BICF Invests In Hyderabad-Based Startup OlivaThe fundraise will be used by the startup for working capital requirement, general corporate purpose and to retire part debt

Venture debt and alternative credit fund BlackSoil said on Wednesday its first investment of INR 10 crore from its new alternative investment fund Blacksoil India Credit Fund in Hyderabad-based startup Oliva. The company had recently raised INR 110 crore through its first close for its maiden secured AIR strategy BlackSoil India Credit Fund (BICF).

The funding will be used by Oliva for their working capital requirement, general corporate purpose and to retire part debt. In the recent past, the platform has raised more than 100 crore till date from India Life Sciences Fund, Entrust Family Office Investment Advisor, and a few more.

Sreyas Holistic Remedies Private Limited operates a chain of dermatologist clinics under the brand name of Oliva, offering skin and hair care products and treatments so as to provide a balanced combination of aesthetic and dermatology procedures.

Founded in 2008 by Dr. Prashant Soma, the platform currently operates 23 clinics in 7 Indian cities and has treated more than 2,50,000 customers over the years. The company has over 80 in-house dermatologists and trichologists.

"We are extremely delighted with BlackSoil Group for reposing their faith in our company. We are hoping for many years of a fruitful relationship with Blacksoil and looking to continue to grow with investors who have put their beliefs behind our proven business model. With this round of funding we plan to consolidate our affairs and prepare the company for the next level of growth trajectory," stated Dr. Prashant Soma, founder, Oliva.

The company's revenue has grown at a CAGR of 40 per cent during FY16-20 and clocked healthy EBITDA as well. The platform has been EBITDA negative in the past two financial years.

"It is our pleasure to partner with Oliva to help them grow in a market with limited organized players and massive growth opportunity to disrupt the unorganized sector. The cosmetic and dermatology procedural treatment market size is currently around INR 100 billion which is expected to increase to double in the next 3-4 years. With a best in class product offering, Oliva has built an advanced ecosystem of facilities with qualified dermatologists and trichologists in the country," concluded Ankur Bansal, co-founder, Blacksoil.