BlackSoil’s recent investment of $5 million include key EV startups Battery Smart, a battery-swapping network and Revfin a digital lending start-up focused on financing EVs apart from UpMove Capital a consumer lending startup focused on providing micro loans .
BlackSoil currently manages an alternative credit platform consisting of an RBI-registered NBFC and four SEBI-registered AIFs. Through multiple platforms, it has built a quality loan book by deploying $350+ million across 130 plus deals and having an AUM of $100 million.
Some of BlackSoil’s noteworthy investments include 9 unicorns – Upstox, Slice, Mobikwik, Udaan, Zetwerk, OYO Rooms, Spinny and Purplle.
Ankur Bansal, Co-Founder and Director of BlackSoil said, “We are delighted to announce our new investments. Keeping in-line with our underwriting thesis, we continue to build our presence in new age businesses such as EV, while still maintaining our strong presence in the financial services/fintech space.”
The swappable batteries are one of the enablers to rapid adoption of electric mobility in India, particularly empowering electric two-and three-wheeler vehicles which are capable of utilising this technology that alleviates range anxiety and enhances vehicle uptime.
Battery Smart is a Gurgaon-based battery swapping startup that provides advanced lithium-ion batteries for electric two and three-wheelers. Presently, the company has more than 12,000 customers across 12 cities in North India, including Delhi-NCR, Faridabad, Ghaziabad, Jaipur, Karnal, Panipat, and Lucknow.
As of November 22, the company has built a network of 400 plus swapping stations, enabled 5.5 million battery swaps, and powered 160 million emission-free kilometers.