[Funding alert] Alternative credit platform BlackSoil raises Rs 32Cr via NCDs

Venture debt and alternative credit fund BlackSoil Capital Pvt Ltd (NBFC) on Thursday said it has raised Rs 32 crore from 60+ investors for a tenor of three years. With the recent round, the startup has successfully closed a raise of over 100 crore in CY2020 (from four NCD series).

The NCDs were issued on a private placement basis, and the funds raised through this issue will be utilised primarily for the lending activities of the company. The issue will augment the company’s long-term funding requirements and propel the growth that the NBFC envisages.

Commenting on the new development, Ankur Bansal, Director and Co-founder of BlackSoil Group, said,

“In the present scenario of lower interest rates, our issue offers safe long-term investment options with stable returns to investors. Over the last two years, we have created a strong network of more than ~150 high net-worth families and corporates who have shown tremendous support by investing in multiple series of BlackSoil’s NCD programme and remain monumental in the success of our platform."

"The strong demand for our offering amidst market uncertainties and the ongoing pandemic is a testament to the confidence shown in BlackSoil’s resilient performance in the light of the pandemic,” added Ankur Bansal.

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Since its inception in 2016, BlackSoil has raised a total of Rs 265 crore via 14 NCD issues.

BlackSoil has permanent capital in the form of equity raised from family offices. It is sponsored by family offices, including Chairman of AllCargo Logistics Shashi Kiran Shetty, and Managing Director of Navneet Education Ganesh D Gala.

In another development, in December 2020, BlackSoil has made a Rs 4 crore venture debt funding into Awign Enterprises Private Limited.

The NBFC has successfully deployed Rs 1,400 crore in the last four years across 90+ transactions. Some of BlackSoil's portfolio companies include hospitality unicorn OYO Rooms, rental startup Rentomojo, design-led lifestyle brand Chumbak, bike-rental startup Vogo, rental used car retailing platform Spinny, logistics startup LetsTransport, and edtech startup iNurture, among others.