StrideOne, a tech-led financial services platform for start-ups has raised ₹250 crores via a mix of equity (led by Elevar Equity) and debt (including top Indian banks).
The start-up founded by the founders of venture debt fund Stride Ventures, focusses on providing customised financial solutions to MSMEs and supply chain partners of start-ups (anchors).
The start-up plans to create more products that impact both credit and non-credit need gaps for start-ups and MSMEs alike.
Elevar Equity invests early stage capital in entrepreneurs delivering essential products and services to underserved customer segments across India and Latin America.
“The teams at Elevar and StrideOne found alignment in the unique credit distribution model designed to address the capital demand of start-up supply chains,” the company said in an official release.
Further, StrideOne has witnessed significant growth, becoming profitable within six months of operations and accumulating an AUM of ₹200 crore across more than 20 anchor companies.
It has also acquired tech firm EzCred platform to bolster its tech interface. There are plans to make more tech-focused acquisitions in 2022, the company has said.
Ishpreet Singh Gandhi, Founder, StrideOne, said, “We at Stride Ventures have been constantly trying to innovate newer and better structures that would be further conducive to start-ups who are looking to expand and grow their businesses. The idea of StrideOne and the mission of empowering MSMEs with smartly designed, tailored credit offerings, is another significant shift in that direction.”
“It has been a supremely gratifying journey for us already, and with Elevar’s deep expertise in democratising access to capital for underserved customer segments, we look forward to doubling down on our milestones in FY’23 and beyond,” Gandhi added.
Abhinav Suri, Co-Founder, StrideOne, said “We are passionate about helping start-ups in their growth journeys across life cycles and sectors. Through StrideOne, we aim to go deeper into the start-up ecosystem and provide financial products and services which help in day-to-day financial management.”
“We have started with credit products for the supply chain and are investing towards building multiple offerings delivered through our technology platform that will be launched over the course of the year,” Suri said.
Jyotsna Krishnan, Managing Partner, Elevar Equity, added, “The accelerated scale displayed by StrideOne reiterates the massive opportunity waiting to be unlocked in the extended start-up ecosystem and we are excited to partner with them to bring it to life.”
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.