MUMBAI: New age lender BlackSoil has announced the acquisition of Credit Fair’s solar financing business, subject to regulatory approvals, marking its entry into renewable energy financing and expansion in the partner-led B2B2C lending segment.
The acquisition includes the business’s management team, technology platform, brand and operating infrastructure, and brings an Assets Under Management of Rs 152.6 crore, providing an established platform to finance residential solar customers and MSMEs.
The transaction strengthens the platform’s presence across the renewable energy value chain through a scalable partner-led distribution model, with plans to leverage relationships with solar installation partners to deliver financing solutions directly to end customers.
Credit Fair operates in over 20 states, has processed more than 3.5 lakh loans, and has disbursed over Rs 1,300 crore since 2018, with partnerships including Tata Power, Waaree, SolarSquare, UTL Solar, Livguard, Navitas and Adani Solar.
The acquisition comes amid rapid growth in India’s solar sector driven by policy support, rising power demand and increasing renewable adoption, with financing remaining a key enabler of this transition and supporting the expansion of customised lending solutions.
Ankur Bansal, managing director, BlackSoil said, “Through this acquisition, we are strengthening our renewable energy portfolio while expanding into a high-growth B2B2C financing ecosystem. It enables us to work closely with solar ecosystem partners and provide customers with seamless access to financing solutions. We see significant opportunities in renewable energy and look forward to building on the strong foundation that Credit Fair has created.”
Aditya Damani, founder and CEO, Credit Fair said, “We built this solar financing business to make renewable energy more accessible. As we take this next step, we are pleased to see the business become a part of BlackSoil, which shares our vision of expanding access to clean energy financing. We are confident the platform is well positioned for its next phase of growth, with the potential to scale from financing 80 MW today to enabling 1 GW of distributed renewable energy capacity over time. “
72. ib acted as the M&A advisor for the transaction.
Founded in 2016, BlackSoil operates as an RBI-registered NBFC and SEBI-registered AIF with AUM of $275 million and an A- (Stable) / A2+ rating from ICRA, serving MSMEs, enterprises and retail businesses across India and Southeast Asia.
The platform provides alternative credit solutions to new-economy businesses across short- and long-term capital needs, with a portfolio that includes 11 unicorns and 14 listed companies, and integrates ESG principles across its investment lifecycle.
Its investors include FMO, Gray Matters Capital, Triodos Investment Management and several Indian family offices. If you want, I can tighten it further or sharpen the lead for a more market-focused angle.
