What does Caspian Investments lend?

Caspian Investments writes dropline overdraft, overdraft / cash credit, purchase invoice discounting, sales invoice discounting, secured term loan, venture debt and 1 further products. Across those, observed facilities run ₹5 cr to ₹5 cr.

What ticket size does Caspian Investments offer?

Facilities observed on live transactions run from ₹5 cr to ₹5 cr. The band differs by product, so the figure that applies to you depends on which facility you are asking for.

What rate does Caspian Investments charge?

Rates observed on live transactions fall between 15% and 16% a year. Tenures run 12 to 24 months. These are observed figures, not a quote, and the rate you are offered depends on your file.

How long does Caspian Investments take to disburse?

About 43 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it.

What are Caspian Investments's eligibility criteria?

The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.

Lender profile

Caspian Investments business loans

Caspian Investments is on Recur Club's lender panel, writing dropline overdraft, overdraft / cash credit, purchase invoice discounting and 4 other products. Observed tickets run ₹5 cr to ₹5 cr, priced between 15% and 16%. Median turnaround from application to disbursal is about 43 days.

✓Tickets from ₹5 Cr – ₹5 Cr across 7 products
✓Indicative pricing 15% – 16%, as quoted on live transactions
✓We check your fit against every lender on the panel, not just this one

Check your fit →See a typical term sheet

Products live

₹1 Cr

Median sanction

Sanction letters read

— The screen your file has to clear

The screen your file has to clear

What is checked before anything else, and applies to every product below.

Rejects

Won't finance activities/materials illegal under host country law or international conventions (ozone-depleting substances, CITES species, hazardous chemicals)
Won't finance cross-border trade in waste unless Basel Convention compliant
Won't finance projects involving pornography and/or prostitution
Won't finance racist and/or anti-democratic media

25 more ▾

Won't finance businesses where alcohol (except beer/wine), tobacco, weapons/munitions, or gambling/casinos form a substantial part (>10%) of activities
Won't finance projects causing destruction of Critical Forest Areas or High Conservation Value areas
Won't finance dam projects that significantly/irreversibly disrupt ecosystems, alter hydrology, or displace 5,000+ people
Won't finance projects requiring resettlement of 5,000 or more persons
Won't finance projects using forced labor or harmful child labor
Won't finance production/trade in radioactive materials or unbonded asbestos fibers
Won't finance large-scale industrial plants, refineries, major GHG-emitting projects (>100,000 tons CO2eq/yr), or large cement/steel/chemical manufacturing
Won't finance projects in or impacting World Heritage Sites, National Parks, or IUCN protected areas without demonstrated non-degradation and net positive impact
Declining to proceed with the loan facility for the company operating under Cultfit and Dr. Paws brands
Not comfortable with the OTS history — will not fly
Credit committee will not accept a termsheet issued without charge, given the company's recent secured loans from Perfectus/Arka
Not comfortable moving forward with Credflow given its supply chain-related business line, despite the NBFC license
Won't do given Blacksoil is there
Passed due to insufficient runway of company
Caspian will not sanction loans without a pari passu charge on TNA
No longer provide on-demand working capital limits
Decision to not pursue given directors disqualified on MCA portal, multiple related entities with same directors, past NCLT proceedings, rating downgrades, disqualified directorships, and ongoing legal cases
Will not be proceeding with the deal due to high revenue dependence on Abbott and a declining revenue trend
Don't lend to FIs dealing in personal loan, gold loan and housing finance
Won't fund (stated policy): Tobacco Products
Explosives, Arms and Ammunitions
Gambling and Betting
Cement
Metals and Mining
+1 more (playbook)

Wins

Not very keen on unsecured lending above small amounts (used to do unsecured up to 3cr)
prefer registering a second charge even if it means a smaller facility
Negative view on WCDL for early-stage loss-making companies
Usually prefer to start with a term loan and extend WCDL later

10 more ▾

Preferred structure is term loan
Focus sectors include food & agri, cleantech, financial inclusion, and solar EPC
…more in playbook
Blacksoil Mumbai prefers larger ticket sizes; Caspian is tasked with 5-15cr range
For NBFCs, typically cap managed leverage at 5.5-6x
Prefer minimum ticket size of 4-5cr; tickets smaller than 3cr are not a priority due to bandwidth
Company operates under Blacksoil umbrella as 'Udhyam' for loans up to 10-15cr, with Caspian/Udhyam team handling underwriting, disbursement and portfolio management
Poor CIBIL score and related-party transactions are viewed negatively in underwriting
SID with escrow arrangements with Amazon/Flipkart allows cash flows to be routed through the facility
Preferred tenor of 18-24 months

