Holisol Logistics Pvt. Ltd, a startup that provides supply chain solutions to original equipment manufacturers (OEMs) and retailers, has raised Rs 20 crore (approximately $2.79 million at current exchange rates) in asset financing from the Mumbai-based non-banking financial company BlackSoil Capital Pvt. Ltd.
The Delhi-based firm will use the funds for expansion, strengthening its team, and eliminating existing liabilities, Holisol said in a statement.
Rahul Dogar, founder at Holisol, said the firm was aiming to provide solutions to customers’ business requirements by creating a value proposition of ‘design-implement-manage’.
Separately, Ankur Bansal, director at BlackSoil, said Holisol has a unique business model focussed on creating strategies to address specific supply-chain issues. “The company is EBIDTA positive and its unit economics are strong,” he added.
Holisol Logistics was founded by Rahul Dogar, Manish Ahuja, and Naveen Rawat in June 2009. The company uses its ‘design-implement-manage’ philosophy to offer customers strategic, operational and affordable expertise. The startup has a workforce of over 200 people, and some of its customers include Wipro, Raymond, Jabong.com and Forever 21.
The asset financing comes almost four years after Holisol Logistics raised $10 million from CLSA Capital Partners’ ARIA IV fund in December 2015. Prior to that, it raised $1.5 million from Datavision Systems Pvt. Ltd, a software development and data processing firm.
According to VCCEdge, the data research platform of Mosaic Digital, Holisol reported a total income of Rs 100.6 crore, Rs 63.3 crore and Rs 46.38 crore for financial years ended March 2018, March 2017 and March 2016.
CLSA’s ARIA IV holds 51.18% in the company, while Datavision holds a 19.31% stake, according to VCCEdge.
BlackSoil offers debt to real estate developers, promoters of private firms at large and digital companies. The other startups it has backed include IndustryBuying, logistics venture GoBolt, marketing automation company WebEngage, weight management services firm Truweight, retail analytics provider Intelligence Node Consulting Pvt. Ltd and consumer product firm Chumbak Design Pvt. Ltd.
In September this year, VCCircle reported that the NBFC raised debt funding from high-net-worth individuals (HNIs) and by selling part of its loan portfolio to other companies. In July, it raised $17 million from its existing investors in a Series C round. The firm is backed by the family offices of Allcargo Logistics, Navneet Education and Mahavir Agency.