BlackSoil invests $5 Mn debt in three startups

Venture debt firm BlackSoil has invested $5 million in three startups including battery swapping network BatterySmart, Upmove Capital (NBFC arm of SmartCoin) EV-focused lending platform Revfin.

Backed by Tiger Global, Battery Smart is a battery-swapping startup that provides advanced lithium-ion batteries for electric two and three-wheelers. Depleted batteries are swapped with fully charged ones in just two minutes at any of its swapping stations. It claims to have more than 12,000 customers across 12 cities in North India and has built a network of more than 400 swapping stations.

Incorporated in 2015, Lightrock backed Upmove Capital is an app-based lending platform with product offerings such as small-ticket personal loans to businesses and salaried individuals. 

Founded in 2018 by Sameer Aggarwal, Revfin is a lending platform that focuses primarily on financing electric vehicles. The Delhi-based firm says that it has funded over 12,000 EVs and has NPAs of less than 2%. 

Through multiple platforms, BlackSoil has built a quality loan book by deploying more than $350 million across over 130 deals and having an AUM of over $100 million. Its notable investments include 9 unicorns like Upstox, Slice, Mobikwik, Udaan, Zetwerk, OYO, Spinny, and Purplle.

In October, the Mumbai-based alternative credit platform raised Rs 250 crore ($30 million) through its family offices, notable HNIs, and marquee institutions.