In an impressive move, BlackSoil, an alternative credit platform, announced the deployment of approximately $44 million (equivalent to around Rs 350 crore) across 11 new deals in the second quarter of the financial year 2024 (Q2 FY24).
This significant investment underscores the company’s dedication to identifying and supporting niche businesses with promising growth potential. Additionally, the firm recently secured approximately $40 million (around Rs 320 crore) in debt from its investors, including High Net Worth Individuals (HNIs), Ultra-HNIs, family offices, and corporates.
Blacksoil Records robust growth and investments
- Diverse Funding Instruments Strengthen BlackSoil’s Financial Position
- Impressive Year-on-Year Investment Growth of 33% in Q2FY24
- Majority of BlackSoil’s Portfolio Demonstrates EBITDA Positivity
- Notable Debut of Three Portfolio Companies on Public Exchanges
Details of Funding and Portfolio Breakdown
The funds were acquired through various financial instruments, including Non-Convertible Debentures (NCDs), NCDs co-investments, and term loans from banks. Notably, the company added four lenders during Q2 FY24, further fortifying its financial position.
The investment of approximately $44 million in Q2 FY24 contributed to a 33% increase in the firm’s year-on-year investment in its portfolio. Additionally, the company highlighted that approximately 65% of its existing portfolio exhibits EBITDA positivity, reflecting the robustness of its investment choices.
Moreover, in the first half of the financial year 2024, three of BlackSoil’s existing portfolio companies, including ideaForge, Yatra, and Cellecor Gadgets, made their debut on public exchanges, showcasing the successful growth trajectory of these ventures.
Portfolio Sector Allocation
BlackSoil’s portfolio extends across various sectors, with financial institutions accounting for 27% of its total investments in Q2 FY24. Following this, SaaS/Deeptech/IoT accounted for 18%, Healthcare for 14%, and Consumer Internet for 13% of the total investment.
New Portfolio Additions and Quotes from BlackSoil Leadership
Some notable additions to firm’s portfolio during this period included Cellecor, Freight Tiger, Stashfin, Credright, Svasti MFI, and Kenko. Ankur Bansal, Co-founder & Director of BlackSoil, expressed enthusiasm regarding the company’s performance in Q2FY24, highlighting the commitment to identifying promising businesses and fostering innovation in various sectors.
Moreover, he emphasized the strength of the company’s borrowing profile, enabling the provision of tailored credit solutions to emerging businesses.
Blacksoil records Impressive Half-Year Performance
For the first half of the financial year 2024, the company’s total portfolio investment reached approximately $80 million (equivalent to approximately Rs 640 crore) across 24 new deals, indicating a remarkable 50% year-on-year growth in Assets Under Management (AUM).
This robust performance solidifies BlackSoil’s position as a leading alternative credit platform, dedicated to supporting the growth of dynamic businesses across multiple sectors.