BlackSoil Capital Raises Over ₹200 Cr Debt in First Half of 2025 The majority of the latest capital raise came through Non-Convertible Debentures (NCDs) and co-investments from family offices and HNIs. New lenders feature global impact investor GrayMatters Capital and a public sector financial institution, alongside repeat participation from three existing lenders.
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BlackSoil Capital, the non-banking financial company (NBFC) of BlackSoil Group, has announced a raise of INR 210 crore in debt in the first half of 2025.
According to its press release, the majority of the latest capital raise came through Non-Convertible Debentures (NCDs) and co-investments from family offices and HNIs. New lenders feature global impact investor GrayMatters Capital and a public sector financial institution, alongside repeat participation from three existing lenders.
Blacksoil said that the fresh capital will help its SME-focused sector-agnostic lending strategy, with SMEs forming 80 per cent of its portfolio across AgriTech, ClimateTech, EVs, SaaS, Healthcare, FinTech, and B2B platforms. According to the NBFC, 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 is also set to expand its SME lending capabilities after its merger with Caspian Debt, an impact investor. Post the green signal by the National Company Law Tribunal (NCLT), the combined entity will create a comprehensive alternative credit platform for SME lending.
Chirag Shah, President, Fundraising and 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."
The Company's portfolio currently spans ten unicorns and eight publicly listed entities. In the enterprise segment, it includes companies such as Yatra.com, ideaForge, BlueStone, MobiKwik, Curefoods, Battery Smart, Jumbotail, and Moneyview.
In the SME segment, the portfolio features Cellecor Gadgets, Manba Finance, Dar Capital, Parag Milk, among others. This diversified exposure reflects BlackSoil's ability to back both emerging SMEs and category leaders, while effectively mitigating risk.
