PremiumMUMBAI: Venture debt firm Stride Ventures on Wednesday said it has achieved the first close of its second fund--Stride Ventures India Fund II--securing commitments of Rs550 crore of its target corpus of Rs1,000 crore,
The firm has a greenshoe option to raise an additional Rs875 crore over the target corpus.
Having received approval from Securities Exchange Board of India (Sebi) in June, the firm has been able to raise more than half of its targeted corpus of Rs1,000 crore within two months since the announcement of the launch, it said.
It aims to ramp up deployment in late stage startups across sectors like B2B commerce, healthcare, agritech, fintech and D2C brands, with an average ticket size up to Rs75 crore.
In addition to family offices and institutional investors, the firm will diversify its investor base outside India for Stride Ventures India Fund II, on the lines of the maiden fund.
"The considerable tailwinds seen in the Indian start-up ecosystem present a perfect opportunity to invest in the potential of venture debt in India. With the majority of investors from our maiden fund returning to invest in the new fund, we have had a quicker-than-expected first close," said Ishpreet Gandhi, founder and Managing Partner, Stride Ventures.
Stride Ventures has invested in late stage and growth stage startups such as Infra.Market, Spinny, HomeLane, SUGAR Cosmetics, Zetwerk, Bizongo, Pocket Aces, MyGlamm, DocsApp etc
Stride Ventures has disbursed Rs400 crore in 2021 through 20 investments.
