Prasoon Chauhan, former Co-founder and CEO of ATS Homekraft, has founded his next venture BlackOpal with the primary objective of providing strategic solutions to real estate projects throughout their life cycle.
“Leveraging his expertise of project financing and development business Chauhan believes that BlackOpal will be able to support developers as a niche asset manager with a unique capability of managing the entire project in a DM model or through equity participation or managing specific functions like sales & marketing, CRM support, capital structure solution, design & construction etc,” a statement made by the company said.
At present BlackOpal is actively managing 5 projects in different capacities aggregating to 2.5 Million Sq. ft. valued at INR 1325 Crs+ with a team of 25+ industry professionals.
“Post the IL&FS crisis and the pandemic, the industry has been marred with sluggish growth and lack of working capital financing options. A sector focused NBFC and AIF thus are next on cards under the BlackOpal umbrella,” the statement added.
“We are awaiting the approval for the NBFC from RBI, which is expected in the near future. The NBFC will play a pivotal role in our asset management full integration that we aim to achieve going forward – a symbiotic relationship with our borrowers by providing a financing option while enhancing the other relevant functions of their business,” added Mr. Chauhan.
Mr. Chauhan is a banking veteran with expertise in project financing across real estate asset class. In 13 years of his banking career, he has worked in leadership position in Yes Bank and ICICI Bank.
In his last stint as Co-founder of ATS Homekraft where the stake was diluted to HDFC capital to raise capital, Homekraft claims to achieve numerous milestones from inception of business to scaling upto under development project of 10 Million Sqft (valued at INR 5000 Crs+) and sold 1700+ Units (valued at INR 2000 Crs) in 18 months.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.