Stride Ventures has closed its third fund at $100 million as the homegrown venture debt firm is looking to capitalise on the rising venture debt market in India. It appears at a time when private equity investing has dropped heavily amid macroeconomic headwinds.
Stride Ventures plans to secure another $100 million for the final close of the fund, the company said in a press release. The company managed to raise the amount in four months after receiving a licence for the fund.
Stride Ventures says that it will make investments in fast-growing startups that exhibit robust business models, strong unit economics, and skilled management teams. It also added that its third fund received backing from a varied group of institutional investors, including banks, insurance companies, and family offices, without disclosing their names.
According to Stride Ventures, it has successfully distributed over 100% of its commitments, which included coupon payouts and principal redemptions, to the early investors of its Fund I. The company has invested in more than 100 startups across sectors including Sugar Cosmetics, The Good Glamm Group, Mensa Brands, Exotel, Yubi, MoneyView, Battery Smart, ReshaMandi and others.
Founded in 2019, Stride Ventures has raised three funds to date and closed its second fund in August last year with a corpus of $200 million.