Venture debt firm Stride Ventures has closed its third fund at $165 million, about a year after it announced the first close of the same fund.
The fund has garnered support from a diverse mix of investors, including insurance companies, family offices, corporate treasuries and high net-worth individuals (HNI), the firm said in a statement on Wednesday.
“We are broadening our impact across the Indian start-up ecosystem, with comprehensive financial solutions for working capital, capex, in-organic expansion and growth. By identifying and backing market leaders who are ahead of the curve, we position ourselves at the forefront of investment innovation for Indian start-ups,” said Apoorva Sharma, Managing Partner, Stride Ventures.
The fund focus is on the consumer brands, financial services and cleantech sector. The companies in the Fund III’s portfolio include BlueStone, Moneyview, Moove, Foxtale, CureSkin, NewMe, Nat Habit and AgroStar.
With over 140 start-ups across consumer, fin-tech, agri-tech, B2B commerce, health-tech, B2B SaaS, mobility & energy solutions (EV), Stride Ventures is sector-agnostic and looks to address the capital needs of Indian start-ups.
Stride Ventures has successfully returned its Fund I in its entirety, said the company in its statement.
“As we close Fund III, our vision extends beyond the immediate market horizon. This approach aligns with the global transformation and growth trends within the startup ecosystem,” said Ishpreet Singh Gandhi, Founder and Managing Partner at Stride Ventures.
India’s venture-debt market surpassed the billion-dollar mark at $1.2 billion as rising confidence from founders, venture capitalists and investors fuelled deals in the sector, according to Stride Ventures’ report in February. Start-ups have increasingly shown a preference for one-stop debt solutions that simplify fundraising and financial packages.