Caspian Debt has been rebranded as Udhyam Debt under the BlackSoil Capital banner, marking a new phase for the platform as it deepens its focus on financing India’s micro, small and medium enterprises (MSMEs). Building on Caspian’s strong underwriting legacy in the MSME and impact segments and BlackSoil’s lending expertise, Udhyam Debt has kickstarted its journey with ₹35 crore deployments across five new emerging MSME businesses, reflecting BlackSoil’s disciplined and responsible lending philosophy. 

Commenting on the developments, Sai Pramod, VP, Investment, BlackSoil Capital, said, “MSMEs have always been central to BlackSoil’s credit philosophy. With Udhyam Debt, we are doubling down on that commitment, combining Caspian’s deep MSME underwriting experience with BlackSoil’s scale and risk discipline. These initial deployments set the tone for how we intend to operate; small-ticket, high-conviction lending to businesses that are resilient, well-governed, and ready to scale.”  

The five deployments include Freshbus, an EV-led urban mobility platform; InPrime Finserv, focused on priority sector lending to underserved segments; Neeman’s, a sustainable consumer footwear brand; Kreedo, which transforms early education in school; and Eeki, a sustainable agritech company.  

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These transactions reflect Udhyam Debt’s sector-agnostic but disciplined lending approach, focused on MSMEs that combine sustainable impact with predictable cash flows, strong governance standards, and institutional-grade operating practices. The funded companies are backed by credible institutional investors, reinforcing BlackSoil’s emphasis on prudent risk management and long-term value creation. 

Aligned with BlackSoil’s broader investment philosophy, Udhyam Debt continues to prioritise themes such as climate action, education, agriculture, and the rural economy, backing MSMEs that deliver measurable on-ground impact alongside sustainable growth.