Indian financial services platform StrideOne has raised INR2.5bn ($32.2m) in a mix of equity led by Elevar Equity and debt from banks.
StrideOne offers bespoke financial products to micro, small and medium enterprises (MSMEs) and supply chain partners of startups.
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The fintech was established by founders of venture debt fund Stride Ventures and is registered as a non-banking finance company with the Reserve Bank of India.
StrideOne is said to have developed a new credit distribution model, which provides access to customised growth capital for MSMEs and entrepreneurs, with a focus on areas with low credit penetration.
It aims to bridge the technological and financing gaps by focusing on startups’ existing ecosystem and offering financial products such as tie-up finance and personal loans among others.
For now, StrideOne’s products are focused on lending, later, the fintech plans to add more credit and non-credit offerings to cater to MSMEs.
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By GlobalDataThe announcement follows StrideOne’s acquisition of EzCred, which offers a lending marketplace. The firm plans to invest more in technology startups in 2022.
Elevar Equity managing partner Jyotsna Krishnan said: “The accelerated scale displayed by StrideOne reiterates the massive opportunity waiting to be unlocked in the extended startup ecosystem and we are excited to partner with them to bring it to life.”
StrideOne founder Ishpreet Singh Gandhi said: “We have been trying to innovate newer structures that would be further conducive to startups who are looking to expand and grow their businesses.” The fintech, which claims to be profitable, caters to around 20 startups and has managed to cross INR2bn in assets under management within six months of inception.
