BlackSoil NBFC

In the world of high-growth startups, equity is king, but what about the companies caught in the middle—too mature for venture capital’s earliest checks but not yet stable enough for traditional bank loans? This is the gap where BlackSoil planted its flag. In 2010, the father-son duo of Mohinder Pal Bansal, a corporate advisor with decades of experience, and Ankur Bansal, an investment banker, founded the firm. They initially focused on advisory services before launching an alternative credit platform in 2016. The company’s core business is providing specialized debt to growth-stage companies underserved by conventional lenders. Think of it as a bridge for businesses needing capital to scale operations or manage working capital without diluting ownership. BlackSoil’s strategy involves a sector-agnostic approach, backing companies in fintech, e-commerce, and healthcare, with a portfolio that includes names like OYO, Upstox, and Udaan. A key moment in their journey was the planned merger with Caspian Debt announced in September 2024, set to create a combined entity with a significant asset base, positioning BlackSoil as a major player in India's alternative credit market. This move followed a series of successful funding rounds. For instance, in March 2024, the NBFC raised $12 million in a rights issue from existing investors. Later, in July 2024, it secured approximately $25 million (Rs 208 crore) in debt from a mix of family offices, banks, and other institutions. BlackSoil’s journey demonstrates a disciplined approach to a niche market. By focusing on cash-flow-based underwriting instead of just collateral, they built a model that addresses a critical need in the startup ecosystem, proving that strategic debt can be just as pivotal as equity in building the next generation of great companies.