Alternative credit platform BlackSoil announced on Thursday that it has raised Rs 110 crore through its first close for its maiden secured AIR strategy BlackSoil India Credit Fund (BICF).
The fund aims to solve the problem of access to finance for high-growth innovative companies. It plans to raise a total of Rs 350 crore and complete over 30 deals, with an average ticket size of Rs 10-20 crore per investment.
Co-founder Ankur Bansal said, "We are seeing a strong pipeline of startups across technology, healthcare, enterprise, and consumer segments with a need to finance their growing businesses, which will continue to grow in the coming years."
According to a statement issued by BlackSoil, the funds were raised from family offices and HNIs. The platform will be using the funds to differentiate credit strategy comprising venture and structure debt, and target startups across mid and growth stages.