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SIDBI commits Rs 250 cr funding to three companies; Stride Ventures will get as much as Rs 85 cr

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New Delhi: The Small Industries Development Bank of India (SIDBI) has dedicated Rs 250 crore funding to 3 funds, together with Stride Ventures that has acquired as much as Rs 85 crore. In a press release on Thursday, Stride Ventures stated it has raised as much as Rs 85 crore from SIDBI, and that the funds will strengthen the deployment of its maiden Stride Venture India Debt Fund I.

“We are delighted to have joined fingers with SIDBI in our journey to revolutionise enterprise lending.

“Their dedication of as much as Rs 85 crore will additional strengthen our deployment from our maiden fund – Stride Ventures India Debt Fund I,” Stride Ventures founder and Managing Partner Ishpreet Singh Gandhi stated.

He added that SIDBI’s help to indigenous funds strongly propels the nation’s mission to be ‘Aatmanirbhar’.

Last week, SIDBI had tweeted that it could present Rs 250 crore to 3 entities – Stride Ventures, India SME Investments Fund and JSW Ventures Trust.

“Furthering the Startup India Mission, SIDBI commits additional Rs 250 crore to 3 Alternative Investment Funds under Fund of Funds for Startups (FFS) of GoI,” it had stated.

When contacted, JSW Group spokesperson declined to remark. Comments from India SME Investments Fund couldn’t be instantly elicited.

Fund of Funds for Start-ups (FFS) was unveiled by Prime Minister Narendra Modi on January 16, 2016 in keeping with the Start-up India Action Plan. It has accredited corpus of Rs 10,000 crore for contribution to numerous various funding funds (AIFs) registered with Sebi. FFS facilitates funding wants for start-ups via participation in capital of Sebi-registered AIFs.

As of March 31, 2020, round Rs 3,798 crore dedication have been made to 53 AIFs, as per the information obtainable on SIDBI’s web site.

Close to Rs 3,582 crore have been invested in start-ups by AIFs underneath FFS.

Stride Ventures, in its assertion, stated regardless of the challenges introduced upon by the pandemic, the corporate has been extraordinarily lively in deploying capital and has accomplished seven offers throughout this era.

“Further, we have seen no delinquencies or delays in our portfolio. We are excited to partner with SIDBI as we look to maintain this momentum and finish the year strongly,” Gandhi stated.

Stride had not too long ago introduced investments in SUGAR, a color cosmetics model, and robotics firm Miko. Other investments from the fund embody Stellapps, HomeLane, Ziploan and LetsTransport.

Stride has 10 portfolio corporations and plans to put money into 25-30 startups for Stride Venture India Debt Fund I.

“We are seeing good revenue momentum in growth stage start-ups going beyond pre-covid levels thereby increasing the need for working capital which remains the core thesis of our fund. SIDBI’s commitment will help us accelerate our support to these exciting businesses to achieve their potential,” Stride Ventures Managing Partner Abhinav Suri stated.

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