BlackSoil announces its first investment from its new alternative credit fund
BlackSoil made its first investment of INR 10 Crores from its new alternative investment fund Blacksoil India Credit Fund into Sreyas Holistic Remedies Private Limited (Oliva).The fresh raise wil be used by Oliva for their working capital requirement, general corporate purpose and to retire part debt. BlackSoil had recently raised Rs 110 crore through its first close for its maiden secured AIR strategy BlackSoil India Credit Fund (BICF)
National, 16th December 2020: BlackSoil, a venture debt and alternative credit fund, today announced its first investment of INR 10 Crores from its new alternative investment fund Blacksoil India Credit Fund into Sreyas Holistic Remedies Private Limited (Oliva). The company had recently raised Rs 110 crore through its first close for its maiden secured AIR strategy BlackSoil India Credit Fund (BICF)
The fresh raise wil be used by Oliva for their working capital requirement, general corporate purpose and to retire part debt. In the recent past,Hyderabad-based startup Oliva has raised more than 100 Crores till date from India Life Sciences Fund, Entrust Family Office Investment Advisor and a few more.
Sreyas Holistic Remedies Private Limited operates a chain of dermatologist clinics under the brand name of ‘Oliva’ offering skin and hair care products and treatments so as to provide a balanced combination of aesthetic and dermatology procedures. Founded in 2008 by Dr. Prashant Soma, it currently operates 23 advanced clinics in 7 Indian cities and has treated more than 2,50,000 customers over the years. Led by committed founders, the company has over 80 in-house dermatologists and trichologists who have the requisite domain knowledge & best in class processes and equipment to run the business in a differentiated manner. The company’s revenue has grown at a CAGR of 40% during FY16-20 and clocked healthy EBITDA as well. The company has been EBITDA +ve in the past 2 financial years.
“We are extremely delighted with BlackSoil Group for reposing their faith in our company. We are hoping for many years of fruitful relationship with Blacksoil and looking to continue to grow with investors who have put their belief behind our proven business model. With this round of funding we plan to consolidate our affairs and prepare the company for the next level of growth trajectory” said Oliva’s founder Dr.Prashant Soma.
“It is our pleasure to partner with Oliva to help them grow in a market with limited organised players and massive growth opportunity to disrupt the unorganised sector. The Cosmetic & Dermatology procedural treatment market size is currently around INR 100 Billion which is expected to increase to double in next 3-4 years. With a best in class product offering, Oliva has built an advanced ecosystem of facilities with qualified dermatologists and trichologists in the country.” stated Blacksoil Co-founder Ankur Bansal.
Blacksoil is a specialised credit platform focused on providing debt solutions to PE/VC backed growth companies. BlackSoil has completed over 45 deals in this space and disbursed ~450 crores already in past 4 years of operations. This is their sixth deal in the healthcare space.