BlackSoil raises Rs 250 Cr debt fund

Mumbai-based alternative credit platform BlackSoil has raised Rs 250 crore or $30 million through its family offices, notable HNIs, and marquee institutions. 

According to BlackSoil, the new fund will be lent to mid and growth-stage startups through a range of debt products.

BlackSoil currently manages an alternative credit platform consisting of an RBI-registered NBFC and four SEBI-registered AIFs. The fund claims to have an asset under management (AUM) of over $100 million. There are over 20 family offices and HNIs which have invested in Blacksoil's various debt products.

Some of BlackSoil’s investments over the years include early stage investment firm 9 Unicorns and startups including Upstox, Slice, MobiKwik, Udaan, Infra.Market, Zetwerk, OYO, Spinny and Purplle. During FY22, the fund’s total deployment stood at $90 million comprising a portfolio of 30 companies. In Q1FY23, it invested $40 million in six deals.

Besides Blacksoil, Alteria Capital, Trifecta Capital, Stride Ventures, InnoVen, Anicut Capital are other notable startup focused debt funds in India.

According to an Entrackr report, more than 90 VCs, PE, and debt funds had announced their new fund launch as of July. However, there was a decline in the numbers of fund launches in the past couple of months. In August, Fundamentum, Stride Ventures, Merak Ventures and Cactus Ventures announced their new funds whereas September saw only a couple of fund launches including Elev8 Venture Partners and StartupXseed, according to Fintrackr’s data.