Behaviour & gates

Borrower: age ≥2y
CIBIL ≥650
avoid: Tobacco Products, Gambling and Betting, Lottery Business
Andhra Pradesh, Chandigarh, Delhi, Gujarat, Goa, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, West Bengal (varies by product)
Private Limited, Public
Financials: runway ≥9mo

18 more ▾

rev ≥₹30cr (cohort ≈119.1) (secured term loan)
rev ≥₹7cr (purchase invoice discounting, sales invoice discounting)
TOL/adjusted tangible net worth ≤5
debt/EBITDA ≤4 (cohort ≈1.1×)
maximum annualrevenue: 500 (varies by product)
networth ≥₹10cr (cohort ≈233.2) (varies by product)
debt/networth ≤4 (cohort ≈0.2×)
DSCR ≥1
Deal: rate 13–18% (range across products — see matrix)
ticket ₹1–20cr (range across products — see matrix)
tenure 12–30mo (range across products — see matrix)
no PEP
Security (observed): Personal Guarantee Of Promoters / Directors / Property Owner (100%)
1st/pari-passu charge on current assets (67%)
Security asked in : Personal Guarantee Of Promoters/Directors (×2), 1st/pari-passu charge on current assets (×1), Fixed Deposit <5% (×1), FD margin 5–10% (×1)
Security asked in : Personal Guarantee Of Promoters/Directors (×31), 1st/pari-passu charge on current assets (×28), FD margin 10–15% (×15), FD margin 5–10% (×10)
Security asked in 2026: Personal Guarantee Of Promoters / Directors / Property Owner (×9), 1st/pari-passu charge on current assets (×6), FD margin 5–10% (×4), FD margin 15–20% (×2)
share → in-principle approval (initial interest): ≈24d

— Products & indicative terms

What Caspian Investments lends, and on what terms

What has actually been offered on live transactions, not brochure numbers. Treat them as the band you are likely to be quoted inside, not a promise. Open a row for that product's credit box.

