Debt

Debt financing

BlackSoil invests $5-M debt in three startups

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Venture debt firm BlackSoil has invested USD 5 million in three startups: BatterySmart, Upmove Capital (NBFC arm of SmartCoin) and Revfin. Gurugram-based Battery Smart is a battery-swapping startup that provides lithium-ion batteries for electric two and three-wheelers. It claims to have more than 12,000 customers across 12 cities in North India and has built a network of more than 400 swapping stations. Bengaluru-based Upmove Capital is an app-based lending platform with product offerings such as small-ticket personal loans to businesses and salaried individuals. Founded by Sameer Aggarwal, Revfin is a lending platform that focuses primarily on financing electric vehicles. The Delhi-based firm claims to have funded over 12,000 EVs and has NPAs of less than 2%.

From the Venture Intelligence PE-VC Deal Database: Between Feb 20 and Jun 22, Battery Smart had raised over USD 36 M from Orios VP, Blume Ventures, Tiger Global, Baring India, Green Frontier Capital and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) Between Jan 21 and Jun 22, RevFin had raised over USD 3 M from Green Frontier Capital, LC Nueva, Shell Technology Ventures and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)