Alternative Credit Platform BlackSoil NBFC Secures INR 100 Cr from Existing Investors The Mumbai-based firm plans to use the equity infusion to improve BlackSoil NBFC's credit profile and increase its borrowing capabilities.
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Alternative credit platform BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised equity of INR 100 crore from its existing Indian investors and family offices through a rights issue.
According to the official release, the capital injection will improve BlackSoil NBFC's credit profile and boost its borrowing capabilities, supercharging the Company's growth.
Investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency, and Florintree Advisors, led by Mathew Cyriac, support BlackSoil.
With its most recent investment round, BlackSoil NBFC has raised over INR 250 crore in equity, its fourth capital infusion in the last eight years. To further strengthen its financial position, it has also obtained debt funding of over INR 1,700 crore from banks, HNIs, and other NBFCs.
Ankur Bansal, Co-founder and Director of BlackSoil, said, "This funding will enable us to accelerate our growth trajectory and further solidify our position as a leading player in the alternative credit space. While supporting the growth aspirations of our clients, we are committed to delivering value to our stakeholders".
Established in 2016 by Mohinder Pal Bansal and Ankur Bansal, BlackSoil provides customised alternative credit solutions to growth companies, financial institutions, NBFCs and MSMEs across diverse sectors.
As of December 2023, BlackSoil claimed to have deployed INR 5,000 crore in 214 agreements. The portfolio includes investments in growth companies such as Ideaforge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, and Curefoods.
According to BlackSoil, its AUM increased by almost 30% year over year in 2023. It also made investments of INR 1650 crore, in 63 deals, and exited from more than 20 of them during that time.
The firm added that three of its portfolio firms—Yatra, ideaForge, and Cellecor—got listed on the stock exchange in 2023 and that the portfolio companies raised a total of INR 800 million in equity in the previous year.
BlackSoil investor Gnanesh (Sunil) Gala, Managing Director, Navneet Education, added, " With a strong asset base, this equity round will equip the Company to expand our assets under management (AUM) in new-age economy sectors. Its extensive deal experience provides valuable business performance data, enhancing its credit assessment capabilities as it grows further, exploring new sectors and foraying into new business verticals. I proudly support their mission of driving sustainable growth and empowering the Indian economy."
