BlackSoil Capital, one of India’s leading alternative credit platforms focused on growth-stage businesses, has received a significant upgrade in its credit ratings from ICRA Limited, reflecting the company’s strengthening financial and risk profile.
Upgrade Reflects Stronger Fundamentals
ICRA has upgraded BlackSoil Capital’s long-term rating to [ICRA]A- (Stable) from [ICRA]BBB+ (Positive) and its short-term rating to [ICRA]A2+ from [ICRA]A2. Alongside the rating improvement, ICRA has also enhanced the rated amount of the company’s borrowing facilities, underscoring growing lender confidence.
According to ICRA’s rating rationale, the upgrade is driven by improved capitalisation, stable asset quality, disciplined risk management, and a resilient funding and liquidity position. The agency also highlighted BlackSoil’s calibrated portfolio growth and consistent financial performance across cycles.
Higher Rated Limits and Improved Liquidity
As part of the revision, BlackSoil’s long-term and short-term fund-based bank lines have been upgraded to [ICRA]A- (Stable)/[ICRA]A2+, with the rated amount increased to ₹955 crore from ₹650 crore. The company’s commercial paper programme has also been upgraded to [ICRA]A2+, with the rated amount maintained at ₹50 crore. Overall, the total rated amount now stands at ₹1,005 crore, up from ₹700 crore earlier.
ICRA’s stable outlook indicates expectations that BlackSoil will continue to maintain its credit metrics while scaling its lending operations in a prudent and measured manner, supported by strong governance and liquidity management.
Management Commentary
Commenting on the development, Ankur Bansal, Managing Director, BlackSoil Capital, said the upgrade validates the institution’s long-term strategy and disciplined approach. He noted that a focus on responsible underwriting, diversified funding, and calibrated growth has enabled BlackSoil to strengthen its credit profile while remaining resilient across market cycles.
Strengthening Stakeholder Confidence
The upgraded ratings are expected to enhance confidence among lenders, investors, and other stakeholders, while supporting BlackSoil Capital’s plans to scale its alternative credit platform. As the company continues to expand its lending footprint, it remains focused on maintaining asset quality, prudent risk management, and speed of execution for India’s growing base of MSMEs and new-economy enterprises.
Keep building. Keep learning. Keep growing with StartupByDoc.