Venture debt firm Stride Ventures has raised Rs 85 Cr from Small Industries Development Bank of India (SIDBI). According to a statement issued by Stride Ventures, the funds will help the firm strengthen the deployment of its maiden fund — Stride Venture India Debt Fund I.
Stride Venture is sector agnostic and invest in growth-stage VC-backed startups. It focuses on short-term credit solutions that are customised to meet the requirements of a particular business.Some of Stride's portfolio companies are Stellapps, HomeLane, Ziploan, and LetsTransport. It recently invested in cosmetics brand SUGAR Cosmetics and robotics startup Miko.
Founder and Managing Partner Ishpreet Gandhi 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.”