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BlackSoil, an alternative credit fund, announced that it has invested more than $30 million across 17 deals in Q1FY24 amidst the funding winter. According to an official statement, the Company’s asset under management (AUM) grew 50% year on year. Additionally, it said that BlackSoil has also doubled its deal closure in Q1FY24 compared to the same quarter previous financial year (Q1FY23).
The firm further revealed that it has also exited 5 deals in Q1FY24. In the statement, it noted that in Q1FY24, BlackSoil primarily focused on a diverse and granular set of sectors, including Consumer Internet, DeepTech, Healthcare, EV and FinTech. A few notable deals claimed to be Battery Smart, Toothsi, Bounce Salons, Kaleidofin, Mozark, WeGot and Seeds Fincap.
“Healthcare, Consumer Internet and Financial Institutions emerged as the top sectors for BlackSoil, with each sector securing ~23% respectively of the total funding,” said the company.
While stating the future plans, the company said, in coming quarters, it will remain focused on discovering potential investment prospects while ensuring its existing portfolio companies’ growth and safeguarding its investor’s capital.
“As a strategy, we focus on providing alternative financing solutions to enterprises that proactively tweak their business models to enhance sustainability and continue to receive unwavering support from their existing and new equity investors. At BlackSoil, we aim to identify such sector-pioneering companies and help realise their full potential,” said Ankur Bansal, co-founder and director, BlackSoil.
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