Venture debt firm Stride Ventures has raised USD 165 million (about INR 1,380 crore) for its Fund III, which it plans to invest in Indian startups within a year, the company said on Wednesday, May 1.

The third fund has garnered strong support from a diverse mix of investors, including insurance companies, family offices, corporate treasuries and high net-worth individuals (HNI), it said in a statement.

"Stride Ventures announces the successful closure of Stride Ventures India Fund III at USD 165 million, achieved within just a year of the first close of the third fund in 2023. Fund III's portfolio showcases exceptional companies like BlueStone, Moneyview, Moove, Foxtale, CureSkin, NewMe, Nat Habit, and AgroStar," the statement noted.

Stride Ventures has a portfolio of over 140 startups across consumer, fin-tech, agri-tech, B2B commerce, health-tech, B2B SaaS, mobility & energy solutions (EV).

"We are broadening our impact across the Indian startup 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 startups," Stride Ventures managing partner Apoorva Sharma said.

The company had earlier raised USD 200 million for Fund II and USD 50 million for Fund I. Fund II was closed in August 2022, and Fund 1 in December 2020.

"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. At Stride Ventures, we remain committed to supporting visionary founders and extend gratitude to our investors and partners who have supported and trusted us to be a catalyst for sustainable growth and innovation across the startup landscape," Stride Ventures founder and Managing Partner Ishpreet Singh Gandhi said.

With over 140 start-ups across consumer, fin-tech, agri-tech, B2B commerce, health-tech, B2B SaaS, and mobility & energy solutions (EV), Stride Ventures is sector-agnostic and looks to address the capital needs of Indian start-ups.

According to Stride Ventures ' report in February, India’s venture-debt market surpassed the billion-dollar mark at USD 1.2 billion as rising confidence from founders, venture capitalists and investors fuelled deals in the sector. Start-ups have increasingly shown a preference for one-stop debt solutions that simplify fundraising and financial packages.

In 2023 venture debt globally stood at about USD 60-65 billion, according to a recent report by Stride Ventures.

Article Source – PTI