New Delhi [India], February 5 (ANI/NewsVoir): Prasoon Chauhan, former Co-founder and CEO of ATS Homekraft, has founded his next venture BlackOpal with the primary objective of providing strategic solutions to real estate projects throughout their life cycle.
Leveraging his expertise of project financing and development business Chauhan believes that BlackOpal will be able to support developers as a niche asset manager with a unique capability of managing the entire project in a DM model or through equity participation or managing specific functions like sales & marketing, CRM support, capital structure solution, design & construction etc.
At present BlackOpal is actively managing 5 projects in different capacities aggregating to 2.5 million Square feet valued at Rs 1325 crores plus with a team of 25 plus industry professionals. The team has diverse experience of all vital functions of the sector and are experts in evaluating and providing specialized solutions.
Post the IL & FS crisis and the pandemic, the industry has been marred with sluggish growth and lack of working capital financing options. A sector focused NBFC and AIF thus are next on cards under the BlackOpal umbrella.
“We are awaiting the approval for the NBFC from RBI, which is expected in the near future. The NBFC will play a pivotal role in our asset management full integration that we aim to achieve going forward – a symbiotic relationship with our borrowers by providing a financing option while enhancing the other relevant functions of their business,” added Chauhan.
Mr. Chauhan is a banking veteran with expertise in project financing across real estate asset class. In 13 years of his banking career, he has worked in leadership position in Yes Bank and ICICI Bank. In his last stint as Co-founder of ATS Homekraft where the stake was diluted to HDFC capital to raise capital, Homekraft achieved numerous milestones from inception of business to scaling upto under development project of 10 million square feet (valued at Rs 5000 crores plus) and sold 1700 plus Units (valued at Rs 2000 crores) in 18 months.
Chauhan attributes the foundation of BlackOpal on the learnings and observations of his diverse experience that he gained in his career on the financing side and then on the project development side. With his team of professionals he is confident that Black Opal is capable of delivering customized business solutions for each of its clients.