Indian fintech lending platform StrideOne raises $32m led by Elevar Equity

StrideOne, a tech-led financial services platform for startups, has raised around $32 million (Rs 250 crore) in a mix of equity and debt financing as it seeks to scale up organically and also through acquisitions, the company announced on Tuesday.

While the equity portion of the funding was led by Elevar Equity, the debt component came from major Indian banks, the startup said in a statement.

He plans to use the collected corpus to create more products, the statement adds.

StrideOne, which was established by the founders of venture capital fund Stride Ventures, Ishpreet Gandhi and Abhinav Suri, around six months ago, focuses on providing tailored financial solutions to MSMEs and supply chain partners. sourcing startups (anchors). It aims to bridge technology and financing gaps by leveraging the existing ecosystem of startups (vendors, suppliers) to provide credit-linked products and other financial products such as tied financing, personal loans, etc.

“With Elevar’s deep expertise in democratizing access to capital for underserved customer segments, we look forward to doubling our milestones in FY23 and beyond,” said Gandhi.

“We started with supply chain credit products and are investing in building multiple offerings delivered through our technology platform that will launch over the course of the year,” Suri added.

StrideOne, which is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI), also claims to have become profitable in just six months of operations and manages assets worth Rs 200 crore in over of 20 leading companies. .

The company recently acquired EzCred – a technology company that has been running for more than five years and used by financial institutions – to bolster its technology interface. It plans to make more tech-focused acquisitions in 2022.

Meanwhile, Stride Ventures is raising its second venture debt fund. The company had achieved the first close of its second fund – Stride Ventures India Fund II – securing commitments of Rs 550 crore from its target corpus of Rs 1,000 crore in August last year. Its portfolio companies include Pocket Aces, MediBuddy, SUGAR Cosmetics, Detect Technologies, MyGlamm, ReshaMandi and Mensa Brands.

Previous Kennek Lending Platform Partners with Mambu for 'Lender-in-a-Box' B2B Solution
Next Sasra publishes strict rules for university staff loans