Stride Ventures targets $137m for its second fund for Indian startups

Indian venture debt firm Stride Ventures, which co-lends with traditional bankers along with its own underwriting mechanism, announced it has launched its second fund.

More details

• Investors: Undisclosed family offices, sovereign funds, private equity funds, insurance firms, and high net worth individuals across India, Singapore, and the Gulf Cooperation Council
• Target amount: 1,000 crore rupees (US$137.4 million), along with a greenshoe option of 875 crore rupees (US$120.2 million)
• Average ticket size for investments: Up to 70 crore rupees (US$9.6 million)
• Sectors: Business-to-business commerce, software-as-a-service, consumer, healthtech, fintech, and agritech, among others

More company updates

• Stride Ventures will hit the first close of its second fund within the next three months.
• The new fund will have a commitment period of four years within which the capital will be deployed and recycled, giving the firm over 3,000 crore rupees (US$412 million) for funding startups through venture debt and allowing it to offer multifaceted credit solutions.
• Apoorva Sharma, a former HSBC and Xander Group executive, will come on as a partner for the second fund.
• Stride Ventures closed its maiden fund in January this year, with key deals in growth-stage startups such as Pocket Aces, Miko, Sugar Cosmetics, and late-stage startups including Infra Market, Spinny, HomeLane, Zetwerk, and Bizongo.
• The company claims its first fund is on track to deliver a targeted internal rate of return of 18% to 19%, disbursing over 200 crore rupees (US$27.5 million) since its inception.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.

Currency converted from US dollar Indian rupees to Indian rupees: US$1 = 72.77 rupees.