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About Caspian Debt

Caspian Debt, established in 2013, is a private debt fund primarily based in Hyderabad, India. It specializes in financing Conventional Debt round of companies based in India. Its portfolio includes 121 firms, spanning the Food and Agriculture Tech, Enterprise Applications sectors.
As of Oct 2026, Caspian Debt has witnessed 13 portfolio exits so far. Its most notable investments include companies like Ecozen Solutions, DailyObjects and axio.
Its latest investment was a $1M Venture Debt round in IORA Ecological on Jul 02, 2025.
Key Metrics
Founded Year
2013
Location
Hyderabad, India
Portfolio Companies
Stages of Investment
Conventional Debt, Venture Debt & 2 more
Locations of Investment

Caspian Debt's List of Top Investments

Caspian Debt has a portfolio of 121 companies. Their most notable investmentis in QarmatekTheir portfolio spans across India, United States and Dominican Republic. They have invested in Food and Agriculture Tech, Enterprise Applications, Consumer and 23 other sectors, across stages such as Conventional Debt, Venture Debt  and 2 more. Here is the list of top investments by Caspian Debt:
Developer of automated irrigation systems leveraging AI and IoT. It optimize crop yields and reduce maintenance requirements. IT provides smart solar irrigation solutions for farmers, offering reliable and optimal irrigation with minimal maintenance.

Key facts about Ecozen Solutions

  • Founded Year: 2010
  • Location: Pune (India)
  • Annual Revenue: ₹1,000+ Cr as on Mar 31, 2025
  • Valuation: $*****
  • Stage: Series C
  • Total Funding till date: $76.4M
  • Employee Count: 716 as on Aug 31, 2025
  • Investors: Triodos Investment Management, Caspian and 28 Others
  • Latest Funding Round: Conventional Debt, Nov 10, 2025, $*****
  • Highlight: Editors' Pick
Retailer of lifestyle tech accessories and modular personal carry items. Products include protective covers for mobile devices, charging stations, wireless power banks, and laptop sleeves. The inventory features organizers, watch bands, and various bags designed for daily use. These items facilitate the management and protection of portable electronic equipment and personal belongings.

Key facts about DailyObjects

  • Founded Year: 2012
  • Location: Gurugram (India)
  • Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
  • Valuation: $*****
  • Stage: Series C
  • Total Funding till date: $14.5M
  • Employee Count: 309 as on Mar 31, 2026
  • Investors: 360 One, Trifecta Capital and 21 Others
  • Latest Funding Round: Series C, Oct 08, 2026, $*****
  • Highlight: Editors' Pick

3. axio

Provider of an online lending platform offering point of sale financing. It offers financing solutions like buy now pay later, credit, and more. It also offers personal finance management tools and enables businesses to onboard customers and manage sales. The app is available on both Android and iOS devices.

Key facts about axio

  • Founded Year: 2013
  • Location: Bengaluru (India)
  • Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
  • Last Known Valuation: $*****
  • Stage: Acquired
  • Total Funding till date: $206M
  • Employee Count: 499 as on Apr 30, 2025
  • Investors: Amazon, Triodos Investment Management and 32 Others
  • Latest Funding Round: Series F, Aug 22, 2024, $*****
  • Highlight: Acquired
Provider of farm fresh eggs sourced from hens fed with herbal and natural nutrition. The company coordinates directly with poultry farmers to ensure hens receive proper care and veterinary attention. Each egg undergoes rigorous safety and quality checks, including biosecurity measures, pH testing, shell strength assessment, candling, and UV sanitization to ensure hygiene and freshness. By integrating technology to monitor hen well-being and egg production, the business delivers high-quality eggs with thick whites and vibrant yolks to consumers.

Key facts about Eggoz

  • Founded Year: 2017
  • Location: Gurugram (India)
  • Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
  • Valuation: $*****
  • Stage: Series C
  • Total Funding till date: $38.3M
  • Employee Count: 186 as on May 31, 2026
  • Investors: Rebright Partners, Tracxn Labs and 79 Others
  • Latest Funding Round: Series C, Jun 23, 2025, $*****
  • Highlight: Editors' Pick
ConveGenius is an AI-first infrastructure company that provides technology solutions to governments and institutional players. Its products—SwiftChat (conversational-AI platform), Swift Academy (adaptive learning), and Swift Insights (assessment and analytics) are deployed through partnerships with state governments and central bodies across 20+ Indian states, reaching 180M+ users.

