BlackSoil Records Impressive 35% Growth in Q3 FY24, Deploys Over $30 Million in New Deals
- ByStartupStory | January 22, 2024
Alternative credit platform BlackSoil has reported a significant 35% growth in Q3 FY24, driven by investments exceeding $30 million in six new deals and successful exits from six deals. The platform’s portfolio deployment totaled over $110 million in the nine months leading up to December 2023, marking a 35% increase compared to the same period last year, with approximately 30 new deals.
Ankur Bansal, Co-founder and Director of BlackSoil, commented on the achievement, stating, “In the dynamic landscape of Q3FY24, we have surpassed expectations and achieved a new standard with a remarkable deployment of over $30 million. The successful exit and the strategic new investments underscore our commitment to prudent investment practices, consolidating our position in the market.”
During Q3FY24, BlackSoil focused on investing in sustainable business models, with the financial institutions/fintech sector leading the way, accounting for 42% of total funding. This was followed by healthcare/healthtech at 13%, B2B at 12%, and logistics and mobility at 12% each.
Bansal further emphasized the platform’s diversified investment approach, stating, “Our investment approach of maintaining a diversified portfolio has played a pivotal role in our outstanding performance in this quarter. As we navigate the challenges and opportunities ahead, BlackSoil will continue to drive value and maintain its upward momentum in Q4.”
Highlighting the achievements of its portfolio companies, BlackSoil revealed that six of them, including Freight Tiger, Home Capital, Udaan, RevFin, BluSmart, Tootshi, and Moneyboxx, collectively raised over $216 million in Q3FY24. Additionally, Zoomcar, another portfolio company, was listed on the Nasdaq.
The platform’s new deals in Q3FY24 included Everest Fleet, Humana, Keertana, and Cocoblu, while exits during the same period involved Bankbazaar, Slice, BluSmart, Udaan, and Infra.Market.
Established in 2016, BlackSoil comprises an RBI-registered NBFC and a SEBI-registered AIF, offering credit to growth companies, FIs, and NBFCs. With a robust loan book and over 190 deals, BlackSoil has invested in high-growth enterprises such as ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, and Curefoods.
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