BlackSoil Capital: non-dilutive venture debt for India's new-economy companies

BlackSoil Capital Private Limited, part of the BlackSoil Group, is an RBI-registered, systemically important alternative credit platform offering flexible, customised non-dilutive credit to SMEs, new-economy enterprises and financial institutions. The platform was recently strengthened by the merger of Caspian Debt and the acquisition of Credit Fair, combining alternative credit with impact-driven and retail lending. Its homepage claims around $215M in AUM, roughly $1.2B in capital deployed and 420+ businesses supported; post-merger the firm states a combined AUM of ₹1,900 crore (Inc42).

Investment thesis

BlackSoil's thesis is that high-growth companies need debt that understands startups — faster, more flexible and less collateral-obsessed than bank lending, without the dilution of equity. It structures venture debt and alternative credit across fintech, SaaS, healthcare, consumer, B2B platforms, logistics and mobility, agritech, cleantech and EV, and MSMEs. Because it is an RBI-registered NBFC rather than a fund, it can tailor tenors, moratoriums and repayment structures to a borrower's actual cash-flow shape instead of forcing companies into standardised products.

Stages and cheque sizes

This is debt, not equity — venture debt and structured credit for companies with revenue and a clear repayment path. A standard ticket range is not publicly disclosed; reported deals include around ₹12 crore spread across three startups (Freightwalla, UpMoney, Rapidbox), and the firm had deployed ₹500 crore across 50+ debt transactions before the merger.

Notable portfolio

Verified credit relationships include HomeLane, mCaffeine, LeverageEdu, MobiKwik, BlueStone, Yatra.com, ideaForge, Curefoods, BatterySmart, Jumbotail, Moneyview and The Hosteller — a genuinely cross-sector book.

People

Ankur Bansal is Co-founder and Director (the firm's public spokesperson), with Chirag Shah as President, Fundraising and Strategy.

Credits and perks

BlackSoil runs SaralSCF, its supply-chain-finance arm for SME working capital. No standalone founder accelerator is documented — the product itself, non-dilutive growth capital, is the offering.

How to engage

Founders can apply through the "Contact Us" / "Ready to Get Started?" form on blacksoil.co.in. Come with revenue traction, a clear use of proceeds (working capital, capex, runway extension) and a credible repayment plan — venture debt underwrites cash flows, so unit economics and collection discipline matter more than vision decks.