BlackSoil, a trailblazing alternative credit platform in India, has set a new benchmark in its Q3FY24 performance, showcasing a stellar ~35% year-on-year growth by deploying over $30 million (~₹250 Crores). The quarter witnessed the successful exit of six deals and strategic investments in six new deals, solidifying BlackSoil’s position as a leader in the alternative credit space.
Exceptional Q3FY24 Performance: In the competitive financial landscape, BlackSoil’s Q3FY24 performance stands out with a total portfolio deployment exceeding $30 million, representing a substantial ~35% year-on-year growth. The company’s strategic approach included exits from six deals and strategic investments in six new deals during this quarter, reflecting its agility and resilience in navigating the dynamic financial landscape.
Nine-Month Milestone: For the nine months ending December 2023, BlackSoil achieved a remarkable total portfolio deployment of $110 million (₹885 Crores+), indicating a consistent ~35% year-on-year increase in investment. During this period, the company ventured into approximately 30 new deals, further diversifying its investment portfolio.
Sector-wise Diversification: A core tenet of BlackSoil’s investment strategy remains diversification across sectors. In Q3FY24, the company continued its focus on sustainable business models with high-growth potential, contributing to consistent profitability. The Financial Institutions/FinTech sector emerged as the leading recipient of BlackSoil’s investments, securing 42% of the total funding. This was closely followed by Healthcare/HealthTech and B2B sectors, each at 13%, and Logistics & Mobility at 12%.
Notable New Deals: Among the noteworthy new deals in Q3FY24 were Everest Fleet, Humana, Keertana, and Cocoblu. These strategic investments align with BlackSoil’s commitment to identifying and supporting businesses with robust growth potential. The quarter also witnessed significant exits, including prominent names like Bankbazaar, Slice, Blu-Smart, Udaan, and Infra.Market.
Portfolio Companies Achieve Milestones: In a testament to its proficiency in nurturing corporate successes, six of BlackSoil’s existing portfolio companies achieved significant milestones in Q3FY24. Freight Tiger, Home Capital, Udaan, RevFin, Blu-Smart, Tootshi, and Moneyboxx collectively raised an impressive capital of $216 million. Notably, Zoomcar, another portfolio company, achieved a monumental feat by getting listed on Nasdaq. These achievements underscore BlackSoil’s commitment to fostering growth and value creation in its portfolio.
Ankur Bansal’s Perspective: Ankur Bansal, Co-Founder & Director of BlackSoil, expressed his satisfaction with the outstanding performance in Q3FY24, stating, “BlackSoil has surpassed expectations and achieved a new standard with a remarkable deployment of over $30 million. The successful exits and strategic new investments underscore our commitment to prudent investment practices, consolidating our position in the market. Our investment approach of maintaining a diversified portfolio has played a pivotal role in our outstanding performance in this quarter.”
Future Outlook: Bansal also shared insights into the future, stating that as BlackSoil navigates challenges and opportunities in Q4, the company remains steadfast in driving value and maintaining its upward momentum. The commitment to prudent investment practices, diversified portfolios, and strategic exits and entries positions BlackSoil as a key player in India’s alternative credit landscape.
In conclusion, BlackSoil’s stellar Q3FY24 performance reflects its resilience, strategic agility, and commitment to fostering growth in the alternative credit space. As the company continues its upward trajectory, it stands poised to make significant contributions to India’s financial landscape in the quarters to come.
