BlackSoil NBFC, the flagship arm of BlackSoil Group, has successfully raised Rs 208 crore in debt, marking a significant milestone for the company. The funding round saw participation from high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), family offices, banks, and other non-banking financial companies (NBFCs).
According to BlackSoil, 60% of the funding came from new debt investors, bringing the total debt raised by the company to over Rs 1,570 crore as of June 30, 2024. This follows a recent Rs 100 crore rights issue where all existing investors participated.
BlackSoil is backed by prominent investors and family offices including Allcargo Logistics, Navneet Education, Mahavir Agency, and Florintree Advisors led by Mathew Cyriac. The company has significantly expanded its lender network, incorporating several banks and NBFCs, thereby enhancing its borrowing capabilities.
Co-founded in 2016 by Mohinder Pal Bansal and Ankur Bansal, BlackSoil offers customized credit solutions to emerging corporates, financial institutions, NBFCs, and MSMEs across various sectors. The group has established itself as a preferred lender for new-age economy businesses, employing a sector-agnostic approach and cash flow-focused underwriting methodology.
The company boasts a diversified portfolio that includes fintech, agri-tech, B2B, consumer, healthcare, SaaS, and IoT sectors. It has also ventured into emerging areas such as electric vehicles (EV), quick commerce, hospitality, and online travel aggregators (OTA).
BlackSoil has five unicorns in its portfolio, including Spinny, Upstox, and MobiKwik. The most recent addition is Spinny, which achieved unicorn status in 2021. Noteworthy investments include ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, Curefoods, Celbal Technologies, and JCB Salons.
The Mumbai-based company has reported over 30% year-on-year growth in debt fundraise and has built a network of nine banks, five NBFCs, and more than 250 HNI families.
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