Venture debt and alternative credit fund, BlackSoil has announced its first investment into Sreyas Holistic Remedies Private Limited (Olivia). It’s an investment of INR 10 Crores from its new alternative investment fund BlackSoil India Credit Fund. The company had recently raised an amount of INR 110 Crore through its first close for its maiden AIR strategy BlackSoil India Credit Fund (BICF). The Olivia will be using the first raise of funds for their working capital needs, general corporate purpose and to retire part debt. In the past period time, Olivia, which is a Hyderabad-based startup has raised more than 100 Crores to date from India Life Sciences Fund, Entrust Family Office Investment Advisor, and a few more.
To provide a balanced combination of aesthetics and procedures Sreyas Holistic Remedies Private Limited focuses on the working of a chain of dermatologist clinics under the brand name ‘Olivia’, which provides both skin and hair products. It was founded in 2008 by Dr. Prashant Soma. Currently, it has 23 advanced clinics in 7 Indian cities and has treated more than 2,50,000 people over the last years. The company’s revenue has grown at a CAGR of 40% during FY16-20 and clocked healthy EBITDA as well. The company has been EBITDA +ve in the past 2 financial years.
Oliva’s founder Dr. Prashant Soma said that they are extremely delighted with BlackSoil Group for reposing their faith in their company Olivia. They hope that they can extend their relationship with BlackSoil and looking to continue to grow with investors who have put their belief behind their proven business model. With this round of investment, they plan to consolidate their affairs and prepare the company for the next level of growth trajectory, he added. BlackSoil Co-founder Ankur Bansal said that it is their pleasure to partner with Oliva to help them grow in a market with limited organized players and massive growth opportunities to disrupt the unorganized sector.
BlackSoil is mainly focused on providing debt solutions to Private Equity Firms or Venture Capital firms. It is a specialized credit platform. BlackSoil has completed over 45 deals in this space and paid out 450 crores already in the past 4 years of operations. This initiative is sixth among the healthcare space.