Stride Ventures, a venture debt firm based in New Delhi, has entered the Saudi Arabian market and plans to deploy US$200 million there over the next two years.

The firm has extended over US$1 billion in credit across India, Southeast Asia, and the UK.

Stride led a US$33 million funding round into Erad, a Saudi fintech startup that provides financing to small and medium-sized businesses, marking its first fintech investment in the Middle East.

Stride also closed its first Gulf-focused fund and aims to lend another US$50 million to companies in the United Arab Emirates.

The company could invest up to US$500 million in the Middle East in the next four years.

Stride is reportedly in talks for a deal with a construction technology company in the region.

Erad, founded in 2022, said it plans to deploy over US$100 million to support SMEs in the coming year.

🔗 Source: Bloomberg

Recent Stride developments