Celebal Technologies Bags Debt Funding From BlackSoil

IT services provider Celebal Technologies has raised an undisclosed debt funding from alternative credit platform BlackSoil.

The company will use the fresh amount for working capital and general corporate purposes. It will enable Celebal Technologies to serve its 200 client base better and deepen its market penetration worldwide, the company said in a statement.

Headquartered in Jaipur and cofounded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specialises in data science, AI, and enterprise cloud solutions. It also assists its extensive clientele with improving business efficiencies and providing tailored solutions primarily in data engineering, cloud innovation, supply chain analytics, and AI-driven chatbots.

In 2022, Celebal Technologies raised $32M in its first institutional fundraising from Norwest Venture Partners.

“This debt financing from Blacksoil is tailored to our unique needs. Providing us flexibility to seize market growth opportunities while limiting short-term volatility in our cash flows without diluting equity or ownership control,” Hemant Mathur, CFO of Celebal Technologies said.

The company claimed to have achieved an annual growth rate (CAGR) of approximately 105% from FY21 to FY24. During this period, the number of employees grew from 300+ to 2,300+. The growth has been attributed to strategic partnerships with industry giants such as Microsoft and Databricks, fuelling Celebal Technologies’ drive to innovate and expand its client base effectively.

“As a forward-thinking enterprise poised for significant growth, Celebal Technologies is uniquely positioned to lead in the AI sector globally. With their strategic partnership with industry giants Microsoft and & Databricks, they are set to revolutionise the market with cutting-edge solutions. Starting in a Tier II city, the journey of Celebal Technologies is a beacon of inspiration,” Ankur Bansal, cofounder and director of BlackSoil, said.

Last year, BlackSoil raised $25 Mn in funding from multiple banks, family offices, corporate treasuries, and high-net-worth individuals. The debt firm raised the capital through its various debt products. Earlier this year, IPO-bound MobiKwik also raised INR 50 Cr (about $6 Mn) debt from BlackSoil.