Venture debt + structured fund research profile
BlackSoil Capital is an alternative-credit platform serving SMEs, new-economy companies, NBFCs and impact-oriented businesses. Its public record is now best read as a combined credit institution: the 2025 Caspian Debt merger expanded the platform’s impact and MSME reach, while the manager continues to disclose structured, growth and retail-finance products.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
BlackSoil Capital uses a venture debt + structured approach across Startups + SMEs.
Current evidence
BlackSoil’s 2025 stakeholder report and current company history document the merger of Caspian Debt into BlackSoil, the launch of BlackSoil Global Credit Opportunities Fund with Blue Ashva Capital, and a broader credit platform supporting MSMEs, climate-linked enterprises and other named borrowers.
Strategy
Venture debt + structured
Sector focus
Startups + SMEs
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
BlackSoil’s 2025 stakeholder report and current company history document the merger of Caspian Debt into BlackSoil, the launch of BlackSoil Global Credit Opportunities Fund with Blue Ashva Capital, and a broader credit platform supporting MSMEs, climate-linked enterprises and other named borrowers.
Investor questions
BlackSoil Capital is covered in Rupeia's private credit research universe. The current public record describes the strategy as Venture debt + structured, with a sector focus of Startups + SMEs. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to BlackSoil Capital in the reviewed public sources: Ardour Analytics, AgroStar, Algonomy, Mahaveer Finance, Agrim. It does not represent a complete current portfolio unless the manager has published one.
BlackSoil discloses FY25 capital raising, lender diversification, ratings and post-merger scale, but no audited fund-level IRR or DPI series was identified. ICRA upgraded the combined company’s rating after the merger became effective. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: The manager reports $1.3 billion of capital deployed, $230 million of AUM and 440 businesses supported across the combined platform.. Public terms or access information: Public materials describe short-term working-capital, asset-acquisition, runway and structured debt solutions; institutional-capital borrowers are generally Series A+ or established NBFCs, with covenants, collateral and ongoing monitoring.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Ankur Bansal; BlackSoil investment and credit team. Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: AIF versus NBFC book split and fund-level realised outcomes are not publicly disclosed..
2025-11-01: BlackSoil’s 2025 stakeholder report and current company history document the merger of Caspian Debt into BlackSoil, the launch of BlackSoil Global Credit Opportunities Fund with Blue Ashva Capital, and a broader credit platform supporting MSMEs, climate-linked enterprises and other named borrowers.
Next step
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