India-based financial services platform for startups raised USD 32.25 million (INR 250 crore) on May 31, 2022. Elevar Equity led the funding for the tech-financial venture capital firm StrideOne. The funding is a mixture of equity ( by Elevar Equity) and debt (from banks).
Purpose of Funding for StrideOne
The gurugram-headquartered firm raised funds to help the startup financing needs—currently, the firm focuses on lending. StrideOne’s credit distribution model allows MSMEs to access customized growth capital.
Besides, the company has plans to add more products to address both credit and non-credit gaps for startups and MSMEs.
What the founders have to say
“Through StrideOne, we aim to go deeper into the startup ecosystem and provide financial products and services that help daily financial management. We have started with credit products for the supply chain and are investing in building multiple offerings delivered through our technology platform launched over the year. The idea of StrideOne, and the mission of empowering MSMEs with smartly designed tailored credit offerings, is another significant shift in that direction,” said Abhinav Suri, Co-founder, StrideOne.
“We at Stride Ventures have constantly been trying to innovate newer and better structures that would be further conducive to startups who are looking to expand and grow their businesses,” said Ishpreet Singh Gandhi, co-founder, StrideOne.
“It has been a supremely gratifying journey for us already, and with Elevar’s deep expertise in democratizing access to capital for underserved customer segments, we look forward to doubling down on our milestones in FY’23 and beyond”, he further added.
What the investor has to say
“The accelerated scale displayed by StrideOne reiterates the massive opportunity waiting to be unlocked in the extended startup ecosystem. We are excited to partner with them to bring it to life. We found two people who have deep execution experience in financial services, understand the startup ecosystem well, and are very sharp in how they have designed distribution into a massive, underserved market. They have a unique vision and a super-efficient profitable distribution model that lends itself to exponential growth,” said Jyotsna Krishnan, Managing Partner, Elevar Equity.
About StrideOne
StrideOne, founded by venture debt fund Stride Ventures, introduced a startup-led credit distribution model for their supply chains. Ishpreet Singh Gandhi and Abhinav Suri are the founders of Stride Ventures.
Since its inception in December 2021, the firm has crossed the AUM (asset under management) of INR 200 crore across more than 20 anchor companies. The platform aims to help Indian startups expand and scale. Recently it acquired the tech firm EzCred platform. Moreover, it has plans to make more tech-focused acquisitions in 2022.
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 on May 31, 2022. Elevar Equity led the funding for the tech-financial venture capital firm StrideOne.){kind=link}