StrideOne, the tech-led financial services platform launched by the founders of venture lending firm Stride Ventures, said Tuesday that it has 250 crore ($32.25 million) through a mix of debt and equity.
StrideOn said in a statement that the equity funding was led by early-stage venture capital firm Elever Equity, while the debt was raised from top Indian banks.
Six-month-old StrideOn, a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI), has crossed assets under management (AUM). 200 crores already, this added. StrideOn provides financial solutions to the supply chain partners of Micro, Small and Medium Enterprises (MSMEs) and Startups. For example, StrideOn offers personal credit to the transport drivers of a logistics tech startup with digital onboarding and extremely short turnaround times.
Ishpreet Singh Gandhi, Founder, StrideOn, said in the statement that the company was launched in line with the vision of Stride Ventures, to innovate the credit structure for startups who want to grow their business.
Meanwhile, Stride Ventures is raising its second venture debt fund. Last month, VCCircle reported that Stride Ventures is ready to exceed its target fund To raise Rs 1,000 crore for its second fund 1,600 crores. The venture debt firm has backed startups such as MyGlamm, Sugar Cosmetics and Mensa Brands.
StrideOn co-founder Abhinav Suri said that StrideOn started with credit products for the supply chain. “We are investing towards building multiple offerings through our technology platform, which will be launched over the year,” he added.
Jyotsna Krishnan, Managing Partner, Elever Equity, said StrideOne has a super-efficient profitable distribution model that lends itself to exponential growth.
“The accelerated scale demonstrated by StrideOne reiterates the huge opportunity waiting to be unlocked in the expanding startup ecosystem and we are excited to partner with them to bring it to life,” Krishnan said.
In May last year, VCircle reported that Elever Equity had hit the road to secure commitments for its fifth India-focused fund, which had sought to raise $120-125 million. 883-920 crore).
In the 2000s the social impact investor was spun out of Unitus, Inc., a global non-profit that provides capital to microfinance institutions in developing countries. Its investments include agriculture-focused NBFC Upgradation and school management services provider LEED.