BlackSoil Invested $30+ Mn in 17 Deals; Clocked 5 Exits in Q1FY24

BlackSoil has a very positive outlook on investing in cutting-edge, high-growth companies. It largely concentrated on a wide range of specific sectors in Q1FY24.

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BlackSoil, one of India’s leading alternative credit funds, invested $30+ Mn (₹250+ Cr.) across 17 deals in Q1FY24 amidst the funding winter, recording robust growth. The Company’s asset under management (AUM) grew ~50% year on year. BlackSoil doubled (2x) its deal closure in Q1FY24 compared to the same quarter previous financial year (Q1FY23). It successfully exited 5 deals in Q1FY24.

BlackSoil has been highly optimistic about investing in new-age high-growth businesses. In Q1FY24, it primarily focused on a diverse and granular set of sectors, including Consumer Internet, DeepTech, Healthcare, EV and FinTech. A few notable deals include Battery Smart, Toothsi, Bounce Salons, Kaleidofin, Mozark, WeGot and Seeds Fincap.

Blacksoil - Q1FY24 infograph

“As a strategy, we focus on providing alternative financing solutions to enterprises that proactively tweak their business models to enhance sustainability and continue to receive unwavering support from their existing and new equity investors. At BlackSoil, we aim to identify such sector-pioneering companies and help realise their full potential,” said Ankur Bansal, Co-Founder & Director of BlackSoil.

Healthcare, Consumer Internet and Financial Institutions emerged as the top sectors for BlackSoil, with each sector securing ~23% respectively of the total funding.

In addition to funding new companies, BlackSoil continued to support its existing investees in Q1FY24. The strength of BlackSoil’s backing is reflected in its portfolio companies as they collectively raised $60+ Mn (~₹500 Cr.) in equity in Q1FY24, despite the challenges of the ongoing funding winter in the startup ecosystem.

In the coming quarters, the Company will remain focused on discovering potential investment prospects while ensuring its existing portfolio companies’ growth and safeguarding its investor’s capital.

About BlackSoil: BlackSoil manages an alternative credit platform comprising an RBI-registered systemically important NBFC and a SEBI-registered AIF. The Company has built a quality loan book consisting of top-notch investments and deployed $375 Mn (₹3,000 Cr.) across 170+ deals. The portfolio includes investments in high-growth enterprises such as IdeaForge, Upstox, Zetwerk, Spinny, Yatra, Purplle and Curefoods.

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