Fixed income investment platform Grip Invest has raised Rs 82 crore (around $10 million) in a Series B funding round.
The round which saw a mix of equity and debt investments was led by venture debt firm Stride Ventures.
The startup raised Rs 70 crore in equity funding, while the remaining Rs 12 crore was debt.
In addition to Stride Ventures, LC Nueva and Multiply Ventures, along with existing investors Venture Highway, Anicut Capital and AdvantEdge, also participated in the round.
In an interaction with VCCircle, Nikhil Aggarwal, founder and chief executive officer of Grip Invest said that 50% of the funding was made by the new investors, while the remaining was contributed by the existing investors.
The Gurugram-based startup will use the funding for product development and distribution, improvement of consumer reach and scaling its technological stack.
Grip Invest is a digital investment platform for high-yield, non-market-linked alternative investments. It offers listed, credit-rated investment opportunities which are executed through its integration with the National Stock Exchange (NSE).
It also operates Grip Fixed Income Opportunities Fund (GFIO), a SEBI category-II alternative investment fund (AIF) and has co-founded Electrifi Mobility, a full life-cycle management company for electric vehicles.
At present, the platform has around 25,000 users and it aims to double the number of users by the end of 2024, added Aggarwal.
The company raised funding after a gap of more than two years. In 2021, the firm raised Rs 21 crore in a Series A round, which was led by Venture Highway and Endiya Partners.
AdvantEdge, Anicut Angel Fund and Gemba Capital, along with Satyen Kothari of Cube Wealth and Citrus Pay, Akash Sinha and Reeju Datta of Cashfree and FMS Launchpad participated in the round.
The company has, to date, raised around Rs 110 crore in funding.