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Alternative credit platform, BlackSoil has raised about ₹180 crore through non-convertible debentures (NCDs), bank debt and other instruments for its NBFC.
The NCDs are 3-year tenure products, raised from UHNIs (ultra-high net worth individuals), HNIs and Family Offices, of which the majority are repeat investors. Along with the NCDs, funds have been raised from banks and other institutions. BlackSoil said that the capital raised through the latest fundraise will be deployed predominantly for lending activities — across a variety of debt products — to fund mid and growth-stage enterprises in the start-up ecosystem.
Proprietary network
The NBFC has established a proprietary network of 200+ high net-worth families and corporates, who have shown support by subscribing to multiple NCD issuances by the company over the past few years. The company said it has managed to reduce its cost of capital supported by an improving credit profile, which has enabled them to quickly raise funds at competitive rates.
“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. We already have an exciting pipeline of investments across diverse sectors lined up for FY23. 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 about 65 per cent comprise repeat investors who have been subscribing & investing over the years and remain bullish on our progress,” said Ankur Bansal, Director and Co-founder of BlackSoil Capital.
BlackSoil currently manages an alternative credit platform consisting of an RBI-registered NBFC and a SEBI-registered AIF through which it has built a quality loan book by deploying about ₹1,900 crore across almost 125 deals. Some of BlackSoil’s noteworthy investments include OYO Rooms, Slice, Udaan, Zetwerk, Spinny, Infra.Market and soonicorns such as Curefoods and Zest amongst others.
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