BlackSoil NBFC raises Rs 180 Cr debt to invest in growth startups

Non-banking lender Black Soil raised Rs 180 crore through non-convertible debentures (NCDs), bank debt & other instruments, it said in a statement on Tuesday.

The Mumbai-headquartered non-banking financial company (NBFC) said it will use the capital to lend to mid and growth-stage startups, through a variety of debt products.

“Despite the global events of the last couple of years, BlackSoil has continued to witness tremendous growth. We strive to continue this growth path and become the lender of first choice for high growth, innovative startups,” said Ankur Bansal, Director and Co-founder of BlackSoil Capital.

In the financial year (FY) 2022, the firm deployed Rs 650 crore.

“We already have an exciting pipeline of investments across diverse sectors lined up for FY23, ” he added.

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The RBI-registered NBFC is an alternative credit platform and an Alternative Investment Fund with a book size of Rs 1,900 crore. The firm has previously invested in unicorns and soonicorns such as Oyo Rooms, Slice, Udaan, Zetwerk, Spinny, Infra.Market, Curefoods and ZestMoney amongst others.

In the current round, it has raised the three-year tenure NCDs from ultra high net-worth individuals, high net worth individuals, and family offices, of which the majority are repeat investors.

Through its network of over 200 high net-worth families and corporates, BlackSoil has raised Rs 420 crore across multiple rounds, as a part of its NCD program.

“This fundraise will not only help us reach our investment goals but is a testament to our track record. Our investor network has continued to show immense faith in us since ~65 percent comprise repeat investors who have been subscribing & investing over the years and remain bullish on our progress," Ankur said.