns and eight publicly listed entities, alongside enterprises including, Yatra.com, ideaForge, BlueStone, MobiKwik, Curefoods, Battery Smart, Jumbotail, and Moneyview. On the SME side, it has backed firms including Cellecor Gadgets, Manba Finance, Dar Capital, and Parag Milk
Edited by Kanishk Singh