Stride Ventures announces first close of third venture debt fund at $100 mn

Stride Ventures, a debt investment firm, has announced the first closing of its third $100 million fund and is seeking more than $200 million in the final.

Stride said it is harnessing the growth potential of the Indian project debt market, which is expected to reach an annual spread of $3-4 billion by 2025.

“Stride has been the largest contributor of credit to fledgling companies and has sanctioned more than Rs 5,000 crore in the Indian startup ecosystem,” said Ishpreet Gandhi, founder and managing partner of the company.

Stride has a diversified portfolio of more than 100 companies that includes SUGAR Cosmetics, Good Glamm Group, Mensa Brands, Exotel, Yubi, and MoneyView.

The company said it has also successfully distributed more than 100 percent of its obligations, which include coupon payments and principal redemptions, to the early investors in its Fund 1.

“We see a growing demand for venture debt as startups look to optimize their capital structure and preserve equity for future rounds,” said Apoorva Sharma, Managing Partner at Stride Ventures. With the launch of our third fund, we are well positioned to meet the unique debt requirements of Indian start-ups.”