Venture debt firm, Stride Ventures has led a debt round of ₹15 crores in ZipLoan, a leading provider in retail consumer financing loans to MSMEs.
Stide Ventures has infused Rs 15 crore debt capital in small business lender Ziploan.
The investment amount will be, dispensed in two tranches and underlines the company’s commitment to leveraging traditional banking capital to cater to the start-up ecosystem.
ZipLoan launched in 2015 by Kshitij Puri and, Shalabh Singhal renders loans to grocery stores and micro industries It gives access to formal credit by custom-making the loan sourcing and underwriting process for its target customer base.
The NPAs are below 3 per cent. ZipLoan has dispensed almost ₹400 crores across 10,000 borrowers and currently serves markets in Delhi NCR, Dehradun, Indore, Jaipur, Lucknow and Mumbai.
Ishpreet Gandhi, the founder and managing partner, Stride Ventures, said, “We are excited to partner with ZipLoan in their pursuit to revolutionise lending to small business owners. It’s our endeavour at Stride to form credit accessible and efficient as we attempt to prevent equity dilution and make entrepreneurs truly ‘Atmanirbhar’.”
Stride Ventures started its first fund in 2019 with a target corpus of ₹500 crores and plans to take a position in 35 to 40 start-ups over next three years subsequently.
“We are privileged to partner with Stride Ventures as they assist us to realise our mission of addressing the funding needs of small business owners. The MSME segment is the most vital contributor to our economy but continues to be credit-starved. Even during the present crisis, the MSME segment has shown great resilience demonstrated by strong collections we’ve had,” said KshitijPuri, co-founder and CEO, ZipLoan.