Venture debt and alternative credit fund BlackSoil Capital on Tuesday said it has invested over Rs 12 crore in three startups — Freightwalla, UpMoney, and Rapidbox.
While Freightwalla is a freight forwarding and logistics portal, UpMoney is an NBFC that provides small ticket size business loans (both secured and unsecured) to MSMEs and two-wheeler financing solutions through a traditional branch model.
While Rapidbox is an online direct from the factory to consumer fashion brand under the affordable segment that operates in categories like footwear, apparel, and accessories.
Speaking on the investment, Ankur Bansal, Co-founder and Director, BlackSoil Capital, said,
“We have provided debt funds tailored for these companies to provide cash to meet the growth and working capital needs, which are crucial for the fast-paced growth these companies are witnessing. We hope to build upon these relationships to be their long-term partners as they scale manifold in a sustainable manner. Blacksoil is excited with the vast opportunity available for these companies to tap and grow exponentially in the coming couple of years.”
Earlier in March, BlackSoil Capital had raised Rs 22 crore by issuing secured debentures to family offices and high net worth individuals on a private placement basis.
With this round, the non-banking financial services firm managed to raise around Rs 80 crore in the current financial year to utilise primarily for lending activities, and fund growth startups and MSMEs.
Since its inception four and a half years ago, BlackSoil has concluded over 50 debt transactions to VC-backed growth companies and startups by deploying over Rs 500 crore, according to the official statement.
Some of BlackSoil’s portfolio companies include hospitality unicorn OYO Rooms, rental startup Rentomojo, design-led lifestyle brand Chumbak, bike-rental startup Vogo, rental used car retailing platform Spinny, logistics startup LetsTransport, furniture subscription platform Furlenco, and edtech startup iNurture, among others.