BlackSoil NBFC Raises INR 208 Cr Debt Notably, 60% of this funding came from new debt investors, and its total debt was over INR 1,570 crore as of June 30, 2024.
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BlackSoil NBFC, the flagship arm of BlackSoil Group, an alternative credit platform, announced a successful debt raise of INR 208 crore in the first half of 2024. Family offices, banks, NBFCs, HNIs, and UHNIs participated in the round.
Notably, 60% of this funding came from new debt investors, and its total debt was over INR 1,570 crore as of June 30, 2024.
BlackSoil is backed by marquee investors and family offices such as Allcargo Logistics, Navneet Education, Mahavir Agency, and Florintree Advisors, led by Mathew Cyriac. The company has significantly expanded its lender network to include several banks and NBFCs, enhancing its borrowing capabilities.
Ankur Bansal, Co-founder and Director at BlackSoil, said, "This substantial debt raise, particularly the 60% from new investors, validates our business model and emphasises the trust we have built in the alternative credit space. It is a testament to our robust credit profile and expanding market presence. This milestone empowers us to offer even more innovative and tailored financial solutions to India's high-growth sectors, reinforcing our commitment to bridging the credit gap for new-age businesses and fostering BIZ Experiencesship nationwide."
Co-founded in 2016 by Mohinder Pal Bansal and Ankur Bansal, BlackSoil offers credit to emerging corporates, financial institutions, and NBFCs.
BlackSoil, headquartered in Mumbai with over 110 employees, claims to have built a quality loan book by investing in top-growth companies.
BlackSoil's diversified portfolio spans FinTech, AgriTech, B2B, Consumer, Healthcare, SaaS, IoT, EV, and Quick Commerce, with notable investments in ideaForge, Upstox, Bluestone, OYO, and five unicorns, including Spinny, Upstox, and MobiKwik. Spinny became a billion-dollar company in 2021.
"Our sector-agnostic approach aims to mitigate risks through diversification and granularity, ensuring rigorous monitoring from investment to final repayment," added Bansal.
The firm claims that it saw over 30% year-on-year growth in debt fundraise, having a network of nine banks and five NBFCs, and more than 250 HNI families.
