BlackSoil invests over Rs 350 Cr in 11 new deals in Q2 FY24

Alternative credit platform BlackSoil said it has deployed ~$44 million (~Rs 350 crore) across 11 new deals in Q2 FY24. The firm recently raised ~$40 million (~Rs 320 crore) in debt from its investors, including High Net Worth Individuals (HNIs), Ultra-HNIs, family offices, and corporates.

The funds were secured through various financial instruments, including Non-Convertible Debentures (NCDs), NCDs co-investments, and term loans from banks. It added four lenders in Q2 FY24.

With ~$44 million investment in Q2FY24, BlackSoil’s year-on-year investment in its portfolio grew 33%. The company also stated that ~65% of its current portfolio is EBITDA positive.

Further, in the first half of the financial year 2024, three of BlackSoil's existing portfolio companies, namely ideaForge, Yatra, and Cellecor Gadgets, made their debut on public exchanges.

The company’s portfolio spans across various sectors. In Q2 FY24, financial institutions accounted for 27% of its total investments, followed by SaaS/Deeptech/IoT at 18%, Healthcare at 14%, and Consumer Internet at 13%.

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Notable additions to the portfolio in this period included Cellecor, Freight Tiger, Stashfin, Credright, Svasti MFI and Kenko.

"Q2FY24 was exceptional for BlackSoil. Investing ~$44 million across 11 deals demonstrates our commitment towards identifying niche businesses with high potential, supporting their growth, and spearheading innovation in their respective sectors," said Ankur Bansal, Co-founder & Director, BlackSoil.

"Regarding fundraising, he added, "Raising ~$40 Mn debt reflects a strong vote of confidence from our investors and partners. Our diversified approach to capital sourcing from renowned financial institutions has strengthened our borrowing profile, enabling us to offer innovative and tailored credit solutions to growing businesses."

For H1FY24, BlackSoil’s total portfolio investment stood at ~$80 million (~Rs 640 Cr.) across 24 new deals. Its Assets Under Management (AUM) grew 50% year-on-year.