[Funding Alert] Stride Ventures Raises INR 85 Cr From SIDBI The funds received from SIDBI will be used to strengthen the deployment of the firm's maiden fund, Stride Venture India Debt Fund I

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

New Delhi-based venture debt fund Stride Ventures has raised INR 85 crore from Small Industries Development Bank of India (SIDBI). The funds received from SIDBI will strengthen the deployment of the firm's maiden fund Stride Venture India Debt Fund I, which marked its first close in November 2019 and is expected to close by the end of the year.

The platform is focused on providing debt solutions to growth stage start-ups; provide them with debt solutions and enabling them to strategically allocate capital. The fund further helps its portfolio companies leverage the banking ecosystem.

"SIDBI's commitment to the fund corroborates Stride's strong performance as well as the immense growth potential of the asset class. In spite of the challenges brought upon by the pandemic, we have been extremely active in deploying capital and have successfully completed 7 deals during this period. Further, we have seen no delinquencies or delays in our portfolio. We are excited to partner with SIDBI as we look to maintain this momentum and finish the year strongly," remarked Stride Ventures founder and managing partner Ishpreet Gandhi, in a statement.

The firm is focused on short-term credit solutions that are tailor-made to meet the requirements of different businesses. The average ticket size in each deal is INR 15 crore.

"We are seeing good revenue momentum in growth stage start-ups going beyond pre-COVID levels thereby increasing the need for working capital which remains the core thesis of our fund. SIDBI's commitment will help us accelerate our support to these exciting businesses to achieve their potential," added Stride Ventures managing partner Abhinav Suri.

The company recently announced investments in SUGAR cosmetics, a rapidly growing color cosmetics brand, and Miko, a leading robotics company. Other investments from the fund include Stellapps, HomeLane, Ziploan, LetsTransport, among others.

Prabhjeet Bhatla

Former Staff

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Marketing

7 Ways to Create a Seamless Marketing Campaign Across All Platforms

Achieving cross-platform harmony requires strategic goal-setting, customized content optimization, and a mix of paid and organic efforts.

News and Trends

How an Engineering Leader Is Bridging Tech Divides With Innovation, Empathy And Visionary Leadership

Valliappan "Valli" Narayanan's journey began in the humble setting of a small Indian town. The simplicity of his upbringing, coupled with an innate curiosity for mathematics and technology, laid a strong foundation for his future pursuits.

Entrepreneurs

The Insane Journey of Creator Prajakta Koli

The YouTube sensation has not only forayed into films and social and environmental advocacy but also turned an entrepreneur with selling her merchandise at the online store Merch Garage

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

Starting a Business

How Can You Make Sure Your Business Will Survive Anything? Try These 3 Proven Strategies

No matter how uncertain the economy is, you can survive anything as long as you prepare. Here are a few strategies to consider.