This is Stride’s first foray into fintech lending and the amount will be disbursed across two tranches. The investment underlines the firm’s plans to leverage traditional banking capital to cater to the startup ecosystem.
ZipLoan caters to the need of working capital loans for kirana stores and micro industries. Its proprietary ZipScore platform, that tests creditworthiness of a borrower, has so far helped it maintain its non-performing assets (NPA) at under 3%.
In a statement, Ishpreet Gandhi, founder and managing partner, Stride Ventures, said “It is our endeavour to make credit accessible as we try to prevent equity dilution and make entrepreneurs ‘Atmanirbhar’. We are confident that the company will continue to scale even in these challenging times.”
“The MSME segment is the most important contributor to our economy, but still continues to be credit starved. Even during the current crisis, the MSME segment has shown great resilience demonstrated by strong collections we have had,” said Kshitij Puri, co-founder & CEO, ZipLoan, in a statement.
Stride Ventures launched its maiden fund in 2019 with a target corpus of INR 500 crores and plans to invest in 35-40 startups over the next 3 years.