Venture debt and alternative credit platform BlackSoil Capital has invested Rs 10 crore (about $1.35 million at current exchange rates) in Oliva, a chain of dermatology-focussed clinics.
The investment in Oliva – operated by Sreyas Holistic Remedies Pvt. Ltd – marks BlackSoil’s first bet from its new fund, the BlackSoil India Credit Fund. This fund recently hit its first close at Rs 110 crore, the firm said in a statement.
It is also BlackSoil’s sixth deal in the healthcare sector.
The firm provides debt to private equity and venture capital-backed growth companies. It says it has completed over 45 deals and disbursed around Rs 450 crore in the past four years.
Oliva, founded by Prashant Soma, operates 23 clinics in seven cities and says it has treated more than 2.5 lakh customers. It offers skin and hair care products and treatments and says its revenue has grown at a compound annual growth rate of 40% from 2015-16 to 2019-20.
It also says it has been Ebitda (earnings before interest, taxes, depreciation, and amortisation) positive in the last two financial years.
It will use the funds it has raised to meet its capital requirements, for general corporate purposes and to retire part of its debt.
“With a best-in-class product offering, Oliva has built an advanced ecosystem of facilities with qualified dermatologists and trichologists in the country,” BlackSoil co-founder Ankur Bansal said.
Per the statement, Oliva has raised more than Rs 100 crore to date from investors including the India Life Sciences Fund, Entrust Family Office Investment Advisors, and high-net-worth individuals.
According to VCCEdge, the data research arm of Mosaic Digital, Oliva raised $1.4 million in 2018 from Entrust and HNIs. Prior to this, it raised nearly $600,000 (around Rs 3.95 crore) in 2017 from the India Life Sciences Fund, which is managed by the sector-focussed PE firm InvAscent.
Sreyas Holistic Remedies reported net sales of Rs 48.85 crore for 2018-19 and a net loss of Rs 5.93 crore.