Stride Ventures Closes Fund III At $165 Mn, Ready To Deploy Dry Powder Across Sectors

Venture debt firm Stride Ventures has announced the final closure of its Stride Ventures India Fund III at $165 Mn, with support from a diverse mix of investors, including Insurance companies, family offices, corporate treasuries and high-net-worth individuals (HNIs).

The fund aims to back startups across consumer brands, financial services and cleantech sectors. The Fund III portfolio already comprises names like BlueStone, Moneyview, Moove, Foxtale, CureSkin, NewMe, and Nat Habit, just to name a few.  

Commenting on the development, Stride’s founder and managing partner Ishpreet Singh Gandhi said, “As we close Fund III, our vision extends beyond the immediate market horizon. This approach aligns with the global transformation and growth trends within the startup ecosystem.” 

Chiming in, Stride’s managing partner Apoorva Sharma said, “We are broadening our impact across the Indian startup ecosystem, with comprehensive financial solutions for working capital, capex, in-organic expansion and growth. By identifying and backing market leaders who are ahead of the curve, we position ourselves at the forefront of investment innovation for Indian startups.”

The first close of the third fund was announced a year ago at $100 Mn. Back then, Stride Ventures had targeted the final close at $200 Mn. 

A sector-agnostic VC firm, Stride claims to have a portfolio of more than 140 startups across several sectors, including fintech, agritech, B2B SaaS, and mobility. 

The development comes at a time when a number of VC and PE firms have been announcing new funds to invest in Indian startups. On Tuesday (April 30), PE firm ChrysCapital announced the closure of its $700 Mn Continuation Fund to maintain its stake in the National Stock Exchange. 

Yet another VC firm IvyCap recently announced the closure of its third fund, backed by institutions, including IIT Alumni Trust and family offices, at INR 2,100 Cr (around $251 Mn).

Last week, Norwest Venture Partners also announced the closure of its 17th fund at $3 Bn. India will be one of the focus markets for the fund.

According to an Inc42 report, India is home to 2,500+ PE and VC firms, which raised more than $5 Bn worth of new funds in 2023 and $18 Bn+ in 2022.

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