Mumbai-based specialized debt financing non-banking finance company (NBFC) Blacksoil Capital has raised ₹116.77 crores ($17 million) in series C funding from its existing investors including All Cargo Logistics chairman Shashi Kiran Reddy.
The company has raised an overall ₹171.65 crores ($25 million) in equity funding from various family offices including Allcargo Logistics, Navneet Education, and Mahavir Agency. It had also raised around ₹185.4 crores ($27 million) as external debts from banks and various HNIs.
The funds raised will be used for the expansion of the business and building its presence.
Shashi Kiran Shetty, CMD of Allcargo Logistics and one of the key sponsors of the NBFC, said, “In an environment where banks are averse to (providing) direct funding for real estate and new economy companies, NBFCs like us have a good opportunity to support such companies, as long as they meet our conservative underwriting parameters, security, and cash flows requirements. We now have a decent asset base and believe this equity round has come at a good time to scale up assets under management (AUM) in the segments we operate in.”
Blacksoil Capital provides financing solutions to developers, startups, and high growth companies as well as to establish institutional investors backed new economy companies and their ecosystem. It was founded MP Bansal, along with Ankur Bansal in 2016.
The company claims to have deployed over 700 crores across 80 transactions since it became operational in 2016. At the end of June 2018, its loan book was 400 crores, compared to 120 crores at the end of March 2017. It also claims to have deployed 160 crores 19 deals in April-June quarter, along with making 17 complete exits from its portfolio.
Blacksoil has raised 300 crores residential real estate focused SEBI registered category II debt fund called Walton Street BlackSoil real estate debt fund to invest in markets such as Mumbai, Bangalore and Hyderabad. This AIF has already invested 30% of the Fund across 3 deals in past 6 months.
Some of the companies in its vast portfolio include online lending marketplace Rubique, B2B procurement startup IndustryBuying, logistics startup GoBolt, among many others.