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.
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
2. DailyObjects
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

4. Eggoz
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

5. ConveGenius
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 Year-on-Year Investment Trends
Caspian Debt has invested in 121 companies over the last 6 years, with an average of 2 new investments annually in the last 5 years. In 2025, it made 2 investments. Its most recent first time investment was in IORA Ecological.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 2 | 0 | 2 |
2024 | 1 | 0 | 1 |
2023 | 1 | 0 | 1 |
2022 | 5 | 0 | 5 |
2021 | 3 | 0 | 3 |
2020 | 2 | 0 | 2 |
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.Stage of entry | No. of Investments |
|---|---|
Conventional Debt | 7 |
Venture Debt | 4 |
Series A | 2 |
Seed | 1 |
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.Sector | No. of Investments |
|---|---|
Food and Agriculture Tech | 4 |
Consumer | 2 |
Consumer Goods | 2 |
EdTech | 2 |
Enterprise Applications | 2 |
Others | 19 |
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
•
BlackSoil Capital secures Rs 65 Cr from FMO, Caspian Debt founder to expand lending portfolioViestories•Dec 09, 2025•BlackSoil, FMO, Caspian Debt
•
BlackSoil, Caspian Complete Merger To Create An INR 1,900 Cr NBFCInc42•Nov 19, 2025•Caspian Debt, BlackSoil, Caspian
•
BlackSoil Capital Raises Over ₹200 Cr Debt in H1CY25 to Boost SME CreditStartupTalky•Sep 23, 2025•BlackSoil, Caspian Debt
•
Aquapulse Secures First Impact Investment from Caspian Debt to Empower Smallholder FarmersStartup Story•Jul 01, 2025•Caspian Debt, Aquapulse
•
RBI clears BlackSoil-Caspian Debt merger, NCLT nod pendingYourStory•Apr 02, 2025•BlackSoil, Caspian Debt
•
BlackSoil raising fresh capital as merger with Caspian Debt moves forwardVCCircle•Feb 25, 2025•BlackSoil, Caspian Debt
•
•
Care.fi has raised INR 8 Cr in debt capital from Wint Wealth and Caspian.Enablers•Sep 26, 2024•Care.fi, Wint Wealth, Caspian Venture Capital, Care and 4 others
•
BlackSoil's Ankur Bansal on Caspian merger, funding plans and possible IPOVCCircle•Sep 16, 2024•Caspian Debt, BlackSoil
•
Merger of NBFCs: Caspian Debt to merge with BlackSoil CapitalIndiatimes•Sep 05, 2024•Caspian, BlackSoil, Caspian Debt