Product	Ticket	Pricing	Tenure
Purchase Invoice Discounting▾▴ Turnaround ~43d Rejects Negative sectors: Tobacco Products, Gambling and Betting, Lottery Business [set , Mohit Gautam] Wins Director overdue: 0.001 INR Cr [set , Mohit Gautam] States: pan-India [set , Mohit Gautam] Company types: Private Limited, Public [set , Mohit Gautam] Min company age (yr): 2 Years [set , Mohit Gautam] 18 more ▾ ▴ Director CIBIL: 650 [set , Mohit Gautam] Min Runway: 9 Months [set , Mohit Gautam] Min revenue (₹cr): 7 [set , Mohit Gautam] TOL: 5 [set , Mohit Gautam] Debt / EBITDA: 4 [set , Mohit Gautam] Min Networth: 0 INR Cr [set , Mohit Gautam] Debt / Net worth: 4 [set , Mohit Gautam] Debt Service Coverage Ratio: 1 [set , Mohit Gautam] Offered terms (past deals): rate 15–15–15% ₹5–5–5 Cr 12–12–12 mo Turnaround: ≈43 days (share→disburse) Asks for Other (×7) — e.g. Unit economics requested at SKU level with geography-wise margins (non-standard Asks for Term sheet (×7) — e.g. Requests the draft CFA (Commitment Fee Agreement) be completed and returned Asks for MIS (×4) — e.g. Requests submission of the final sanction letter along with KYC documents Asks for Fees / diligence (×1) — e.g. ₹1 Lakh DD fee plus legal fees required Asks for Provisional financials (×1) — e.g. P&L statement, Balance Sheet, schedule of short-term loans and advances, latest Asks for Receivable/inventory ageing (×1) — e.g. Status and expected recovery timeline required for receivables overdue beyond 18 Behaviour & gates Min tenure (mo): 12 Months [set , Mohit Gautam] Min ticket (₹cr): 1 [set , Mohit Gautam] Max tenure (mo): 12 Months [set , Mohit Gautam] Min rate (%): 13 [set , Mohit Gautam] Politically Exposed Person: No [set , Mohit Gautam] Max ticket (₹cr): 20 [set , Mohit Gautam] 23 more ▾ ▴ Security required: ['Charge On Current Assets - Pari Passu First Charge', 'Personal Guarantee of Promoters / Directors / Property Owner'], ['Charge On Current Assets - Second Charge', 'Warrants 5-10%', 'Personal Guarantee of Promoters / Directors / Property Owner'], ['Charge On Current Assets - Second Charge', 'Fixed Deposit 10 - 15%', 'Personal Guarantee of Promoters / Directors / Property Owner'], ['Charge On Current Assets - Pari Passu First Charge', 'Fixed Deposit 10 - 15%'] [set , Mohit Gautam] Max rate (%): 18 [set , Mohit Gautam] rate — stated 13–18%, actually offered 15–15% → within stated band Amount — stated 1–20 Cr, actually offered 5–5 Cr → within stated band Tenure — stated 12–12 mo, actually offered 12–12 mo → within stated band Won't do given Blacksoil is there (×1 latest ) Willingness to proceed with the deal contingent on the strength of the financials (×1 latest ) 4.3 crores in receivables overdue beyond 180 days would further erode net worth if adjusted Bank account name changed from Caspian to Blacksoil; records and payment transfers must be updated accordingly Cash flow statements are prepared annually only after financial period closure and notes to accounts are not readily available 16% interest rate and 15% cash collateral for second charge — non-negotiable due to bank's primary charge on assets Advance processing fee set at INR 1,50,000 (plus 18% GST, 10% TDS) Lender proposes 15% rate in exchange for 15% cash collateral Alerts identified in AICA report on the company require clarification Anchor programme looks difficult; distributor data has been requested Credit committee meeting held; approval update expected by end of day Caspian committing to disburse next month rather than this month DD scheduled for Jan 19-20, 2026 Credit Committee review planned late Jan/early Feb 2026 disbursement targeted Feb 15-20, 2026 January 2026 disbursement not feasible	₹5 cr	15%	12 mo
Secured Term Loan▾▴ Turnaround ~181d Rejects Negative sectors: Tobacco Products, Gambling and Betting, Lottery Business [set , Mohit Gautam] Wins Director overdue: 0.001 INR Cr [set , Mohit Gautam] States: 17 values → data JSON [set , Mohit Gautam] Company types: Private Limited, Public [set , Mohit Gautam] Min company age (yr): 2 Years [set , Mohit Gautam] 21 more ▾ ▴ Director CIBIL: 650 [set , Mohit Gautam] Min Runway: 9 Months [set , Mohit Gautam] Min revenue (₹cr): 30 → funded cohort ≈119.1 [set , Mohit Gautam] TOL: 5 [set , Mohit Gautam] Debt / EBITDA: 4 → funded cohort ≈1.05 [set , Mohit Gautam] Max revenue (₹cr): 500 [set , Mohit Gautam] Min Networth: 10 INR Cr → funded cohort ≈233.16 [set , Mohit Gautam] Debt / Net worth: 4 → funded cohort ≈0.18 [set , Mohit Gautam] Debt Service Coverage Ratio: 1 [set , Mohit Gautam] Offered terms (past deals): rate 15–15.5–16% ₹5–5–5 Cr 18–24–24 mo Turnaround: ≈181 days (share→disburse) Asks for Other (×14) — e.g. Providence financials to be checked and shared Asks for MIS (×4) — e.g. Monthly MIS Asks for Provisional financials (×4) — e.g. Provisional financial statements as on Mar'25 to be shared Asks for Term sheet (×4) — e.g. KYC documents to be completed Asks for Debt schedule / sanction letters (×2) — e.g. Requested debt details with sanction letters for existing borrowings Asks for Receivable/inventory ageing (×2) — e.g. Receivables and payables ageing Asks for Bank statements (×1) — e.g. Requested IDFC bank statements (April-June , Excel format) Asks for Cap table / equity (×1) — e.g. Current shareholding structure with investment amounts per investor required Behaviour & gates Min tenure (mo): 12 Months [set , Mohit Gautam] Min ticket (₹cr): 3 [set , Mohit Gautam] Max tenure (mo): 30 Months [set , Mohit Gautam] Min rate (%): 14 [set , Mohit Gautam] Politically Exposed Person: No [set , Mohit Gautam] Max ticket (₹cr): 20 [set , Mohit Gautam] 31 more ▾ ▴ Security required: ['Charge On Current Assets - Pari Passu First Charge', 'Personal Guarantee of Promoters / Directors / Property Owner'], ['Charge On Current Assets - Second Charge', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Corporate Guarantee', 'Escrow Of Cashflows'], ['Charge On Current Assets - Second Charge', 'Fixed Deposit 10 - 15%', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Pledge Of Shares <= 51%'], ['Warrants 5-10%', 'Charge On Current Assets - Pari Passu First Charge', 'Escrow Of Cashflows', 'Charge On Movable Fixed Assets/Plant & Machinery - Exclusive First Charge', 'Personal Guarantee of Promoters / Directors / Property Owner'], ['Charge On Movable Fixed Assets/Plant & Machinery - Exclusive First Charge', 'Personal Guarantee of Promoters / Directors / Property Owner'] [set , Mohit Gautam] Max rate (%): 18 [set , Mohit Gautam] rate — stated 14–18%, actually offered 15–16% → within stated band Amount — stated 3–20 Cr, actually offered 5–5 Cr → within stated band Tenure — stated 12–30 mo, actually offered 18–24 mo → within stated band Caspian passed on the deal citing discomfort regarding net worth (×1 latest ) Not comfortable with the OTS history — will not fly (×1 latest ) Credit committee will not accept a termsheet issued without charge, given the company's recent secured loans from Perfectus/Arka (×1 latest ) Not comfortable moving forward with Credflow given its supply chain-related business line, despite the NBFC license (×1 latest ) Decision to not pursue given directors disqualified on MCA portal, multiple related entities with same directors, past NCLT proceedings, rating downgrades, disqualified directorships, and ongoing legal cases (×1 latest ) If the company has unexplained overdues or DPDs, will not be able to proceed with the case (×1 latest ) Cannot proceed due to the company's negative net worth (×1 latest ) Don't lend to FIs dealing in personal loan, gold loan and housing finance (×1 latest ) Prefers an escrow setup arrangement for the facility (×1 latest ) May want to do tranche-wise disbursements (×1 latest ) Caspian willing to remove warrants (×1 latest ) Would prefer to see a built and seasoned book before reconsidering a supply-chain NBFC like Credflow (×1 latest ) Deal marked low priority; cannot turn around this month and commercial terms alignment is not favorable (×1 latest )	₹5 cr	15–16%	18–24 mo

