[Funding alert] Alternative credit platform BlackSoil invests Rs 10 Cr in Sreyas Holistic Remedies

Sreyas Holistic Remedies will use the fresh funds for its working capital requirement, general corporate purposes, and to retire part of their debt.
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Venture debt and alternative credit fund BlackSoil on Wednesday announced its first investment of Rs 10 crores from its new alternative investment fund Blacksoil India Credit Fund into Sreyas Holistic Remedies Private Limited (Oliva).

The funds raised will be used by Oliva for their working capital requirement, general corporate purposes, and to retire part debt.

In the recent past, Hyderabad-based startup Oliva has raised more than Rs 100 crore from India Life Sciences Fund, Entrust Family Office Investment Advisor, and a few others.

Commenting on the fundraise, Ankur Bansal, Co-founder, Blacksoil stated,

The cosmetic and dermatology procedural treatment market size is currently around Rs 100 billion, which is expected to increase to double in the next three to four years. With a best-in-class product offering, Oliva has built an advanced ecosystem of facilities with qualified dermatologists and trichologists in the country.”

Ankur Bansal Co-founder and Director of BlackSoil Capital

Founded in 2008 by Dr Prashant Soma, Sreyas Holistic Remedies Private Limited operates a chain of dermatologist clinics under the brand name of ‘Oliva’, offering skin and hair care products and treatments so as to provide a balanced combination of aesthetic and dermatology procedures.

Currently, operational across 23 advanced clinics in seven Indian cities Oliva claims to have treated more than 250,000 customers over the years.

According to the startup, its revenue has grown at a CAGR of 40 percent during FY16-20 and it as clocked healthy EBITDA as well. The company has been EBITDA +ve in the past two financial years.

“We are extremely delighted with BlackSoil Group for reposing their faith in our company. We are hoping for many years of fruitful relationship with BlackSoil and looking to continue to grow with investors who have put their belief behind our proven business model. With this round of funding we plan to consolidate our affairs and prepare the company for the next level of growth trajectory,” added Prashant Soma, Founder, Oliva.

BlackSoil has completed over 45 deals in this space and disbursed ~450 crores already in past four years of operations. This is their sixth deal in the healthcare space. The company had recently raised Rs 110 crore through its first close for its maiden secured AIR strategy BlackSoil India Credit Fund (BICF).

Edited by Teja Lele Desai

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