Mumbai based Credit platform Blacksoil has raised Rs 110 crore from high networth individuals and family offices for its maiden secured alternate investment fund (AIF) called BlackSoil India Credit Fund (BICF).
Eyeing 30 deals from BICF with an average of Rs 10-20 crore per investment, excluding real estate companies, the firm is aiming to secure Rs 350 crore in all.
The firm will utilise the funds raised to invest in mid and growth stages startups or companies and to form a differentiated credit strategy that will include venture and structured debt.
Ankur Bansal, co-founder of BlackSoil, states – “We are seeing a strong pipeline of startups across technology, healthcare, enterprise and consumer segments with a need to finance their growing businesses, which will continue to grow in the coming years.”
The Alternative credit platform has already deployed Rs 950 crore over four years across 70+ transactions. Its present investments include Spinny, Oyo, Koye Pharma, LetsTransport, Zetwerk and Purplle.
Mr Bansal also stated that – “Asset and venture-backed debt is now an integral part of funding rounds for startups across all stages and sectors. With the current challenging environment, BICF’s fundraise also signals the increasing popularity of debt among startups, since it helps them avoid excessive dilution of equity, finance working capital for day-to-day business operations, and increases the runway prior to a large equity fundraise.”
–AK
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