StrideOne Raises INR 250 Cr In a Round Led By Elevar Equity
The company has introduced a startup-led credit distribution model for its supply chains
StrideOne, a tech-led financial services platform for startups, has raised INR 250 crores via a mix of equity (led by Elevar Equity) and debt (including top Indian banks).
In addition to the fundraise, StrideOne has unlocked tremendous growth momentum, becoming profitable within just six months of operations and accumulating INR 200 crores of assets under management across more than 20 anchor companies, said a statement.
"It has been a supremely gratifying journey for us already and with Elevar's deep expertise in democratizing access to capital for underserved customer segments, we look forward to doubling down on our milestones in FY'23 and beyond," said Ishpreet Singh Gandhi, founder, StrideOne.
Some examples of the customised credit structures StrideOne has already delivered include a financing program that helped the supply chain of a logistics tech startup, facilitating personal credit to their transport drivers with digital onboarding and an extremely low turnaround time, said the company.
Additionally, for a B2B silk supply business, StrideOne claims to have created a credit structure where they paid the company upfront and helped their weavers, reelers and farmers with seamless credit resulting in business volumes for the company.
"We are very selective about the business models and founders we back ... The accelerated scale displayed by StrideOne reiterates the massive opportunity waiting to be unlocked in the extended startup ecosystem and we are excited to partner with them to bring it to life," said Jyotsna Krishnan, managing partner, Elevar Equity.
Founded by the founders of venture debt fund Stride Ventures six months ago, StrideOne is a non-banking financial company licensed by the Reserve Bank of India. The financial needs of the Indian startup ecosystem are unique and require a focused approach.
StrideOne aims to reduce technological and financing gaps by leveraging the startups' existing ecosystem (vendors, suppliers) to provide credit-related and other financial products such as tie-up finance, personal loans, etc., said the company.