BlackSoil’s venture debt fund said it spent Rs 10 crore from its latest Blacksoil India Credit Fund alternative investment fund in Sreyas Holistic Remedies chain of dermatology clinics.
Under the Oliva name, the company runs a network of dermatology clinics that provide skin and hair care products and treatments.
Blacksoil recently collected Rs 110 crore for its maiden secured AIR strategy BlackSoil India Credit Fund Fund by first closing (BICF).
“Oliva will use the new fundraising for its working capital requirement, general corporate purpose, and part debt withdrawal,” the firm said in a statement. Oliva, a startup headquartered in Hyderabad, has raised more than Rs 100 crore from India Life Sciences Fund, Entrust Family Office Investment Advisor, and others in the recent past.
It was founded by Prashant Soma in 2008 and currently operates 23 advanced clinics in seven cities across India. During FY16-20, the firm said its sales rose at a CAGR of 40 percent and clocked healthy earnings prior to debt, tax, depreciation, and amortization or EBITDA. The company has been profitable in terms of EBITDA over the last two financial years.
“We plan to consolidate our affairs and prepare the company for the next level of growth trajectory with this funding round,” said Prashant Soma, Oliva’s founder.
We are pleased to work with Oliva to help them expand in a sector with few organized competitors and tremendous potential for development to disrupt the unorganized industry. Currently, the size of the cosmetic and dermatology procedural treatment industry is around Rs 100 billion, which is projected to double over the next three to four years,” said Blacksoil co-founder Ankur Bansal.
Blacksoil is a specialized credit platform that focuses on providing PE and VC-backed growth companies with debt solutions. In the last four years of operations, it has closed over 45 deals in this space and disbursed about Rs 450 crore. In the healthcare room, this is their sixth contract.
The family offices of Shashi Kiran Shetty (chairman, AllCargo Logistics) and Ganesh D Gala (MD, Navneet Education) are funded by BlackSoil, both of which are publicly traded firms with a total market capitalization of over Rs 5,000 crore.