BlackSoil Invests Over Rs. 350 Crores in 11 New Deals in Q2 FY24
- ByStartupStory | October 31, 2023
BlackSoil, the alternative credit platform, has disclosed that it deployed approximately $44 million (over Rs. 350 crores) across 11 new deals during Q2 FY24. Notably, the firm recently secured around $40 million (approximately Rs. 320 crores) in debt from a range of investors, including High Net Worth Individuals (HNIs), Ultra-HNIs, family offices, and corporate entities.
These funds were acquired through diverse financial instruments, including Non-Convertible Debentures (NCDs), NCD co-investments, and term loans from banks. In Q2 FY24, BlackSoil also added four lenders to its roster.
With investments totaling approximately $44 million in Q2 FY24, BlackSoil experienced a 33% year-on-year growth in its portfolio investments. The company additionally highlighted that about 65% of its current portfolio companies have achieved EBITDA positive status. Moreover, in the first half of the financial year 2024, three of BlackSoil’s existing portfolio companies—namely ideaForge, Yatra, and Cellecor Gadgets—made their debut on public exchanges.
BlackSoil’s portfolio spans across various sectors, with financial institutions accounting for 27% of its total investments in Q2 FY24. SaaS/Deeptech/IoT followed at 18%, Healthcare at 14%, and Consumer Internet at 13%.
Notable additions to BlackSoil’s portfolio during this period included Cellecor, Freight Tiger, Stashfin, Credright, Svasti MFI, and Kenko. Ankur Bansal, Co-founder & Director of BlackSoil, commented on the remarkable performance in Q2FY24, stating, “Investing ~$44 million across 11 deals demonstrates our commitment towards identifying niche businesses with high potential, supporting their growth, and spearheading innovation in their respective sectors.” He also expressed confidence in their fundraising efforts, saying, “Raising ~$40 million in debt reflects a strong vote of confidence from our investors and partners. Our diversified approach to capital sourcing from renowned financial institutions has strengthened our borrowing profile, enabling us to offer innovative and tailored credit solutions to growing businesses.”
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For H1FY24, BlackSoil’s total portfolio investment reached approximately $80 million (around Rs. 640 crores) across 24 new deals, with its Assets Under Management (AUM) growing by 50% year-on-year.
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