Incubate Fund Asia Invests in Stride Green's Seed Round
Climate-tech startup Stride Green, focused on asset financing and lifecycle management for sustainable businesses, has raised US$3.5 million in a seed funding round.
The seed funding was led by Bengaluru-based Micelio Technology Fund and Incubate Fund Asia, alongside participation from other investors.
Gurgaon-based Stride Green provides financing to electric vehicles (EVs), solar panels, charging stations, etc. It also directly leases EVs and other assets to businesses across e-commerce and logistics companies.
The company has financed more than 2500 assets across multiple categories in electric mobility, including 2-wheelers, 3-wheelers, 4-wheelers and trucks.
The Indian electric mobility market is expected to grow significantly in the coming few years, driven by consumer demand, government initiatives, technological advancements and better infrastructure.
However, the growth faces a big challenge: traditional financing mechanisms like banks are inadequate to assess the risk characteristics of electric mobility, charging infrastructure, and mobility-as-a-service models.
Stride Green can help consumers and businesses to mobilise capital to fund their assets as it specialises in creating a financing infrastructure that electric mobility needs.
Started by Ishpreet Singh Gandhi and Vivek Jain, with both founders bringing a decade of experience in banking and financial services, which will help them in expanding in this domain.
The company’s digital platform seamlessly enables consumers to discover different EVs, compare specifications, estimate financial requirements, and avail affordable loans.
The startup has also entered partnerships with leading automobile companies, such as Bajaj, TATA Motors, Mahindra, TVS, Piaggio, and emerging startups like Euler Motors, Lohum, etc.
Stride Green competes with India’s largest pure-play green financing NBFC, IREDA and Ecofy Finance, which recently secured a $12.5 million long-term loan.
Government-owned Indian Renewable Energy Development Agency (IREDA) revenue and profit grew by 36% last year, underscoring a strong uptick in India’s green financing sector.
