With a rights issue, BlackSoil NBFC, the flagship company of the BlackSoil Group, raised equity from its current Indian investors and family offices totaling Rs 100 crore ($12 million). The platform provides alternative credit.
According to a press release from the company, the capital infusion will strengthen BlackSoil NBFC’s credit profile, increase its borrowing capacity, and foster its expansion.
Investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency, and Florintree Advisors, led by Mathew Cyriac, support BlackSoil.
This latest funding brings BlackSoil NBFC’s total equity raise to about Rs 250 crore ($30 million), and it also represents the company’s fourth capital infusion in the last eight years. Furthermore, HNIs, banks, and other entities have provided debt financing totaling over Rs 1,700 crore, or more than $200 million.
BlackSoil offers MSMEs, financial institutions, NBFCs, and growing businesses alternative financing options.
BlackSoil has disbursed over Rs 5,000 crore (over $600 million) across 214 deals at the group level by December 2023. Among the companies in its portfolio are Cure Foods, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Dunzo, Purplle, and Mobikwik.
According to BlackSoil, in 2023 its AUM increased by approximately 30% year over year. It also made investments totaling Rs 1650 crore (nearly $200 million) in 63 deals, pulling out of over 20 of them in the previous year.
The company also disclosed that the companies in its portfolio raised $800 million in equity in the previous year, with three of those companies—Yatra, ideaForge, and Cellecor—listing on a stock exchange in 2023.
