BlackOpal group gets RBI’s nod to start NBFC, raises $1.5 million

Asset Management company BlackOpal announced that it received a license from the Reserve Bank of India to start NBFC operations. The company proposed to operate the financial operations under a separate SPV of the group BlackOpal Financial Services Pvt Ltd.

To start the NBFC, BlackOpal has already raised $1.5 million for minority stake dilution. “It plans to use 50% of funds in retail and another half in real estate projects,” the company said in a statement.

“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, BlackOpal.

“The company is also planning to raise $5-7 million in the next one year and is targeting a book size of $15-17 million by the end of 2022,” it further added.

At present, BlackOpal is managing five projects in various capacities, totaling 2.5 million sq ft having an estimated value of approximately 1,325 crore under a separate platform.

Black Opal is a strategic solution oriented venture focused on real estate sector.

Speaking about the looming problem of stuck projects in the real estate sector, Chauhan said, “We 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.”

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