BlackSoil Capital, an alternative lending platform, has raised USD 25 million (about Rs 205 crore) in bank loans, non-convertible debentures, AIF commitments, and direct co-investments from banks, family offices, corporate treasuries, and high-net-worth individuals.
Around 60 per cent of BlackSoil’s previous investors participated in the most recent investment round. The funds raised are in addition to the USD 35 million raised by BlackSoil in the first half of fiscal year 2023. Because the most recent round was also closed in FY23, the platform raised $60 million in the previous fiscal year.
BlackSoil, founded in 2016, is a sector-agnostic debt investor that lends to new-age, digital-first businesses. It has so far invested USD 270 million in 135 transactions. It presently manages more than USD 90 million in assets.
BlackSoil’s portfolio contains investments in nine unicorns, including Upstox, Udaan, Zetwerk, Oyo, and Spinny. It has also made investments in cloud kitchen company Curefoods, electric cab company BluSmart, and drone manufacturer ideaForge.
Alternative lending has increased in recent months as equity agreements have become more difficult to close due to the broader funding slowdown in the startup environment.