Leading venture debt player BlackSoil announced that it has invested over $8 million in Tonbo Imaging, PARAS ARC, and Dar Credit. BlackSoil actively collaborates with businesses operating in large untapped market segments where they are required to offer distinctive & innovative solutions in a successful way. These investments are a part of BlackSoil’s investment strategy to focus on the deeptech and financial services sectors.
Commenting on the same, Ankur Bansal, Co-Founder, and Director of BlackSoil said, “We are delighted to announce that we have added 3 new portfolio companies. These companies have shown tremendous growth in their segments and are backed by experienced management and marquee investors. Their unique business positioning and ability to survive through adversities like Covid is what made these companies an attractive proposition for BlackSoil. We are optimistic that our debt capital will help these companies take their businesses to the next level and we will continue to support them throughout their journey.”
Tonbo Imaging is a Bangalore-based indigenous manufacturer of advanced electro-optics solutions for military and commercial applications. Tonbo develops EOIR systems for tactical, land, naval, and aerial applications. Tonbo Imaging, co-founded by CEO Arvind Lakshmikumar is backed by marquee Deep Tech investors including the likes of Artiman Ventures, Edelweiss, Qualcomm, and Celesta. Tonbo Imaging has signed military modernization programs with the Ministry of Home, India, and the Ministry of Defense of India and also has many success stories of supplying EOIR systems to countries like Spain, France, Morocco, Jordan, Philippines, Vietnam, etc.
PARAS is the first South India-based ARC formed in 2008. The Company is founded by M. Siva Rama Vara Prasad (a seasoned entrepreneur with a credible history of turning around stressed businesses) and is part of the $1.5 Bn conglomerate – “Prasaditya & WACEM Group”, with Punjab National Bank as an institutional sponsor of PARAS holding 10% stake in the Company. To date, the Company through trusts manages an AUM of $175+ Mn. The ARC is focused on acquiring corporate debt and recently ventured into its first retail debt acquisition. To date, the company has acquired $935+ Mn of assets for $240+ Mn of which it has resolved assets of $65+ Mn.
Dar Credit is an RBI-registered NBFC that provides unsecured personal loans to the employees of municipalities and MSME loans primarily to women entrepreneurs. The company has 23 branches across 6 states (Rajasthan, Madhya Pradesh, West Bengal, and more). Founded in 1994 by Mr. Ramesh Kumar Vijay, it currently has an AUM of $15+ Mn and over 20,000 active borrowers. The company has tie-ups with almost 300+ municipalities where credit is provided to employees that are not serviced by traditional financial institutions. The collections are made directly through the salaries of these employees which has resulted in a very high-quality portfolio. The company has not written off any loans to date and is profitable.