BlackSoil, a new-age, sector-agnostic alternative lending platform, has raised $70 million for its NBFC using non-convertible debentures (NCDs). The funds raised in this round will primarily be used for lending activities, including a variety of loan products, to fund mid- and growth-stage startups in the startup ecosystem. Deep Tech, B2B Tech, Enterprise SaaS, FinTech, HealthTech, EdTech, Clean Energy, and D2C/B2C E-Commerce are among the industries where the NBFC plans to invest.
In terms of both the quantity of venture debt agreements and the average deal value, the pandemic has altered the venture debt space in India. Venture debt deals totaled over $170 million in H1-2021, compared to $55 million in H2-2020 and $64 million in H1-2020.
Commenting on the latest funding Ankur Bansal, Director and Co-founder of BlackSoil Capital said “At BlackSoil, we have closed 4x the number of deals in the first half of 2021, as compared to the same period last year. We are seeing exponential deal flow in H2-2021 as well. Our latest round of NCD fundraise shall further facilitate us in meeting the growth requirements that startups are facing and wish to combat that through means of venture debt, which in turn would augment our portfolio.”