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Blacksoil invests Rs 12 crore in Freightwalla, UpMoney, Rapidbox


Blacksoil Capital, a sector agnostic alternative credit platform, has invested over Rs 12 crore in digital freight forwarding startup Freightwalla, non-banking finance company UpMoney, and direct-to-consumer affordable fashion player Rapidbox.

Blacksoil has so far concluded over 50 debt transactions to venture capital-backed growth companies and startups by deploying more than Rs 500 crore in the past 4.5 years.

“We have provided debt funds tailored for these companies to provide cash to meet the growth and working capital needs which are crucial for the fast-paced growth these companies are witnessing. We hope to build upon these relationships to be their long-term partners as they scale manifold in a sustainable manner. Blacksoil is excited with the vast opportunity available for these companies to tap and grow exponentially in the coming couple of years,” said Ankur Bansal, Co-founder and Director, BlackSoil.

Freightwalla, founded in 2016 by Sanjay Bhatia, Punit Java, and Bharat Thanvi, operates a tech-enabled freight forwarding and logistics portal that offers planning, booking, tracking, and automated documentation services for international freight shipments. The company has achieved 4 times growth in revenue since its series A funding despite the pandemic last year and volumes have doubled from pre-covid highs from major trade routes including Middle East, Africa, Europe, and Far East.

NBFC UpMoney provides small ticket size business loans–both secured and unsecured–to MSMEs and two-wheeler financing solutions through a traditional branch model. The company, founded by the father-son duo Ajit Singh Chawla and Sumel Singh Chawla in 2015, has 54 branches in tier 2 and tier 3 cities across Punjab, Chandigarh, Haryana, Rajasthan, Himachal Pradesh, and Uttarakhand.

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It has disbursed over Rs 700 crore and has over 92,000 active customers as on date. Despite the pandemic and the ensuing lockdown, the company has raised over Rs125 crore debt from both repeat and new lenders in 2020-21. Collection efficiencies have already reached pre-Covid19 levels, and the company is planning to expand to new geographies in the coming financial year.

Rapidbox is an online direct from the factory to consumer fashion brand under the affordable segment that operates in categories like footwear, apparel, and accessories. The company was started in 2017 by Arun Paliwal (ex-Flipkart) and Manoj Baranwal (ex-Dailyhunt).

Rapidbox has shown robust growth during the pandemic, from delivering nearly 12,000 orders a month just in Bangalore the company has increased its presence to 9 cities and has clocked more than three times growth in business in the last 12 months. Rapidbox started pan-India operations recently and are currently delivering over 40,000 orders a month.

BlackSoil has recently raised Rs 125 crore in the first close for its maiden secured BlackSoil India Credit Fund. Blacksoil’s portfolio includes OYO, Spinny, Purplle, Zetwerks, Vogo, LetsTransport, EarlySalary and iNurture amongst others.



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