VC firm BlackSoil's investments reach over $30 million in Q3 FY24

Alternative credit platform BlackSoil on Monday said its portfolio investment reached more than $30 million in the third quarter of current fiscal year (FY24), a 35 per cent growth (year-on-year).

The VC firm successfully exited six deals and strategically invested in six new deals in Q3 FY24. In the nine months ended in December 2023, BlackSoil achieved a total portfolio deployment of more than $110 million (over Rs 885 crore).

The company invested in 30 new deals during this period.

“Our investment approach of maintaining a diversified portfolio has played a pivotal role in our outstanding performance in this quarter. As we navigate the challenges and opportunities ahead, BlackSoil will continue to drive value and maintain its upward momentum in Q4,” said Ankur Bansal, Co-founder and Director of BlackSoil.

In the third quarter, the financial institutions/fintech sector, with 42 per cent of the total funding, emerged as the leading sector for the company, followed by healthcare/healthtech and B2B at 13 per cent each and logistics and mobility at 12 per cent.

The new deals included Everest Fleet, Humana, Keertana, and Cocoblu. The third quarter also saw significant exits with Bankbazaar, Slice, Blu-Smart, Udaan and Infra.Market.

Established in 2016, BlackSoil has deployed more than $425 million (over Rs 3,550 crore across 190+ deals. The portfolio includes investments in high-growth enterprises such as Ideaforge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, and Curefoods.