Also offered, with no terms observed yet: Dropline Overdraft, Overdraft / Cash Credit, Sales Invoice Discounting, Venture Debt, Working Capital Demand Loan.

— Typical term sheet

What a sanction from Caspian Investments actually looks like

Reconstructed from real sanction letters. Small samples, so read them as observed rather than as a rule.

Specimen sanction

Representative of the median file. Your actual terms will move with rating, security cover and relationship.

Indicative

How often each clause appears

Share of the 2 sanction letters carrying the clause.

No further borrowing without lender consent100%

— Security & covenants

What they will ask you to pledge

Counted across the sanction letters read. A combination is normal, and most files carry more than one.

Demand Promissory Note2 letters
Current assets (floating charge / hypothecation)1 letters
Cheques1 letters
Payment cheque1 letters
Current assets (hypothecation)1 letters
auto-debit mandate1 letters

Demand Promissory Note ×2, Current assets (floating charge / hypothecation) ×1, Cheques ×1, Payment cheque ×1, Current assets (hypothecation) ×1, auto-debit mandate ×1

— Common questions

What borrowers ask about Caspian Investments

What does Caspian Investments lend?: Caspian Investments writes dropline overdraft, overdraft / cash credit, purchase invoice discounting, sales invoice discounting, secured term loan, venture debt and 1 further products. Across those, observed facilities run ₹5 cr to ₹5 cr.
What ticket size does Caspian Investments offer?: Facilities observed on live transactions run from ₹5 cr to ₹5 cr. The band differs by product, so the figure that applies to you depends on which facility you are asking for.
What rate does Caspian Investments charge?: Rates observed on live transactions fall between 15% and 16% a year. Tenures run 12 to 24 months. These are observed figures, not a quote, and the rate you are offered depends on your file.
How long does Caspian Investments take to disburse?: About 43 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it.
What are Caspian Investments's eligibility criteria?: The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.

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Last updated 29 September 2026

Lender intelligence dossier - screening gates, per-product terms and sanction observations, derived from lender policy documents and observed transactions. Figures are observed from a sample and are not an offer, a commitment, or a statement of Caspian Investments's current policy. Terms are set by the lender at the time of sanction.