Stride seeks $137m for second India venture debt fund
India venture debt provider Stride Ventures has launched its second fund with a target of INR10 billion ($137.5 million), with a greenshoe option that could see the corpus rise to INR18.7 billion.
The firm, which was established in 2019 by Ishpreet Gandhi, who previously spent a decade in corporate banking in India, closed its debut vehicle earlier this year at INR3.5 billion.
Fund II has a four-year lifespan and the ability to recycle capital. The target LP base includes family offices, private equity firms, sovereign wealth funds, insurance firms, and high net worth individuals from India, Singapore, and the Gulf Cooperation Council (GCC) region.
It will make commitments of up to INR700 million across a variety of industries, although B2B commerce, software-as-a-service (SaaS), consumer, and healthcare, financial and agricultural technologies are expected to feature prominently.
The Fund I portfolio includes B2B marketplaces Zetwerks, Bizongo and Infra.market, used vehicle marketplaces Spinny and Credr, test preparation platform Avanti, consumer and agricultural supply chain players Stellapps and Arya, and color cosmetics brand Sugar.
Several other India venture debt providers are in fundraising mode. Last month, Alteria Capital – formed by executives from SVB India – achieved a first close of INR13.2 billion on its second fund, which has a target of INR15 billion. This followed Trifecta Capital closing its second vehicle with commitments of $140 million.
Meanwhile, Northern Arc Investments, previously known as IFMR Investment Managers, reached a first close of $23 million on a micro and small business-focused fund.
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