The company is also planning to raise USD 5-7 million in the next one year and is targeting a book size of USD 15-17 million by the end of 2022.

BlackOpal dilutes minority stake to raise USD 1.5 million

NEW DELHI: Asset management company BlackOpal received a license from the RBI to start NBFC operations and will operate under a separate SPV of the group BlackOpal Financial Services, the company said in a media release.

The company has already raised USD 1.5 million for minority stake dilution and it plans to use 50% of funds in retail and another half in real estate projects.

“NBFC will focus on bridging the financial gap for the SMEs/ retail and wholesale lending businesses and will be fully integrated with the asset management business of BlackOpal,” said Prasoon Chauhan, founder of the company.

The company is also planning to raise USD 5-7 million in the next one year and is targeting a book size of USD 15-17 million by the end of 2022.

Chauhan said that they are keen to partner through financing as well as project managers in such projects that are today unviable because of bad financial structures. “These projects require a new source of last-mile funding. If they get it, the developer will be willing to pay a premium to deliver the project and NBFC will be able to recover its money by ensuring better controls through asset management model.”

Under the separate platform of group BlackOpal Asset Management, BlackOpal is currently managing five projects in various capacities, totaling 2.5 million sq ft having an estimated value of approximately Rs 1,325 crore.