The funds received from SIDBI will strengthen the deployment of Stride’s maiden fund.
Stride Ventures, one of India’s leading venture debt funds, has raised up to INR 85 crore from Small Industries Development Bank of India (SIDBI). The funds received from SIDBI will strengthen the deployment of Stride’s maiden fund – Stride Venture India Debt Fund I, which marked its first close in November 2019 and is in the last stages of its final close.
The fund was set up by Ishpreet Singh Gandhi in July 2019 after receiving regulatory clearance from SEBI. The fund managers Ishpreet Singh Gandhi and Abhinav Suri are ex Bankers, with long-standing corporate lending experience including lending to startups. They have previously worked in institutions such as Citi, ANZ, IDFC, Kotak Bank, and Yes Bank, holding senior positions across relationship management and Credit.
The initial commitments for the fund came from HNIs and family-owned business groups, both domestic and overseas, as well as from institutional investors. The fund is expected to make the final close by the end of the year.
Ishpreet Gandhi, Founder and Managing Partner, said, ”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.”
Abhinav Suri, Managing Partner, said, “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”
Stride recently announced investments in SUGAR, a rapidly growing color cosmetics brand, and Miko, a leading robotics company. Other investments from the fund include Stellapps, HomeLane, Ziploan, LetsTransport, Miko, etc.
Stride is sector agnostic and invests in growth-stage startups that are VC backed. The fund 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 cr.
Since its inception, Stride Ventures has focused on investing in market leaders across sectors. Stride plans to invest in 25-30 startups for Stride Venture India Debt Fund I.
Source: Business World
