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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.