Stride Ventures launches second debt fund, targets over INR 1,000Cr fundraise
Stride Ventures announced on Tuesday that it is launching Stride Ventures India Fund II, its second venture debt fund, with a targeted corpus of ₹1,000 crore and a greenshoe option to raise an added ₹875 crore.
The firm will keep investing in early to late-stage startups with ticket size from the new fund foreseen to rise to ₹70 crore, it said.
The new fund will have a commitment period of four years during which the capital will be extended and recycled.
While Strides is a sector agnostic investor, it can invest essentially in sectors such as B2B commerce and SaaS, consumer, healthtech, fintech, agritech, amongst others.
Ishpreet Gandhi, founder and managing partner at Stride Ventures said, “As founders become increasingly aware of the debt and alternative capital for non-dilutive structures, our deployments have grown considerably as we partner with fundamentally strong companies. Since inception, we have endeavored to adopt a partner-centric approach and cater to the distinctive credit requirements of new-age businesses in India.”
“Despite the pandemic, our Fund has served as a good diversification for our investors’ asset allocation, has continued to post strong and consistent returns. We have seen great interest from all our existing investors and are looking at onboarding new investors as well for Fund II. With these considerations in mind, we are looking at the first close of our second Fund within the next three months,” he added.
Established in 2019, Stride Ventures concluded its maiden fund earlier this year after exceeding its initial target corpus of ₹350 crore. It has funded over 20 companies from Stride Ventures India Fund I, including startups such as Pocket Aces, Miko, SUGAR Cosmetics, Infra.market, Spinny, Home Lane, Zetwerk and Bizongo.
Commenting on the development, Abhinav Suri, managing partner, Stride Ventures said, “We constantly innovate to provide customized credit structures for our portfolio companies and help them size debt capital around predictable cash flows to minimize risk. We have built a strong risk culture across the firm by an emphasis on in-depth 360-degree analysis of businesses that we invest in, robust internal processes, and disciplined monthly monitoring of the portfolio. This gives us a lot of confidence as we go into a larger Fund II and remain committed to providing class-leading returns to our investors.”
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