VC firm Endiya Partners hits first close of second fund
Photo Credit: VCCircle

Venture capital firm Endiya Partners has marked the first close of its second fund, a top executive told VCCircle.

Endiya Partners managing director Sateesh Andra said the firm has so far raised $40 million, more than half of the targeted corpus of Rs 500 crore ($70 million) for its second investment vehicle.

The final close of the fund is expected before the end of the year, he added.

The second fund has received commitments from most of Endiya’s existing Limited Partners (LPs) or investors. Its LP pool includes fund of funds, family offices, global corporates and entrepreneurs.

The new fund's investment strategy will remain similar to its previous fund with a focus on business-to-business (B2B) startups in the technology and healthcare sector and select bets in the consumer segment.

The second fund will invest between $500,000 and $1.5 million in the seed and pre-Series A rounds across 15-16 startups. It will commit up to $5 million in a single company.

Endiya Partners had hit the final close of its debut fund at Rs 175 crore (around $26 million) in early-2017. 

The first fund made 12 investments including early bets in fintech startup Kissht, medical-technology startup SigTuple and enterprise HR management platform Darwinbox.

Last year, the venture capital firm invested in Steradian Semiconductors Pvt. Ltd, a deep-technology startup that is developing high-performance sensors for autonomous vehicles and Cygni Energy, a solar power solutions firm.

Endiya Partners struck an exit from Shield Square after Israeli cybersecurity company Radware agreed to acquire the Bengaluru-based bot management solutions provider earlier this year.

Andra said that exits from other portfolio firms are expected to generate attractive internal rates of return (IRR), but he did not disclose further details.

VC fundraising

A number of domestic or India-focussed funds have hit fundraising milestones this year.

Just last week, Vertex Venture Holdings Ltd, an early-stage venture capital firm backed by Singapore's Temasek Holdings, raised the targeted corpus for its new fund focused on Southeast Asia and India and it plans to make the final close soon.

Earlier this month, Japanese venture capital firm GREE Ventures marked the first close of its third fund that seeks to raise $130 million to invest in startups in India, Southeast Asia and Japan.

Last month, impact investor Omnivore Capital Management Advisors Pvt. Ltd marked the final close of its second fund at $97 million (Rs 679 crore), overshooting the initial target of $75 million.

Deep-technology and B2B-focused VC firm StartupXseed Ventures LLP and early-stage consumer-focussed venture capital firm DSG Consumer Partners also announced fundraising milestones last month.

In February, early-stage venture capital firm 3one4 Capital announced the first close of its dedicated opportunities fund to invest in select portfolio companies that are raising funding from the Series B stage onward.

In the same month, Entrepreneur First, which helps individuals build companies from scratch, marked the first close of its new deep technology-focussed global fund at $115 million.

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