BlackSoil invests over $8 million in three start-ups

Venture debt firm BlackSoil on September 13 announced that it has invested over $8 million in Tonbo Imaging, PARAS ARC, and Dar Credit. This will be a part of the firm’s investment strategy to focus on the deeptech and financial services sectors.

Ankur Bansal, Co-Founder and Director of BlackSoil said, “We are delighted to announce that we have added three new portfolio companies. These companies have shown tremendous growth in their segments and are backed by experienced management and marquee investors. Their unique business positioning and ability to survive through adversities like COVID is what made these companies an attractive proposition for BlackSoil.”

Bengaluru-based Tonbo is an indigenous manufacturer of advanced electro-optics solutions for military and commercial applications. Tonbo develops EOIR systems for tactical, land, naval, and aerial applications. Tonbo Imaging, co-founded by CEO Arvind Lakshmikumar, is backed by marquee Deep Tech investors including the likes of Artiman Ventures, Edelweiss, Qualcomm, and Celesta.

PARAS is the first South India-based ARC (asset reconstruction company) formed in 2008 founded by M Siva Rama Vara Prasad, a seasoned entrepreneur, and a part of the $1.5 billion conglomerate – 'Prasaditya & WACEM Group', with Punjab National Bank as an institutional sponsor of PARAS holding 10 percent stake in the company. To date, the company through trusts manages an AUM (assets under management) of over $175 million.