Stride Ventures, an India-based venture debt fund known for its support of leading emerging companies and companies with high growth rates, said it has obtained initial approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to obtain a Category 3C (CAT 3C) license.
The license will enable the fund to engage in activity in the field of financial services.
The granting of the license is subject to final regulatory approval from the FSRA.
Stride Venture said its foray into the UAE market is part of its global expansion plans.
The company said it will establish an exclusive fund in the ADGM with a strategic focus on investments within the Arabian Gulf region.
It currently manages three Indian rupee investment funds and a US dollar fund in India’s Gift City.
Stride Ventures Expands to Abu Dhabi
The new license in Abu Dhabi will enhance the company’s ability to continue to innovate and grow on a global scale, it said.
Entering Abu Dhabi gives the company the opportunity to actively participate in the thriving startup scene in the Arabian Gulf region, attract global investments, as well as enable Stride Ventures to meet the needs of the entrepreneurship ecosystem,” the company said in a media statement.
It will also facilitate the entry of Indian startups into the Gulf region through a set of financial solutions and guidance, the statement added.
“The partnership with Abu Dhabi Global Market will enhance our ability to empower a wider range of companies,” Ishpreet Gandhi, Managing Partner and Founder of Stride Ventures, said.
“The flexibility and strong support for financial innovation of the Abu Dhabi Global Market is an ideal platform for us to facilitate the entry of Indian and international startups into the Arabian Gulf market, which will enhance their growth prospects and contribute to creating a diverse and well-established economic landscape in the region,” Gandhi said.
Arvind Ramamurthy, Head of Market Affairs at ADGM, said the Indian fund’s move confirms the Abu Dhabi Global Market’s distinguished position as a center of attraction for global financial institutions.
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