RBI Approves BlackSoil, Caspian Debt Merger

SUMMARY

Both Blacksoil and Caspian are now awaiting the final merger approval from the National Company Law Tribunal (NCLT)

The combined entity will boast an AUM of over INR 2,000 Cr, leveraging the combined expertise of having financed over INR 10,000 Cr

Post merger, BlackSoil will expand its geographical presence across major metros like Mumbai, Hyderabad, Delhi and Bengaluru

Months after getting their respective board’s approval, alternative credit provider Blacksoil Capital and impact investment lender Caspian Debt have now received approval from the Reserve Bank of India (RBI) for their merger.

Both Blacksoil and Caspian are now awaiting the final merger approval from the National Company Law Tribunal (NCLT).

The combined entity will boast an AUM of over INR 2,000 Cr, leveraging the combined expertise of having financed over INR 10,000 Cr across over 450 Startups, MSMEs and companies.

Post merger, BlackSoil will expand its geographical presence across major metros like Mumbai, Hyderabad, Delhi and Bengaluru.

While Ankur Bansal’s BlackSoil offers customised alternative credit solutions to growth companies, financial institutions, NBFCs and MSMEs across diverse sectors, Caspian Debt specialises in providing financial solutions to small and medium enterprises (SMEs).

“By integrating Caspian Debt’s expertise in impact investing with our innovative financing solutions, we will drive greater financial inclusion and extend our reach to businesses often underserved by traditional lenders,” said BlackSoil’s managing director Ankur Bansal.

In terms of credit disbursal, BlackSoil is ahead of Caspian Debt, with a corpus of INR 7,800 Cr across more than 270 companies against Caspian Debt’s deployment of over INR 4,000 Cr across more than 250 institutions.

However, it must be noted that BlackSoil was established in 2016, three years after the launch of Caspian Debt in 2013.

Backed by family offices of Allcargo Logistics, Navneet Education, Mahavir Agency and Mathew Cyriac-led Florintree Advisors, BlackSoil’s portfolio companies include MobiKwik, Ideaforge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny and Purplle.

On the other hand, Caspian Debt counts FMO, Gray Matters Capital and Triodos Investment Management among its backers.

The development comes at the cusp of growing mergers and acquisitions by entities to expand and streamline their offerings in India. The first quarter of 2025 witnessed a 73% surge in total M&A deals to 26 from 15 deals in Q1 2024. This also marks a 120% rise from 12 M&As in Q4 2024.

The notable ones in recent times include the merger of B2B digital marketplace Solv i with Bengaluru-based B2B company Jumbotail and DroneAcharya’s “strategic company merger” with agri-drone company AITMC Ventures.

One of the biggest mergers last year was the Reliance Industries Ltd (RIL), Viacom18 and The Walt Disney Company merger in November.