Key facts about ConveGenius

  • Founded Year: 2013
  • Location: Noida (India)
  • Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2025
  • Valuation: $*****
  • Stage: Series A
  • Total Funding till date: $16.4M
  • Employee Count: 444 as on Aug 31, 2025
  • Investors: UBS, BAce Capital and 23 Others
  • Latest Funding Round: Series A, Feb 09, 2024, $*****
  • Highlight: Editors' Pick

Caspian Debt's Investments by Stage

Caspian Debt has made 7 investments in Conventional Debt stage with an average round size of $1.41M, 4 investments in Venture Debt stage with an average round size of $936K, 2 investments in Series A stage with an average round size of $4.25M and 1 investment in Seed stage with an average round size of $883K.
Here are Caspian Debt's investments by stage:
Stage of entry
No. of Investments
Conventional Debt
7
Venture Debt
4
Series A
2
Seed
1
Breakdown of Caspian Debt's investments by stage of entryConventional Debt (7)Venture Debt (4)
Note: We have considered here, only first round of investments

Caspian Debt's Investments by Sector

Caspian Debt has a diverse portfolio, with companies operating in the Food and Agriculture Tech, Consumer, Consumer Goods, EdTech and Enterprise Applications. Notably, it has invested in 81 Enterprise (B2B) companies, 63 Tech companies, 47 Consumer (B2C) companies and at least 23 companies focusing on Software.
Here are Caspian Debt's investments by sector:
Sector
No. of Investments
Food and Agriculture Tech
4
Consumer
2
Consumer Goods
2
EdTech
2
Enterprise Applications
2
Others
19
Breakdown of Caspian Debt's investments by sectorsFood and Agricult... (4)Consumer (2)
Note: We have considered here, only first round of investments

Caspian Debt's Investments by Geography

Caspian Debt has made most investments in India (14).

Caspian Debt's recent investments

Caspian Debt has not made any investment in 2026 so far.
Here are the most recent investments by Caspian Debt:
Date
Company
Location
Round Details
Round Amount
Co-Investors
Jul 02, 2025
India
Venture Debt
8793
-
Jul 01, 2025
India
Venture Debt
9502
-
Jun 03, 2024
India
Venture Debt
3864
-
Aug 31, 2023
India
Conventional Debt
3575
  [+2]
Sep 06, 2022
India
Series A
6632
  [+31]

IPOs and Publicly Listed companies in Caspian Debt's Portfolio

4 of Caspian Debt's portfolio companies have become public. Aegeus Technologies got listed on the Bombay Stock Exchange (BSE), in Aug 2026 at marketcap of $9.21M and BharatRohan got listed on the Bombay Stock Exchange (BSE) at marketcap of $19.1M.
Here are Caspian Debt's portfolio companies that went public:
Company
IPO Date
First Invested on
First Round of Investment
Round Size
Aug 11, 2026
Jun 03, 2024
Venture Debt
9388
Sep 30, 2025
-
-
6465
Jun 11, 2014
Dec 21, 2020
Conventional Debt
1609
-
-
-
7942

Acquired companies in Caspian Debt's Portfolio

9 companies from Caspian Debt's portfolio have been acquired. The most recent acquisition was axio in Sep 2025 by Amazon for $*****.
Here are Caspian Debt's portfolio companies that got acquired most recently:
Company
Acquisition Date
First Invested on
First Round of Investment
Round Size
Sep 04, 2025
-
-
5679
Jul 31, 2025
-
-
4837
Jun 14, 2025
-
-
7238
May 27, 2025
-
-
8251
Feb 06, 2025
-
-
5805

Team profile of Caspian Debt

Caspian Debt has a team of 71 members including 9 Partners and 16 Principals located in India, United States and 1 more location.
Here is a list of top team members in Caspian Debt:
Name
Designation
Location
Contact Details
Partner
Hyderabad
Partner
Hyderabad
-
Partner
Bengaluru
-
Partner
Redwood City
Partner
Hyderabad
-
Partner
-
-
Partner
-
-
Partner
Tehran
-
Partner
Cambridge
-
Principal
Hyderabad
-
Principal
Hyderabad
-

Co-investors of Caspian Debt

Over the past 6 years, 462 investors have co-invested in Caspian Debt's portfolio companies. This includes funds and angels.

  • Invested before Caspian Debt: Z Nation Lab, Venture Catalysts and 335 others have invested in rounds before Caspian Debt. There are 2 companies where Z Nation Lab has invested before Caspian Debt and 2 companies where Venture Catalysts has invested before Caspian Debt.
  • Top Co-investors of Caspian Debt: 44 investors entered a company along with Caspian Debt. These include investors like BlackSoil (2 companies).
  • Invested after Caspian Debt: A total of 81 investors have invested in Caspian Debt's portfolio after their investments. Top Investors include StratCap Corporate Advisors (1 company) and Saloni Jain (1 company).

Recent News related to Caspian Debt

•
Caspian Debt to merge with BlackSoil CapitalIndiatimes•Oct 21, 2024•BlackSoil, Caspian Debt
View all news related to Caspian Debt

FAQs about Caspian Debt

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