BlackSoil Provides $8M in Debt Funding for 3 New Deeptech and Financial Services Deals

Leading venture debt player BlackSoil has announced that it has invested over $8 million in Tonbo Imaging, PARAS ARC and Dar Credit. BlackSoil actively collaborates with companies operating in large untapped market segments where they are required to deliver distinctive and innovative solutions with success. These investments are part of BlackSoil’s investment strategy to focus on the deep technology 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 experienced phenomenal growth in their segments and are backed by experienced management and renowned investors. Their unique business positioning and ability to survive adversities like Covid is what made these companies an attractive proposition for BlackSoil. We are confident that our loan capital will help these companies take their business to the next level and we will continue to support them along their journey.

Tonbo Imaging is a Bangalore-based indigenous manufacturer of advanced electro-optical solutions for military and commercial applications. Tonbo develops EOIR systems for tactical, land, naval and air applications. Tonbo Imaging, co-founded by CEO Arvind Lakshmikumar, is backed by renowned Deep Tech investors including Artiman Ventures, Edelweiss, Qualcomm and Celesta. Tonbo Imaging has signed military modernization programs with Ministry of Home Affairs of India and Ministry of Defense of India and also has many successes in supplying EOIR systems to countries like Spain, France, Morocco, Jordan, the Philippines, Vietnam, etc.

PARAS is the first South India-based ARC formed in 2008. The company is founded by Mr. Siva Rama Vara Prasad (a seasoned entrepreneur with a credible history of turning around troubled businesses) and is part of the conglomerate of 1.5 billion – “Prasaditya & WACEM Group”, with Punjab National Bank as the institutional sponsor of PARAS holding a 10% stake in the company. To date, the company, through trusts, manages assets under management ARC is focused on acquiring corporate debt and recently ventured into its first retail debt acquisition.To date, the company has acquired $935 million in debt. assets for $240 million, of which it resolved assets of $65 million.

Dar Credit is an RBI registered NBFC that offers unsecured personal loans to municipal employees and MSME loans mainly to female entrepreneurs. The company has 23 branches in 6 states (Rajasthan, Madhya Pradesh, West Bengal, etc.). Founded in 1994 by Mr. Ramesh Kumar Vijay, it currently has assets under management of $15 million+ and over 20,000 active borrowers. The company has ties with nearly 300 municipalities where credit is provided to employees not served by traditional financial institutions. Collections are made directly through the salaries of these employees, which translates into a very high quality portfolio. The business has not written off any loans to date and is profitable.

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