Cat II · Managed by Caspian Debt
Rural Prosperity through Impact Agri-finance in Assam
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Caspian Assam Agribusiness Investment Fund for Rural Prosperity – RUPIAA (IN/AIF2/23-24/1375) is a SEBI-registered Category II Alternative Investment Fund registered in November 2023, managed by Caspian Impact Investment Adviser Private Limited — the investment advisory arm of the Caspian Group, a Hyderabad-based impact investing platform. RUPIAA is Caspian's fifth AIF (referred to internally as 'Caspian Fund V'), and is uniquely focused on agribusiness investment and rural prosperity in Assam — a geographically targeted impact fund. The acronym RUPIAA stands for Rural Prosperity through Impact Agri-finance in Assam. The fund likely provides structured credit to agribusiness enterprises, farmer producer organisations (FPOs), agri-input distributors, micro-lenders, and allied rural value chain businesses in Assam, consistent with Caspian's broader mission of impact-oriented lending to underserved markets. The Caspian Group operates across impact debt investing (Caspian Debt), impact investment advisory, and sustainable development finance — and prior to merging with Blacksoil Capital in November 2025, managed approximately INR 1,900 crore+ in AIF assets. The fund is registered at 4th Floor, Ventureast Plaza, Plot No. 40 & 41, Financial District, Gachibowli, Hyderabad 500032.
Mahesh Kanumury
Director, Caspian Impact Investment Adviser / MD & CEO, Caspian Debt
Mahesh Kanumury is a Director of Caspian Impact Investment Adviser Private Limited and MD & CEO of Caspian Debt. He has led Caspian's expansion from a single impact credit fund to a multi-fund platform and oversaw the November 2025 merger with Blacksoil Capital to create a combined INR 1,900 crore NBFC.
Narayan Ramachandran
Director, Caspian Impact Investments
Narayan Ramachandran is a Director of Caspian Impact Investments Private Limited (the holding entity) and brings deep experience in development finance and impact investing. Previously Morgan Stanley India Chairman.
Venkata Narasimham Bulusu
SEBI Contact Person (Nishith Desai Associates)
Venkata Narasimham Bulusu is an associate at Nishith Desai Associates who filed the AIF registration on behalf of Caspian. He is not the investment manager — the email domain caspianfundv.nda@nishithdesai.com confirms NDA's role as legal counsel ('caspianfundv' = Caspian Fund V, 'nda' = Nishith Desai Associates).
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