Financial services platform StrideOne secures Rs 250 cr led by Elevar Equity
- ByStartupStory | May 31, 2022
StrideOne, a financial services platform founded by Ishpreet Singh Gandhi and Abhinav Suri (founders of venture debt fund Stride Ventures), has funded Rs 250 crore (more than $32 million) in a combination of equity and debt headed by Elevar Equity. The Gurugram-based firm, which has been operating in stealth mode for the previous six months, offers customised financial solutions to micro, small, and medium companies (MSMEs) and startup supply chain partners. For the time being, its offerings are limited to lending.
Abhinav Suri, the co-founder of StrideOne said that through this the company hopes to go deeper into the startup environment and deliver financial products and services that aid in everyday financial management. The business intends to offer more solutions in the future to solve both credit and non-credit gaps for startups and MSMEs. He also added that the firm began with loan solutions for the supply chain and are investing in the development of different offerings supplied through its technology platform, which was released earlier this year. StrideOne’s concept, and objective of enabling MSMEs through cleverly designed personalised finance products, is another key step in that direction.
Stride Ventures has invested in companies such as Zetwerk, Spinny, MyGlamm, Mensa Brands, SUGAR Cosmetics, and Money View, among others. StrideOne, which claims to be profitable, has teamed with several of these firms to give them customised solutions. It now has 20 anchor startups as clients and Rs 200 crore in funds under management.
Jyotsna Krishnan, the Managing Partner at Elevar Equity stated that the firm identified two people with significant execution expertise in financial services, a strong understanding of the startup environment, and a keen eye for distribution into a vast, underserved market. They also have a distinct vision and a super-efficient lucrative distribution mechanism that lends itself to exponential expansion.
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