Alternative credit platform BlackSoil has deployed ₹350 crore ($44 million) across 11 new deals during the second quarter of FY24. Further, it recently raised another ₹320 crore ($40 million) in debt.
For the first half of FY24, the company’s total portfolio investment stood at ₹640 crore ($80 million) across 24 new deals, with its assets under management (AUM) up by 50 per cent year-on-year.
With the deployment in Q2 FY24, its year-on-year investment in its portfolio grew 33 per cent. Further, it aims to remain committed to funding sustainable businesses with potential to generate profitability. According to the company, 65 per cent of its current portfolio is EBITDA-positive.
In Q2 FY24, financial institutions accounted for 27 per cent of its total investments, followed by SaaS/deep-tech/IoT at 18 per cent, healthcare at 14 per cent, and consumer internet at 13 per cent. Notable additions to the portfolio in this period included Cellecor, Freight Tiger, Stashfin, Credright, Svasti MFI, and Kenko.
BlackSoil recently raised $40 million in debt from its investors through various financial instruments, including non-convertible debentures (NCDs), NCD co-investments, and term loans from banks.
Ankur Bansal, Co-Founder and Director of BlackSoil, said, “Raising ~$40 million in debt reflects a strong vote of confidence from our investors and partners. Our diversified approach to capital sourcing from renowned financial institutions has strengthened our borrowing profile, enabling us to offer innovative and tailored credit solutions to growing businesses.”
In the first half of the financial year 2024, three of its existing portfolio companies — Ideaforge, Yatra, and Cellecor Gadgets — made their debuts on public exchanges.