StrideOne raises Rs 250 cr to help startups meet financing needs
Financial services platform for startups StrideOne on Tuesday said it has raised Rs 250 crore via a mix of equity (led by Elevar Equity) and debt from banks.
StrideOne, founded by venture debt fund Stride Ventures, introduced a startup-led credit distribution model for their supply chains and crossed AUM (asset under management) mark of Rs 200 crore in six months of inception across more than 20 anchor companies.
It aims to reduce technological and financing gaps by leveraging the startups' existing ecosystem (vendors, suppliers) to provide credit related and other financial products such as tie-up finance, personal loans, etc.
"We have been trying to innovate newer structures that would be further conducive to startups who are looking to expand and grow their businesses," said Ishpreet Singh Gandhi, Founder, StrideOne.
StrideOne, an NBFC licensed by the Reserve Bank of India, said it leverages its team's expertise and deep-rooted understanding of the startup (anchor) ecosystem's financing need-gaps and their data on business performance and cash flows.
StrideOne recently acquired tech firm EzCred platform and plans to make more tech-focused acquisitions in 2022.
"The accelerated scale displayed by StrideOne reiterates the massive opportunity waiting to be unlocked in the extended startup ecosystem and we are excited to partner with them to bring it to life," said Jyotsna Krishnan, Managing Partner, Elevar Equity. - IANS
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