BlackSoil invests $8 million in high-tech financial services startups

Debt at Risk Fund Black land Capital invested more $8 million in Tonbo Imaging, PARAS ARC and Dar Credit.

According to the official release, these investments are part of BlackSoil’s investment strategy to focus on the high-tech and financial services sectors. The venture capital firm works with companies operating in large untapped market segments where they are required to deliver distinctive and innovative solutions with success, the statement added.

Ankur Bansal, co-founder and director of BlackSoil, said,

“These companies have experienced phenomenal growth in their segments and are backed by experienced management and renowned investors. Their unique business positioning and ability to survive adversities like COVID-19 is what made these companies an attractive proposition for BlackSoil. We are confident that our loan capital will help these companies take their business to the next level and we will continue to support them along their journey.

BlackSoil Capital has invested over $8 million in Tonbo Imaging, PARAS ARC and Dar Credit

Tonbo Imaging is a Bengaluru-based indigenous manufacturer of Advanced Electro-Optical Infrared (EOIR) solutions for military and commercial applications. It develops EOIR systems for tactical, land, naval and air applications. Co-founded by CEO Arvind Lakshmikumar, Tonbo Imaging is backed by leading technology investors including Artiman Ventures, Edelweiss, Qualcomm and Celesta. This startup says it has signed military modernization programs with the Ministry of Interior and the Department of Defenseas well as many successes in supplying EOIR systems to countries like Spain, France, Morocco, Jordan, Philippines, Vietnam, etc.

PARA is an ARC (Asset Reconstruction and Securitization Company) based in South India established in 2008. Founded by Mr Siva Rama Vara PrasadPARAS is part of the $1.5 billion conglomerate—“Prasaditya and WACEM Group”, with Punjab National Bank as the institutional sponsor of PARAS holding a 10% stake in the company. To date, the company through trusts manages an AUM of $175+ million. ARC focuses on acquiring corporate debt and has recently ventured into its first acquisition of retail debt.

Dar Credit is an RBI-registered NBFC that provides unsecured personal loans to municipal employees and loans to MSMEs, primarily women entrepreneurs. The company has 23 branches in six states (including Rajasthan, Madhya Pradesh and West Bengal). Founded in 1994 by Ramesh Kumar Vijayhe currently has $15+ million value of assets under management, and more 20,000 active borrowers. The company has links with almost 300+ municipalities where credit is provided to employees who are not served by traditional financial institutions.

Some of BlackSoil’s other notable investments include nine unicorns – Upstox, Slice, Mobikwik, Udaan, Infra.Market, Zetwerk, OYO Rooms, Spinny and Purplle, as well as leading companies such as cloud kitchen company roll-up play – Curefoods, EV ride -Hi startup—Blu-Smart, and women-focused rural housing finance company—Aviom, among others.

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