India: Stride Ventures launches second debt fund with a target corpus of $137m

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Venture debt provider Stride Ventures on Tuesday said 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 additional 875 crore, the investment firm said in a statement.

The firm will continue investing in early to late-stage startups with ticket size from the new fund expected to go up to 70 crore, it said.

The new fund will have a commitment period of four years within which the capital will be deployed and recycled.

While Strides is a sector agnostic investor, it will look to invest primarily in sectors such as B2B commerce and SaaS, consumer, healthtech, fintech, agritech, amongst others.

“As founders become increasingly aware about debt and alternative capital for non-dilutive structures, our deployments have grown considerably as we partner with fundamentally strong companies. Since inception, our endeavour has been to adopt a partner-centric approach and cater to the distinctive credit requirements of new-age businesses in India,” Ishpreet Gandhi, founder and managing partner at Stride Ventures.

“Despite the pandemic, our Fund has served as a good diversification for our investors’ asset allocation, having 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.

Founded in 2019, Stride Ventures closed its maiden fund earlier this year after overshooting its initial target corpus of ₹350 crore. It has funded more than 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.

“We constantly innovate to provide customised credit structures for our portfolio companies and help them size debt capital around predictable cash flows to minimise risk. We have built a strong risk culture across the firm by 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 provide class-leading returns to our investors,” said Abhinav Suri, managing partner, Stride Ventures.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.