Black Soil invests $8M debt funding in deeptech, financial services startups
- ByStartupStory | September 13, 2022
Black Soil Capital, a venture debt fund, has invested more than $8 million in Tonbo Imaging, PARAS ARC, and Dar Credit.
According to the public announcement, these investments are part of BlackSoil’s investment strategy, which focuses on the deeptech and financial services initiatives. As per the release, the venture debt organization engages with firms operating in big unexplored market niches in which they must successfully deliver original and innovative solutions.
Tonbo Imaging is an indigenous manufacturer of sophisticated electro-optics infrared (EOIR) technologies for military and commercial applications situated in Bengaluru. It creates EOIR systems for tactical, land, naval, and aerial use. Tonbo Imaging, co-founded by CEO Arvind Lakshmikumar, is funded by deeptech investors such as Artiman Ventures, Edelweiss, Qualcomm, and Celesta. That firm claims to have inked military modernization programs with the Ministry of Home and Defense, as well as several success stories of delivering EOIR systems to nations such as Spain, France, Morocco, Jordan, the Philippines, and Vietnam.
PARAS is a South Indian ARC (Asset Reconstruction and Securitisation Company) founded in 2008. PARAS was founded by M Siva Rama Vara Prasad and are part of the $1.5 billion conglomerate “Prasaditya and WACEM Group,” with Punjab National Bank as an institutional sponsor owning a 10% share in the firm. Currently, the organization maintains an AUM of more than $175 million through trusts. The ARC is focused on purchasing corporate debt and just completed its first retail debt transaction.
Dar Credit is an RBI-registered NBFC that offers unsecured personal loans to municipal employees as well as MSME loans, particularly to women entrepreneurs. The company has 23 locations spread throughout six states (including Rajasthan, Madhya Pradesh, and West Bengal). Ramesh Kumar Vijay founded the company in 1994, and it now manages $15 million in assets and has over 20,000 active borrowers. It has partnerships with around 300 towns to give loans to employees who are not served by traditional banking associations.
Ankur Bansal, Co-founder, and Director of Black Soil said after the press release, “These companies have shown tremendous growth in their segments and are backed by experienced management and marquee investors. Their unique business positioning and ability to survive through adversities like COVID-19 is what made these companies an attractive proposition for BlackSoil. We are optimistic that our debt capital will help these companies take their businesses to the next level and we will continue to support them throughout their journey.”
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