Stride Ventures secures $100M for third fund, reaches 50% of target”
- ByStartupStory | May 9, 2023
Stride Ventures, a top venture debt firm in India, announced the first close of its third debt fund after raising $100 million, which is half of its target of over $200 million. The firm achieved the first close within four months of receiving the license for the fund, according to a release.
Stride Ventures, a venture debt firm based in India, has achieved the first close of $100 million for its third debt fund, which has a target of over $200 million. The firm, founded in 2019, has already raised two funds and made the final close of its second fund of $200 million in August 2022. The latest fund received investments from institutional investors, such as banks, insurance companies, and family offices, and will focus on supporting fast-growing startups with solid business models, strong unit economics, and experienced management teams.
According to Ishpreet Gandhi, Founder and Managing Partner of Stride Ventures, “As the largest contributor of credit to new age businesses that has sanctioned over Rs 5,000 crore in the Indian startup ecosystem, Stride takes immense pride.” With the present funding environment being challenging for startups, venture debt has emerged as a popular method for founders to raise capital. This enables startups to secure alternative forms of capital while preserving their valuation.
Stride Ventures is optimistic about the growth of the Indian venture debt market and expects it to deploy $3 billion to $4 billion annually by 2025. The firm’s third debt fund has already achieved its first close of $100 million within four months of receiving the license for the fund.
Stride Ventures plans to invest in fast-growing startups with strong unit economics, business models, and management teams. The portfolio of the venture debt firm includes startups such as SUGAR Cosmetics, Exotel, Yubi, and MoneyView. According to Apoorva Sharma, Managing Partner at Stride Ventures, there is an increasing demand for venture debt as startups seek to optimize their capital structure and preserve equity for future funding rounds.
According to Stride Ventures, it has fully distributed its commitments, including coupon payouts and principal redemptions, to the early investors of its first fund, representing over 100% distribution.
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