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I will always remember Dr. Priya Ranjan not only as the Chairman of JK Monitor, but as a mentor, guide and elder brother whose kindness shaped my life and work. Write a tribute at NEW DELHI: BlackSoil Capital, one of India’s leading alternative credit platforms providing flexible financing solutions to growth-stage businesses, has received an upgrade in its credit ratings from ICRA Limited.
ICRA has upgraded BlackSoil’s long-term rating to [ICRA]A- (Stable) from [ICRA]BBB+ (Positive), and its short-term rating to [ICRA]A2+ from [ICRA]A2. In addition, ICRA has enhanced the rated amount for the company’s facilities.
The rating upgrade reflects BlackSoil’s strengthening credit profile, supported by improved capitalisation, stable asset quality, disciplined risk management practices, and a resilient funding and liquidity position, as outlined in ICRA’s rating rationale.
Key Details of the Rating Upgrade
Enhanced Credit Profile
- The long-term rating upgrade reflects BlackSoil’s improved capitalisation, calibrated portfolio growth, and consistent financial performance.
- Stable asset quality trends and disciplined underwriting across cycles have contributed to the strengthening of the company’s credit profile.
- The upgrade in the short-term rating highlights BlackSoil’s comfortable liquidity position and improving funding profile.
Instrument-wise Rating Actions
- Long-term/Short-term bank lines – Fund-based: Upgraded to [ICRA]A- (Stable)/[ICRA]A2+; upgraded from [ICRA]BBB+ (Positive)/[ICRA]A2; rated amount enhanced to ₹955 crore from ₹650 crore.
- Commercial Paper Programme: Upgraded to [ICRA]A2+ from [ICRA]A2; rated amount maintained at ₹50 crore.
- Total Rated Amount: Enhanced to ₹1,005 crore from ₹700 crore.
ICRA’s Stable outlook reflects the expectation that BlackSoil will maintain its credit metrics while continuing to scale its lending operations in a prudent and measured manner, supported by sound risk governance and liquidity management.
Commenting on the credit rating upgrade, Mr. Ankur Bansal, Managing Director, BlackSoil Capital, said:
“The upgrade of BlackSoil Capital’s long-term rating to [ICRA]A- (Stable) and short-term rating to [ICRA]A2+ by ICRA Limited is a strong validation of the institution we are building. Our focus on disciplined underwriting, a robust risk management framework, and calibrated growth has helped us strengthen our credit profile while remaining prudent across cycles. A differentiated alternative credit approach, improved capitalisation, and a steadily diversified funding base have enabled us to deliver consistent performance. As we scale, our priority remains to build BlackSoil into a trusted, long-term partner for India’s growth-stage businesses - known for responsible capital, strong governance, and speed of execution.”
The upgraded rating is expected to further strengthen confidence among lenders, investors, and other stakeholders, and support BlackSoil’s long-term strategy of scaling its alternative credit platform while maintaining a strong focus on asset quality and risk discipline.
The detailed rating rationale is available on ICRA’s website:
https://www.icra.in/Rationale/ShowRationaleReport?Id=140551
About BlackSoil Capital
Established in 2016, BlackSoil is an alternative credit platform comprising an RBI-registered systemically important NBFC and a SEBI-registered AIF. It provides alternative credit debt to Small and Medium Enterprises (SME), emerging corporates, financial institutions, and supply chain finance solutions for Micro, Small and Medium Enterprise (MSME) channel partners. The credit solutions, offered by BlackSoil, are designed to help fast-growing, scalable and underserved new economy businesses with their short-term financing needs.
