New Delhi-based Venture debt fund Stride Ventures has secured Rs 85 crore from development financial institution, Small Industries Development Bank of India (SIDBI).
The firm says that it will use the funds to strengthen the deployment of Stride Venture India Debt Fund I, its maiden fund. The fund marked its first close in November of the previous year and is in the last stage of its final close.
Stride has invested in companies such as Stellapps, HomeLane, Ziploan and LetsTransport. It’s most recent investments include Sugar Cosmetics and Miko, a robotics company.
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 seven 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.”
Founded in 2019, Stride Ventures is a privately held sector agnostic Venture Debt fund. With 10 portfolio companies, the firm seeks to invest in 25-30 startup under its maiden fund – Stride Venture India Debt Fund I.
–AK
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