Indian VC Targets $1B Global Fund
Venture capital is going increasingly global as India's Stride Ventures secured backing from Saudi Arabia's Public Investment Fund (PIF) for a new $1 billion global fund. The move is a strong signal that US founders should look beyond Sand Hill Road, as Middle Eastern and Asian capital pools become more active in seeking startups with international expansion plans.
Stride Ventures' new $1B fund, backed by Saudi Arabia's Public Investment Fund (PIF), is earmarked for global deployment over the next two years. This partnership makes Stride the first India-based fund to be backed by the PIF, signaling a significant step in the firm's international expansion. The collaboration will see approximately $200 million of the fund specifically targeted towards Saudi Arabia's growing entrepreneurial and innovation ecosystem. This aligns with the PIF's "Jada Fund of Funds" initiative, a $1 billion program launched in 2018 to foster the development of Saudi Arabia's private capital market, including venture capital, private equity, and private debt for small and medium-sized enterprises. Founded in 2019, Stride Ventures originated as a venture debt firm and has since expanded into a global financial platform with a presence in India, the Gulf Cooperation Council (GCC) region, the UK, and Europe. The firm has already enabled over $1.6 billion in credit across a portfolio of nearly 200 companies, which includes 20 unicorns such as Ather, Bizongo, and Upstox. Stride's investment philosophy centers on providing non-dilutive, customized funding solutions to entrepreneurs, allowing them to maintain ownership while scaling their businesses. The firm typically backs well-capitalized, sector-leading companies with strong institutional investor support and a clear path to profitability. The move comes as global venture funding sees a resurgence, with a notable increase in the size of late-stage deals. AI has been a dominant sector, attracting a significant portion of venture capital investment in the past year. The PIF is one of the world's largest sovereign wealth funds, with assets totaling over $941 billion. Its increasing focus on the global technology and venture capital landscape is a core component of Saudi Arabia's Vision 2030 plan to diversify its economy beyond oil. Previous international investments by the PIF include significant stakes in companies like Uber and Lucid Motors.
