[Funding Alert] Mumbai-based BlackSoil invests Rs 35 Cr across five startups

Mumbai-based venture debt fund BlackSoil has invested Rs 35 crore in Orange, WebEngage, Habanero Foods, CASHe, and an undisclosed generic pharmaceutical company.
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Mumbai-based venture debt fund BlackSoil Capital has invested Rs 35 crore as growth capital to five startups, including two-wheeler vehicle financing startup Orange Retail Finance, marketing automation platform WebEngage, direct-to-consumer FMCG brand Habanero Foods, fintech startup CASHe, and another undisclosed generic pharma company.

This development comes in a week after BlackSoil announced its investment in global consulting firm Kaar Technologies.

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Chennai-based Orange operates through 85 branches in over 11,200 villages across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Kerala. It claims to be serving about 88,500 customers, accumulating over Rs 335 crore assets under management (AUM).

Meanwhile, Mumbai-based WebEngage provides a full-stack marketing automation platform, which offers cloud solutions for customer engagement and retention to businesses across sectors, including ecommerce, travel and hospitality, BFSI, gaming, edtech, and media and entertainment, among others.

D2C brand Habanero is an omnichannel brand that offers continental cooking sauces, tortilla wraps, among others through its website, marketplaces, and retail. Meanwhile, Mumbai-based CASHe provides personal loans and “buy now, pay later” products to salaried individuals.

BlackSoil has also backed an undisclosed pharmaceutical company that serves several categories, including consumer healthcare, respiratory care, primary care, diabetes care, and women's health.

“These companies have shown tremendous growth in their segments and are backed by experienced management and marquee investors. Their unique business positioning and ability to survive through adversities like COVID is what made these companies an attractive proposition for BlackSoil. We are optimistic that our debt capital will help these companies take their businesses to the next level and we will continue to support them throughout their journey,” Ankur Bansal, Co-founder and Director, BlackSoil, said in a statement.

Earlier in March, BlackSoil Capital had raised Rs 22 crore by issuing secured debentures to family offices and high net-worth individuals on a private placement basis. The company had explained the funding would be utilised primarily for lending activities and fund growth startups and MSMEs.

At present, BlackSoil manages an alternative credit platform consisting of an RBI-registered NBFC and four SEBI-registered AIFs. It claimed to have deployed over Rs 2,500 crore across over 135 deals and has an AUM of Rs 1,000 crore.

Its portfolio includes Infra.Market, Zetwerk, Udaan, Spinny, Furlenco, and Oyo Rooms, among others.

Edited by Suman Singh