Regulators have approved sector-agnostic Indian venture debt fund Stride Ventures’ application to operate in the Abu Dhabi Global Market (ADGM), the international financial center in the United Arab Emirates (UAE).
Stride secured the in-principle approval from ADGM’s Financial Services Regulatory Authority for a category 3C license, which allows a firm to manage a collective investment fund, among others.
Subject to final approval, Stride said it plans to explore avenues for global expansion, including setting up a fund focused on investments in the six Gulf Cooperation Council (GCC) countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
“Partnering with ADGM enhances our ability to empower a broader spectrum of businesses. ADGM’s dynamic regulatory environment and strong support for financial innovation provide an ideal platform for Stride to facilitate the entry of Indian and other global startups into the GCC. This will not only bolster their growth prospects but also contribute to a more diverse and robust economic landscape in the region,” Ishpreet Gandhi, founder and managing partner at Stride Ventures, said in a statement.
“Stride Ventures’ commitment to innovation and economic vitality mirrors ADGM’s vision of becoming a nucleus for global business and financial services,” the company said in the statement.
Founded in 2019, Stride has raised three funds in India and backed more than 100 startups, including Sugar Cosmetics, The Good Glamm Group, and Mensa Brands among others.
Arvind Ramamurthy, chief of market development at ADGM, said, “The potential of Stride establishing an exclusive fund in ADGM underscores our standing as a magnet for global financial institutions. Their leadership in venture debt and vision for nurturing innovation and entrepreneurship align with ADGM’s objectives, amplifying Abu Dhabi’s strategic value to global finance. Stride’s expanding presence across Abu Dhabi and the wider region has the potential to create sustainable economic value across multiple sectors through its approach.”
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