Caspian Impact Investments (2013-2025)

In 2013, after two limited life equity funds, we pivoted to debt and to an operating company. This was an opportunistic broadening of our strategy to address the need for debt among fast growing, early stage, impact enterprises that are otherwise compelled to grow their businesses through dilutive equity.

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While we continued our focus on Financial Inclusion, SME Finance and Affordable Housing - sectors that we had significant investment experience in - we added three new sectors, viz. Food & Agriculture, Clean Energy, and Healthcare. Investors in Caspian Debt include Gray Ghost, FMO, Triodos, Samridhi Fund (SIDBI). The company was also supported by crucial debt and guarantee partnerships including with US DFC and USAID.

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In the twelve years that Caspian Debt has been active, it has built a reputation as a leader in impact debt, having disbursed approximately INR 4,000 Cr to more than 250 portfolio companies. 

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With effect from November 1, 2025, Caspian Debt is Udhyam Debt (external site), following its merger into BlackSoil Capital Pvt. Ltd. This strategic combination of two strong credit institutions will ensure achieve scale and efficiency in the continued mission to provide flexible and alternative credit solutions to underserved new economy businesses.

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Caspian is a shareholder in the merged entity which is Blacksoil Capital.