Venture debt firm BlackSoil acquired Credit Fair’s rooftop solar loans business in a cash slump sale completed on July 1 for about ₹45 crore, according to an ICRA disclosure. Credit Fair, founded in 2018, had raised over $30 million in debt and equity from investors including British International Investment and State Bank of India. The company was last valued at around ₹180 crore but faced challenges in raising fresh capital.
Credit Fair provides point-of-sale financing and affordable rooftop solar loans, allowing users to split purchases into EMIs with approvals in as little as two minutes. It offers loans ranging from ₹10,000 to ₹20 lakh with flexible tenures of 3 to 36 months, no collateral, and zero foreclosure charges. The company had assets under management (AUM) of about ₹160 crore as of March 31, 2026. Founder Aditya Damani said the acquisition followed multiple unsuccessful attempts to raise equity and debt amid a tough funding environment for NBFCs with AUM below ₹300 crore.
The deal highlights the challenges faced by smaller NBFCs in the current funding climate, where compliance costs have increased and capital access has tightened. Credit Fair’s situation reflects broader sector trends, as many NBFCs with modest AUM struggle to secure fresh funding. The acquisition by BlackSoil, a venture debt firm, signals consolidation in the rooftop solar financing space and a shift in how smaller lenders manage growth and liquidity pressures.
Credit Fair’s lending business had an AUM of approximately ₹160 crore as of March 31, 2026, and the acquisition was finalized on July 1, marking a significant transaction in the solar financing sector this year.