B2B-focused early stage investment fund, Endiya Partners, has announced the $40 Mn first close of its second fund. Most of the existing limited partners have backed the new fund, according to Sateesh Andra, cofounder of Endiya Partners.
This second fund is expected to have a total corpus of $70Mn (INR 500 Cr) and is likely to hit its final close by the end of 2019. The strategy will remain similar to their first fund, which is to build the fund corpus with capital from fund of funds, family offices, global corporates, and select successful entrepreneurs
Endiya Partners will invest in 15-16 companies through this new fund with a focus on Seed and Pre Series A investments.
The early stage VC firm usually invests between $500K to $1.5Mn in Seed or Pre Series A funding rounds and may invest up to $5Mn per startup. The firm’s focus sectors include technology (SaaS, information security, hardware, fintech), healthcare (digital health, med devices, lifesciences) and select consumer startups.
Endiya Partners: Journey So Far
Endiya Partners first fund was closed in 2016, with a corpus of $25Mn (INR 175Cr). Endiya team includes Sateesh Andra, Dr. Ramesh Byrapaneni, Abhishek Srivastava, and Abhiram Katta, along with two new joinees Manoj and Raksha.
Since its first fund launch in 2016, Endiya has made investment in 12 companies, out of which it has reported one successful exit of Bengaluru-based bot mitigation company ShieldSquare.
Its first fund portfolio includes companies such as consumer lending startup Kissht, SaaS platform Darwinbox, healthtech startup SigTuple, solar power startup Cygni Energy, fitness and wellness company Cure.fit, mobile app management startup Hansel.io, artificial intelligence startup AlphaICs, semiconductor startup Steradian, healthcare management system eKincare, SaaS product SlangLabs, and cloud kitchen InnerChef.
“Endiya delivers tangible value to portfolio companies via co-creation approach (significant value addition in the areas of product/market Fit, customer acquisition, team development and business model refinement for scale)” said Andra.
Endiya portfolio companies have raised capital from external investors such as Accel, Lightspeed, Fosun, Chiratae, Vertex, Eight Roads, Sistema, and Emerald Technology Ventures among others.
“Endiya’s uniqueness resides in its B2B/IP led product startups focus, and domain expertise in tech, and healthcare. We will be one of the best performing funds of our Vintage, based on industry benchmarks like Cambridge Associates.” Andra added.