Stride Ventures Leads $10 Million Funding Round for Grip Invest in Equity and Debt

Grip Invest, an alternative investment platform, has successfully secured $10 million in a funding round that included a combination of equity and debt. Stride Ventures led the funding round, with $1.5 million in venture debt and $8.5 million raised through fresh equity and convertible notes.

 

The announcement was made on Tuesday, revealing the participation of new investors like LC Nueva and Multiply Ventures, alongside existing backers Venture Highway, Anicut Capital, and AdvantEdge.

 

Founded by Nikhil Aggarwal and Vivek Gulati in June 2020, Grip is an online investment platform specialising in alternative investments. 

 

The platform allows users to invest in various fixed-income products, including corporate bonds, securitised debt instruments (SDIs), and commercial properties. 

 

Additionally, Grip facilitates investments in early-stage startups through its category-I alternative investment fund (AIF).

 

The newly secured funds will be allocated towards reinforcing Grip’s application programming interface (API) stack, thereby expanding its investment interface to a broader range of distributors, as noted by Nikhil Aggarwal. 

 

The company also plans to utilise the funds for customer education initiatives and raise awareness about its platform’s investment options.

 

Aggarwal outlined his forward-looking strategy, emphasising our platform’s continuous expansion of investment choices. 

 

Additionally, we aim to cultivate a comparable experience for bonds and high-yield fixed-income products akin to the equity markets, incorporating systematic investment plans (SIPs).

 

Since its inception, Grip has amassed assets under management (AUM) totalling Rs 815 crore. A significant portion, approximately 85% of the platform’s AUM, comprises investments in SDIs and corporate bonds. Among its 250,000 registered users, 25,000 have actively invested in the platform.

 

The company aims to double its annual AUM to Rs 1,000 crore and increase its investor base to 50,000 by the end of the fiscal year 2024-25. In the calendar year 2023 alone, Grip reported an annual AUM addition of Rs 500 crore.

 

Ishpreet Gandhi, Founding and Managing Partner at Stride Ventures expressed the strategic significance of participating in Grip’s Series B funding round, noting the platform’s innovative approach in offering non-market linked investment opportunities. 

 

Gandhi emphasized that this aligns with the broader vision of fostering an inclusive financial future for India.

 

Grip Invest holds a SEBI Online Bond Platform Provider (OBPP) license, allowing it to offer listed, credit-rated investment opportunities executed through its integration with the National Stock Exchange (NSE). 

 

This licensing further positions Grip as a critical player in the alternative investment space, providing investors with diverse and accessible avenues for financial growth.